5 Ways IoT Big Data Could Help Your Business
According to IoT Analytics, global enterprise Internet of Things (IoT) spending increased 12.1 percent ($128.9 billion) from 2019 to 2022.Additionally; the report indicates that the world’s IoT spending is projected to increase at an annual rate of 226.7 percent post-2021. With such a promising development, integrating IoT solutions and services into business operations could be crucial to accelerating the business transformation of 2022. This idea has been used to help businesses collect data, increase overall efficiency, and make informed strategic decisions.
How can IoT transform businesses in 2022?
Recent reports suggest that approximately one trillion IoT devices could be used all over the world in 2035. The reports also suggest that there is a possibility that the IoT marketplace by the end of 2022 is expected to increase by up to $520 billion. To take part in this emerging trend, you have to know the five ways IoT is expected to create a change in business in 2022.
The Internet of Things (IoT)
Improved Business Insights
No matter if its agriculture or manufacturing, IoT transforms enterprises with better business insights that are presented by real-time data collection. Companies are experiencing more real-time information with the help of connected devices such as cameras, GPS monitors, and mobile gadgets. IoT platforms are able to integrate a variety of devices, enabling companies to keep track of their business processes. Additionally, IoT networks could also incorporate Enterprise Resource Planning (ERP) software, which could serve as an information repository, and help in making strategic business decisions.
For example, an agriculture company that is involved in animal husbandry could greatly improve its operations through the use of IoT-enabled devices. An enterprise like this could see changes in business in the form of a reduction in the cost of maintaining livestock. Installing motion detectors, cameras, noise detectors, and thermal sensors inside the shelters for livestock to monitor their movements and health issues will greatly help. This can enable ranchers to address the risk to livestock’s health quickly.
Improved Customer Experience
The most well-known method by which IoT rapidly changes the customer experience is through the increase of data inputs from customers. By continuously monitoring customer behavior and responses through different IoT-enabled devices, businesses are now able to provide more nimble customer experiences. Furthermore, the latest technologies such as artificial intelligence (AI) and machine learning (ML) are further helping the commercialization of these huge data. One of the best acknowledged examples of such is Amazon’s IoT ecosystem which comprises interfaces such as Alexa, Echo Dot and Echo, Echo Dot, and Alexa.
Amazon Web Services (AWS) has their own cloud-based platforms which offer storage for this type of real-time information generated by the use of IoT devices. Because cloud-based storage is readily accessible through the internet and doesn’t have a physical location, AWS uses it to give better customer service. Additionally, the sophisticated AI and ML software from Amazon analyzes this information to provide customized shopping experiences online to its customers.
Cost and downtime savings
Imagine a situation where an important piece of equipment in a manufacturing plant stops functioning and it takes days to identify the cause. This could result in a huge financial loss. Because IoT has impacted a variety of industrial sectors, the year 2022 is expected to have a drastically reduced amount of downtime caused by equipment malfunctions. With IoT solutions and services from companies like SAP, by 2022, companies can be expected to keep track of the health of their manufacturing equipment through the internet.
Since 2020, Samsung has incorporated IoT-enabled motion trackers, temperature sensors, and a variety of other health monitors into their smart factories powered by 5G. These IoT applications will increase quickly with the advent of Industry 4.0 technologies by 2022. Industry 4.0 (also known as the Fourth Industrial Revolution) is described as autonomous machines connected by the Industrial Internet of Things (IIoT). Thus, 2022 will see the smooth transition to self-contained manufacturing equipment connected to IoT platforms.
Increased Efficiency & Productivity
According to the reports, the IOT application to connect different departments in an enterprise will result in an impressive $154 million increase in revenue. Since IoT-enabled devices can provide real-time information about the environment in a factory or in an entire supply chain, it is now easier to pinpoint snags within business processes. This can help improve efficiency in operations and also help enhance output through the use of massive automation. In turn, aided by IoT connectivity, businesses will see an increase in productivity by 2022.
An interesting use of IoT to improve productivity and efficiency for workers can be seen in Ford’s Valencia Engine Assembly Plant in Spain. Workers at the facility wear a bodysuit that includes built-in motion and vital sign trackers. The real-time information gathered from these suits is utilized to make work environments safe and efficient for employees.
Because a supply chain is comprised of sourcing raw materials and then delivering the final items, there is always the possibility of items disappearing within the long-running chain of operations. The tracking of items (also called assets) is usually an overwhelming task for logistics and warehouse partners. Utilizing technologies such as RFID and GPS monitoring of every asset, businesses can cut costs associated with missing assets. If these trackers join an extensive network and make it easier for companies to keep track of their assets as they move up and down their supply chains.
Companies like Siemens have also implemented IoT solutions to help with monitoring and tracking of assets. The Enterprise Resource Planning (ERP) software developed by SAP could help improve the overall management of assets. ERP software assists in synchronizing information and knowledge across all areas of an organization to improve efficiency and effectiveness. Enterprise Resource planning like SAP has helped businesses enter the realm of IoT.
Many companies have seen the transformation of their businesses by implementing IoT solutions. And providers such as SAP are leading the way for the Fourth Industrial Revolution. Remote monitoring of patients is predicted to increase to $1.8 billion in 2026. With advancements similar to these, there’s the potential for huge expansion.
The Internet of Things (IoT) has been reorganised into various sub-sectors such as IoT, the Internet of Medical Things (IoMT), the Industrial Internet of Things (IIoT), the Automotive Internet of Things (IoT), and others. The technological future could offer enormous opportunities for businesses by 2022.
So, now that you’ve learned about the unbelievable advantages of IoT technology, if you’ve chosen to take the first step, don’t wait! Get an IoT-based solution designed for your business by our team of experienced IoT professionals. IoT developers at Impressico are tech-savvy and help clients stay ahead of competitors by providing advanced IoT solutions.