How IoT is saving money for Industrial businesses

In this article:

  • What is IoT?

  • Benefits for different industries

  • How we are using IoT to save money for a client

 

Have you heard the term IoT and the fact that it is changing the world? In this article I have tried to explain the IoT in layman words and how is this changing the businesses.

IoT stands for Internet of Things, it is the connection of physical devices to the internet that can enables the  communication between these devices and the internet.

The "Things" in IoT defined as objects that can be the person, devices or equipment with an in-build sensor having an IP address and it has the ability to collect and transfer the data over internet. IoT is connecting millions of devices that were previously isolated.

Once the devices have been embedded with technology, they can communicate with each other through internet. They can be monitored and controlled remotely.

Before IoT internet was only limited to personal computers and mobile devices but now IoT has extended the  internet connectivity beyond personal computers and mobile phones.

 IoT is playing a significant role in our lives. It has created an ecosystem that links many systems to give smart performance in every task.

 

There are many benefits of this technology:

 

  1. It is becoming easier to monitor the devices in factories, warehouses, hospitals and offices. For example, movement of vehicles can be monitored, warehouses can easily track items with digital tags.
  2. Business can better connect with their customers by monitoring their experience with the products. It can help to focus on specific needs of customer, improve the products and thus improve the customer experience
  3. IoT is very beneficial in vehicle industry and an IoT device on a vehicle can provide very useful information about the vehicle location and it's usage. For example IoT can be used to keep track of the equipment on Ambulances.
  4. It can be used in factories to reduce the cost of operation. We can keep track of machinery, their usage and use this data to improve the efficiency and thus reduce cost. 
  5. Inventory can be managed very effectivity in warehouses by putting a tag with the items. It will reduce the chances of errors and we could easily find out the missing items.
  6. IoT could can be used to keep the social distancing in office, hospitals and factories. Every person could wear a tag and it will alarm when distance is not safe. All data can be collected, which can be used to see the movement of people and which area needs to enforce social distancing.
  7. In hospitality sector, we can improve security by facial recognition, capture the guest data and find out if they can be any security threats to people around them.

 How we are using this technology:

We are helping a valuable customer to install the IoT devices to almost 25000 assents worldwide. Currently they are manually gathering data but with IoT enabled devices, data will be automatically collected and they will be able to better visualise  & analyse it. Alerts will be gathered when certain data points are out of specifications.

The new system will be linked to their Sage software that will drastically reduce their time & efforts and improve their efficiency.