Envision of a connected and smart world is now turning into a reality. The emergence of trailblazing solutions and technologies is dynamically transforming our world in a way that would have been impossible a few years ago.
In this ever-changing world, businesses and companies must level themselves with the perpetual modernization to stay abreast with the continuously changing needs of their customers. Various billion-dollar enterprises and multinational corporations hence invest a huge chunk of their budget into their R&D department to stumble upon new technologies that they can use to remain ahead in this cutting-throat competition.
Internet of Things is one such technology that has been a part of our daily lives since 1999 but has reached the mass market quite recently in the past 5 to 6 years. Companies are now incorporating the brilliance of this technology in their services for different applications. It allows a company to:
- â€˘ Optimize its operational methodologies.
- â€˘ Incorporate capabilities like automation, telematics, cognition, and analytics in its architecture.
- â€˘ Digitize inspection and repair tasks through predictive maintenance.
- â€˘ Monitor operations and processes in real-time from remote locations.
- â€˘ Fuse IoT with other disruptive technologies for other splendid applications.
Clearly, the benefits of IoT in the industrial segment cannot be underestimated. By merging the IoT ecosystem with their infrastructures, companies can avail these benefits and zoom ahead of their competitors.
While this technology is a silver bullet for most of the challengeâ€™s companies face nowadays, there are some IoT solutions that are immediate need of the hour. Below are some of these solutions that industries are currently looking:
1) Plant Automation and Process Optimization:
IoT is a game-changer for industries that are looking to explore automation as a new tool for remote equipment control. Along with other cutting-edge technologies like artificial intelligence, IoT creates a smart inter-connected environment where machines and equipment take decisions themselves.
This self-deciding action of a plantâ€™s equipment helps a company to increase its efficiency and accuracy in a cost-effective manner. IoT develops communication protocols in the ecosystem that help machines and equipment to share information with each other. This data, when analyzed through data processing solutions, can be used to develop insights that can further be used to take strategic actions.
These automated systems when programmed properly and left on its own, optimize the complete on-field operation processes and enable a company to increase its efficiency.
2) Smart Contract Solutions:
Who doesnâ€™t like the benefits of two things in a single entity? Smart contract solutions are a similar amalgamation of two of the most trending technologyâ€”Blockchain and IoT. Both these technologies support each other features and provide companies with a robust system to manage their goods while they are being conveyed.
This solution is highly beneficial for logistics and fleet companies. It incorporates the use of a digitized Bill of Lading that allow companies to make sure that the goods are been shipped in a safe environment.
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3) Resource Utilization:
Internet of Things enables a company to follow the practice of optimum resource utilization. The resources can be anything ranging from labor, equipment, raw materials, capital, and stocking capabilities.
Along with different sensor applications, the technology of IoT can also be used to monitor different parameters related to the resources. By keeping an eye on these parameters, a company can conduct predictive maintenance tasks to avoid breakdown or malfunction of these resources.
Hence, a company can make sure that the depreciation of these resources is as low as possible and utilize them to the utmost extent.
4) Inventory Management:
Internet of Things is especially beneficial for industries that depend on warehouses and stockrooms. Warehouse management technology is already an evolving field. This technology is expected to reach a market value of $22.4 billion by the end of 2021 and IoT will be a crucial part of it.
IoT allows a company to implement automation practices in warehouses from the help of telematics capabilities and automated guided vehicles (AGVs). This reduces manual labor cost and also quicken the movement of goods from warehouses to on-field applications. Since all the goods stored in a warehouse are connected to an IoT infused WMS (warehouse management system), they can be monitored remotely along with parameters that define their quality.
Moreover, the technology can also be used to allocate goods properly and optimize space utilization in the warehouse. The application of IoT in inventory management also creates transparency in logistics and supply chain that empower a company to accordingly manage stock or inventory levels.
5) Asset Tracking:
Crucial assets can vary from company to company. For a production-based enterprise, the main assets maybe its machines, while on the other hand, trucks or ships may be important assets for a logistics company.
However, IoT can be used for all kinds of assets let it be immobile or in transit. With the help of high-tech sensors, the condition and performance of assets can be monitored from far-off locations and that too in real-time.
With the help of an IoT platform suite, all the assets can be tracked distantly along with their location. This helps companies to easily identify the equipment in case of requirement and use it as per need.
The technology of IoT is a blessing for industries that were looking for a breakthrough solution to break past the traditional systems. By using IoT, industries now gain benefits that were not possible before. Hence, enterprises must use the features of IoT to achieve new heights of success and gain a competitive advantage in this neck to neck competition.