Benefits of Industrial IoT – IoT Solutions for the Modern Day Business Models
From digital locks to smart buildings, IoT has shown growth in household as well as commercial sector. Since the introduction of the World Wide Web in the year 1991, the internet is surprising us with what it can do for us. Today, the Internet of Things (IoT), being the youngest child is popular across the town. It has taken a leap from connecting household appliances to industrial operations. Benefits of Industrial IoT are impressive and taking on the industrial sectors one by one.
Industry leaders who understand the benefits of Industrial IoT have are driving their companies on the path of success at full throttle. By the end of this article, you will have better understanding of what IoT solutions can do for your business. Let’s begin…
Better Understanding of Customer Demand
Internet of Things (IoT) is assisting the Consumer Products companies in understanding the customer demand and implementing the results-driven strategies to meet those demands. Here is a retail store example.
Motion IoT sensors, video cameras in a retail store provide amorphous data about how consumers/visitors are accessing the store. Cameras and IoT sensors track the traffic patterns of the consumers in the store. When this data along with the purchase history of the consumer is stored in the consumer’s persona can indicate the future demand which can optimize the supply chain and pricing. IoT Sensors also gather the climatic conditions inside and outside of the store such as light, humidity, and temperature which can be used to enhance the store operations and in-store shopping experience of the consumers.
IoT solutions have changed the way how the retail store owners place their products to make the customers buy more.
Creates New Business Opportunities
Internet of Things (IoT) mobile and cloud tech provides opportunities to engage with the consumer/customer throughout the sales cycle process using which a company can introduce new business models depending on the lead performance in the sales cycles.
Internet of Things, by reducing the general turnover time, tracking of data for better optimization, monitoring, controlling and automating processes generates new business opportunities within an organization. However, the demand of more IoT solutions is creating new line of businesses in the industry. More players are coming up smart products and solutions for medial sector, architecture, manufacturing, retail and more. Enhances Product Innovation Process
IoT – Internet of Things has spread its legs across a vast array of industries. From powerful smart phones to IoT sensors in major turbines and aircrafts, IoT has revolutionized several industry processes.
The fundamental features of any business relying on IoT must acknowledge that everything is connected via software. This product ecosystem doesn’t demand a standalone product. Any software or hardware developed with IoT solutons in mind must be able to connect to other IoT devices in its ecosystem via software.
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Enhances Worker Safety
Internet of Things enhances worker safety of an organization as a whole. Wireless IoT sensors, wearable IoT devices, GPS tracking, Big Data and connected employees on the work environments all contribute to the safety of the worker in an organization.
Construction companies check the data generated by the IoT devices to monitor worker’s health conditions, making machines and workplace safer for workers. Exposure tochemicals, electrical circuit, temperature, humidity, and other working conditions are monitored for workers’ safety using the IoT devices.
IoT solutions are not only for the machines at work, but also for the manpower at work.
Reduces Downtime
IoT in manufacturing is reducing the downtime by
(a) Sending the notifications to the supervisors when the machines start to under perform or their performance level suddenly drops. By this, a maintenance team will be notified and the maintenance operations can be conducted before a machine fails. By then production can be switched to another machine.
(b) Extending the use case above, it is now possible even to predict failures of machines using IoT data. Operational data about machine performance collected over a period can be analysed using machine learning and AI techniques to identify patterns, anomalies in data and then predict machine or part failures so that actions can be taken (e.g. order a long lead part) to reduce unexpected downtime significantly.
(c) Internet of Things has drastically reduced the time taken by the product in transportation within a factory. Smart automated system has allowed the products to use most efficient and time saving route. This particular use of IoT has been extended to the logistics as well where the carrier driver is notified of a alternate route to avoid a busy route where traffic more.
Improves Operational Efficiency
Real-Time IoT analytics and data is the backbone of an organization’s operational efficiency. Operations team can now take decisions based on insightful real-time analytical data to improve the manufacturing operations to reduce downtime and enhance productivity.
IoT solutions have given the operational managers more eyes and ears to critically diagnose equipment failures and optimize operations.
Maximizes Asset
Track -> Monitor -> Measure is applied to an organization’s assets. Internet of Things allows the managers to know the status, service requirements and operating performance of equipment. With Internet of Things (IoT), this can be done remotely and in real-time. Manual interventions are not required. This improves their means to capture the best use of their assets.
During the time painting or lubrication where workers and machines are exposed to chemicals, the IoT technology notifies about the rising chemical compositions in the environment, humidity, and temperature so that necessary precautions be taken on time. IoT solutions have reduced the overall cost measuring the tracked and monitored data.
Reduces Asset Lifecycle Costs
Small repairs are always cost effective than major ones. And with IoT solutions, productions managers are notified about even a slight reduction in the operational performance of the machine or any other equipment that is connected with the IoT software. This eliminates to risk of any major fault, pushes for the maintenance at the right time enhancing the overall lifecycle cost of an asset.
Four general service areas here the Internet of Things have hit hard are Monitoring, Controlling, Automation, and Optimization. We have smart products that serve each area of service.
Improves Productivity
IoT helps automate data collection, brings real time visibility to information, makes it very accessible to all employee levels, this helps automate or smarter faster decisions thus boosting productivity of an organization. When Internet of Things is implemented to monitor, control, automate and optimize the manufacturing process, production process you get maximum output from your mechanical, electronic, and electrical assets and your workforce.
Makes You Sell Products as a Service
Products as a service begins with products based on IoT sensors that constantly send feed about the product’s status, and condition to the production managers, who can use the data for several purposes such as measuring utilization, and taking preventive measures at the right time. For e.g. manufacturer of a expensive heavy machinery like a ship engine, enabled by IoT innovations, can now sell the use of the engine per hour instead of selling the engine upfront. Selling product as a service means the manufacturer is now capturing more revenue over the lifetime of the engine and at the same time increasing customer satisfaction because they can improve the up time of the engine. And, once manufacturer's business is transformed by Internet of Things, they don’t look back.
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