How IoT Will Transform Businesses And Industries

How IoT Will Transform Businesses And Industries

 

Internet of Things (IoT) is an emerging technology concept in which all objects besides conventional computing devices interconnect, transfer and share data with each other and to other destinations. This technology is set to transform the way businesses and industries function in ways never imagined before.

Imagine if everything from your couch to desks to coffee makers were to connect through the internet, IoT is sure to become an inherent feature in all appliances, businesses and industries. So, let’s try to make sense of how IoT will change and influence the way we live and how businesses and industries function:

Benefits of IoT for Businesses

We have evolved into understanding the whole wide world as mere data. So, IoT is a way in which we can extract data from daily use objects, products, machinery and production equipment.

In a business, these data can be used to tell you what you should be doing to upsell, cross-sell, when to upgrade products, etc.

A more practical daily use of IoT in businesses can be to learn which unit of a product was sold to which customer and how well it’s working. Prior to this, businesses will also be able to locate each unit of a product right from the manufacturing process through to the retail process. This will improve the logistical processes of businesses and make them more efficient, as logistics is where things can tend to go wrong quite easily.

Going a step further, businesses may also be aware of where each unit of the product sold is sitting right now at which customer’s place. This can help after sales teams keep track of how well the products sold are functioning.

The sensors in the products can alert the service teams in advance of when, if or how exactly the product will have an issue, show errors and or stop working. In addition to this, the service teams will also be able to quickly diagnose the issues and errors in each unit of the product.

Sometimes, they can even prevent them from happening by paying a visit to the customer to fix the issues beforehand. For example, if a piece of furniture or a car engine or brake were to fail, the manufacturer or seller could step in to fix the issue to prevent any accidents from happening. Customers will appreciate such efforts for sure, which can improve customer satisfaction and brand loyalty.

So, IoT can help businesses in their manufacturing processes, sales as well as customer service in ways that we have never imagined before.

Industrial Uses of IoT

Industrial use of IoT is more significant and relevant than many other use-cases. With IoT, factories can ensure continued production without any interruptions. Factory equipment can communicate their performances, potential issues, etc. along with the help of sensors and cameras to predict when the machine is likely to fail. This is called Predictive Analytics or Predictive Maintenance.

Knowing when a machine is likely to fail, in advance, can help you ensure that manufacturing or production processes go on as planned without any interruptions. This means that, with the help of IoT, manufacturing and other industrial processes can achieve their production targets almost invariably without fail.

Use of IoT in Automobiles

Use of IoT in automobiles can transform both the automobile industry and also all our lives. IoT can be one of the most important technologies used in self-driving cars to supply data to its AI-ML algorithms.

Each part of a car can communicate with the other parts and also with other objects in the environment. Cars with IoT can read signs, lines, medians and even other vehicles to prevent accidents. IoT, when combined with Machine Learning, can be highly effective in preventing accidents.

IoT is very much a part of the fourth industrial revolution or Industry 4.0. This means that in the future almost all businesses will be using IoT in their business processes. So, consider integrating IoT in your business to avoid wastage and increase productivity to keep ahead of your competition.

IoT is an emerging tech that we have taken to pioneer. Visit us at www.twilightitsolutions.com and email us at [email protected] for more on IoT and how you can leverage the technology for your business.

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