The Internet of Things is expanding into new areas. More and more companies are interested in IoT technologies for their application in industry and business processes. A growing number of industrial manufacturers from foreign countries are using the capabilities of IoT technologies. According to Statista, the global IoT market revenue will grow to over one trillion dollars by 2030. IoT technology has tremendous potential that could be one of the key business benefits in the near future, and in this article, we will talk about the IoT potential for business.
One of the main benefits of the Internet of Things for market is increased operational efficiency. IoT development company provide analytics software that accurately identifies how equipment is performing when downtime occurs, and under what conditions the best performance is achieved. Data analysis helps to optimize the use of resources and improve the efficiency of business processes. Thus, you can conduct full-scale monitoring and collect information in your data centre about all the main parameters of devices in operation.
One example would be Amazon. At the distribution centre, which occupies a huge area, IoT technologies are used to optimize logistics. The use of drones and special packaging robots in conjunction with software has reduced the company’s costs by 20%.
The Internet of Things offers a variety of ways to improve customer service, from data-driven service to creating personalized products and services. Depending on the parameters obtained during monitoring, it is possible to remotely configure the equipment to perform certain actions, update the control software in it, adapt it to the style and external operating conditions.
One example is the well-known company Harley Davidson. They have installed sensors on the equipment that track each stage of the product collection. This helped to reduce downtime and equipment failures. As well as adjusting custom fees for motorcycles, the company was able to reduce production times by several times and increase the value of shares.
The Internet of Things is transforming traditional business models by bringing the ability to deliver services based on information from various sensors in real-time. For example, an American manufacturer of aircraft engines attached sensors to power plants that allow online data on their condition, thanks to it the company saved millions of dollars on their maintenance.
The Industrial Internet of Things has tremendous potential. This technology allows predicting equipment malfunctions in advance. As a result, downtime and expensive repairs. With the help of special sensors, you can receive data on the condition of the equipment. This helps to identify the problem before it affects production. You extend the life of your equipment, optimize processes and improve the quality of work.
The information collected by smart software helps you move your company in the right direction. Data and analytics help control and properly allocate all of the company’s resources. In addition, companies may use the data as a source of additional profit.
Open innovation is used to create new solutions. They enable the establishment and development of relationships with highly innovative players, thereby facilitating interactions between industries. That is why companies are working to identify profitable sources of investment.
One of the key prospects for the Internet of Things industry is a more efficient use of resources, which, in turn, makes a significant contribution to the sustainability agenda. At the same time, strategic issues related to environmental and social issues will stimulate interest in innovative solutions.
Blurring the boundaries between industries
The suppliers of many companies are both competitors and customers at the same time. Many companies will try to create new connections along the entire length of their value chains.
In 2015, we used only 1% of all processed data. The amount of processed data will only increase in the future. At the moment we are at the epicentre of a revolution. The Internet of Things realm will change our consumption behaviour, which in turn will affect B2B interactions. The impact on B2C relationships, let alone B2B and machine-to-machine (M2M), will be enormous. Companies that do not have time to jump on the IoT wagon will be left behind. Others may suffer as pioneers.