The Internet of Things (IoT) is rapidly changing how individuals live and work and IoT technology has impacted your business and whether you are familiar with the term or not. IoT is the term used for the network of devices that gather information through built-in sensors and where data is shared via an internet connection. Connected devices provide a wide range of data types to optimize operations. For businesses, the IoT includes everything from location intelligence used by communications companies to monitoring wind turbines and tracking delivery vehicle performance. As the technology becomes more sophisticated, industries continue to find new ways to apply connected devices, with significant benefits.
Benefits of the Industrial IoT Technology
The IoT offers significant advantages for work in industrial fields. Data retrieved from connected devices allow businesses to reduce costs and improve productivity by actively monitoring maintenance needs and other issues before they disrupt work. The IoT also facilitates leaner processes by tracking performance and usage of machines and materials to eliminate waste. Internet-connected devices and sensors can enable inventory tracking, assist to scale custom manufacturing, and detect anomalies in business processes. Business owners and employees can also use the technology behind the IoT to retrofit and connect old devices and machinery. Overall, connected sensors provide users with better data, allowing them to make better business decisions.
Evidence for the Benefits of Industrial IoT
One example of how the IoT technology is making beneficial changes comes from the transportation industry, where a global equipment rental company leveraged IoT devices and data to improve efficiency. By tracking performance and maintenance statistics in real-time, the company was not only able to reduce under-use of the rental equipment but also the time spent tracking that equipment by more manual means. As a result, the organization saved an estimated $10 million in revenue previously lost to waste.
The Internet of Things has great potential to improve efficiencies in a range of industries. Taking advantage of this connected technology increases a company’s productivity and revenue, while reducing wasted materials and time -- all through data-backed business decisions. Though it may take time to identify the IoT solutions and systems that work best for a specific organization, it will be well worth the effort to explore the benefits of internet-connected devices and sensors.