The Internet of Things (IoT) is a network of physical objects and “things” embedded with sensors, software, and other technologies for connecting and exchanging data with other devices and systems via the internet. These gadgets range from common household items to sophisticated industrial tools. Experts predict that the number of connected IoT devices will increase to 10 billion by 2020 and 22 billion by 2025.
The Internet of Things is the concept of connecting any device (as long as it has an on/off switch) to the Internet and other connected devices. The Internet of Things (IoT) is a massive network of interconnected things and people that collect and share data about how they are used and the environment around them.
IoT is changing the way organizations in various industries, including manufacturing, conduct business. Until now, technology has primarily been used to run businesses, manage manufacturing operations, as well as to automate processes, and collect data related to assembly jobs. However, IoT goes much further in terms of data collection.
IoT helps to collect data from various ‘Things’ about operations, production, quality, utilization, consumption, and so on – and uses it to streamline and refine business processes.
Other important data about various assets and resources are generated as part of production lines in any typical manufacturing process, which generally goes unnoticed or is not captured. This data relates to manufacturing assets and resources and may include operational data, asset health, performance, usage, maintenance, logistics, resource utilization (water, coolant, electricity), and information on some key external factors such as temperature, humidity, input material, transporter, and so on.
51% of manufacturing CEOs are knowledgeable about IoT, and 58% see it as a strategic initiative for business growth.
IoT solution platforms can be used to easily capture and analyze such data in order to uncover hidden insights about various aspects of a manufacturing process and improve operational efficiency. Manufacturing companies have begun to recognize that by providing a digital identity to their physical assets through IoT-based solutions, they can gain better visibility into their operations and significantly improve them.
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The Internet of Things (IoT) is altering how businesses optimize processes and interact with customers. Learn how IoT can help businesses grow and streamline operations for a higher bottom line.
IoT promotes digital transformation by facilitating tech interaction. IoT adoption has skyrocketed in almost all industries in recent years. Read more
With IoT technology, your company can use every data point to meet growth objectives and optimize processes. Here are a few examples of how IoT can help your business:
IoT solutions improve processes in manufacturing, supply chain, manufacturing, and other industries. Streamlined operations reduce downtime and costs.
Manufacturing is the best example of cost reduction through IoT technology.
Through automation, IoT aids in the creation of optimized workflows. It reduces repetitive tasks and allows for the most efficient use of available resources and machinery.
Organizations benefit from optimization by reducing wasted man-hours and increasing operational efficiency.
Indeed, 83% of IoT-powered organizations claim to reduce costs while increasing employee productivity. According to an Aruba study, 75% of companies that adopted IoT increased their profitability.
For deeper analytics, IoT connects hardware, software, and artificial intelligence. Businesses can use IoT to catapult their operations into the future as a result of improved insights.
IoT opens up new opportunities for 36% of businesses.
Based on emerging patterns, businesses create new product lines and revenue models.
Insurers, for example, base premiums on driving habits. Consumer behavior is used by retailers to plan inventory levels and in-store displays. Marketers use IoT-based beacon technology to learn more about their customers. Data analysis assists businesses in adapting to change and developing market-ready products.
Every unit, device, asset, machinery, or equipment can be linked to a single network via IoT. Businesses can then track assets and control equipment using smart sensors. Real-time insights and autonomous control cut waste and improve the overall workflow. Transportation and other asset-heavy industries use IoT to promote transparency through location tracking and updates.
Through sensors designed for live surveillance in physical locations, IoT reduces security risks and vulnerabilities.
By connecting CCTV cameras to IoT networks, a powerful surveillance network is created. To create custom security solutions, this network can be enhanced with automation, deep learning, and computer vision. ALERTWildfire, a new AI detection network, for example, is becoming increasingly accurate at predicting wildfires.
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