Internet of Things - Why Businesses Invest?

 

Businesses invest considerable monetary budgets in the emerging technology that is called Internet of Things (IoT) which helps them in getting greater operational efficiency, increasing productivity, minimizing costs of doing business, maximizing revenue streams, improving work safety, managing supply chain processes, enhancing corporate image, covering surveillance, monitoring precious assets, determining optimum utility requirements, preventing thefts, protecting cyber data leakages, and detecting online espionages, and many more benefits.

Without human intervention, the unique integration and connection of millions of devices, software, hardware, machines, appliances, sensors, motion detectors, unique identifiers, biochip transponders, equipment, artificial intelligence, machine learning, cloud processing, and high bandwidth capacity and speed through 5G spectrum, which all are connected and combined under the vibrant technology that is called Internet of Things (IoT). 

The sensor-based technology of IoT uses extraordinary bandwidth and speed that receives data, transfers data, processes data and sends back processed data to make informed decision in real-time.

The penetration rate of IoT is increasing in the setups of manufacturing, commercial, operations of mega cities, agriculture, transportation, supply chain, utility companies, healthcare, financial institutions, homes, and more areas, so, according to the study of TechJury, the number of IoT smart devices are expected to reach at around 64 billion by the end of 2025.

Importance of Internet of Things (IoT)

To stay well-informed with zero latency rate, businesses invest in deploying sensor based IoT applications in their production setups which communicate through dashboards of computers and smart devices in real-time through vast networks of devices, machines, equipment, software, hardware, unique identifiers, wearables, and cloud computing which are all integrated and connected.

IoT ensures data transfer in real time about the efficiency level of machines, temperature in working environment, humidity level, inventory checking, unusual behavior of machines and equipment, monitoring security issues, controlling optimum degree of lighting, cooling level around factory and environment of offices.

In the vast networks of IoT, there are massive interconnectivities of smart devices, computers, machines, electronic gadgets, appliances, hardware, software, objects, wearables, artificial intelligence, machine learning, and cloud computing which are integrated through the powerful technology of IoT which collects data, collates data, and transfers data for making informed decisions in real-time.

There is no human to human and human to computer interaction in IoT applications that are run seamlessly. Sensor-based IoT applications integrated with artificial intelligence and machine learning algorithms provide powerful predictive capabilities with remarkable accuracy to avoid unexpected future events and prevent business losses.

Reduction in Business Costs

Through the efficient integration of Industrial Internet of Things (IIoT) among devices, equipment, machineries, hardware, software, computers, unique identifiers, strategic points, and wearables, businesses curtail costs of doing businesses, achieve maximum efficiency in operations, and ensure optimum production level.

Businesses curtail costs and leakages on different stages which are associated with production such as checking electricity and fuel consumption, maintaining cooling level in building and office, monitoring of temperature and humidity, checking efficiency level of machines and equipment, finding defective processing in machineries, avoidance of unexpected downtime, controlling thefts, inspecting assets, managing car parking, checking business inventory and security of the business premises, and more applications.

Those business enterprises which are using IoT technology are reducing unnecessary production costs, lowering rate of rejection due to defective products, regaining confidence of investors and business partners, improving customer satisfaction by offering quality products and services, and enhancing brand image on local and international levels.

Quality Control

IIoT helps businesses to remotely monitor production processes on 24/7 basis to detect anomalies in the running behavior of machines and equipment to avoid defective production.

To determine optimum level of temperature, humidity, vibration in the storage, it becomes extremely essential for business enterprises to exploit sensor-based potentials of IIoT technology which helps them in making advance corrective measures to avoid present and future losses and damage of raw materials and finished products.

Predictive Capabilities

Sensors and detectors of IIoT technology combining with algorithm based artificial intelligence and machine learning capability provide businesses greater efficiency to help in predicting about future events which may cause unexpected shutdown of production operations, finding out unusual pattern forming in machines which may affect quality of products, internal environmental effects of premises which may cause imbalance in temperature, and dampness. 

Technology of IIoT provides companies and institutions enhanced level of analyzing ability to forecast future events for which companies can make corrective measures in advance.

Predictive capabilities of IIoT save enterprises from future operational losses, unexpected intermittent downtimes in production, and these ensure optimum storage management of raw materials and finished products.

Enhanced Mobility

You would appreciate that the platform of IoT that is well integrated through chain of numerous devices, machines, software, hardware, equipment, computers, unique identifiers, and wearables provides massive opportunities for businesses and institutions to perform official assignments and essential works from any part of the world.

IoT has shrunk geographical boundaries, so, industrial workers, technicians, website developers, graphic designers, content writers, engineers, accountants, statisticians, data scientists, and this list goes on, can complete technical, complex, and normal works from remote locations in real-time.

Through extensive use of IoT technology, companies reduce cost of doing business such as acquiring office building having less covered area which reduces rental burden, cutting costs in hiring additional workers, curtailing expenditures from unnecessary utility bills, and lower fuel costs of vehicles, and other associated benefits.

Corporate Image Building

To get lots of benefits, companies and other institutions get implemented IoT in their production and operational setups such as increasing efficiency and productivity, maintaining uninterrupted production processes, mitigating risks in operations, and reducing incidences of defective products up to zero extent.

IoT enabled technology can predicts in different areas like unexpected downtime owing to machinery faults, detecting unusual mechanical behavior of machines and equipment, reducing pilferages, and improving security, so, as a good result, companies and institutions deliver quality products, services, and offerings which continue to build their corporate image on local and international levels.

Applications of Industrial Internet of Things (IIoT)

There are numerous business areas, corporations, and public enterprises where applications of IIoT can be ideal and cost effective which are mentioned below for your benefits:

• Manufacturing
• Transportation
• Utility Organizations
• Agriculture
• Automation Industries
• Logistical coordination 
• Financial Institutions
• Healthcare
• Retail Business
• Hotel Industry
• Smart Cities
• Parking Areas
• Temperature and Humidity Monitoring
• Weather forecasting  and more areas

Security Issues

As every technology-based application requires extreme measures of security, the same concept applies on IoT, so, in case of any major cyber hacking activity, the whole system of millions of connected devices comes under attack and this can cause theft of confidential information, reputational damage for the business, and total standstill situation in production level.

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