2. IOTTOOLS WILL REDUCE COSTS AND INCREASE PROFITS
The Internet of Things, or IoT, is growing at a breakneck pace,
and it’s showing no signs of slowing down. The number of IoT
devices is expected to surpass mobile devices in 2018, and
experts have predicted that by 2020, there will be somewhere
between 20 billion and 30 billion devices connected to the
internet.
4. Benefits of IoT in business
Now that consumers are more excited about IoT, the focus is
switching gears toward business applications for IoT.And, while there
are applications for industrial and commercial use, small business
owners may be wondering if this is the time to invest in IoT.
The benefits for businesses and consumers are similar in terms of the
ability to share and receive information as well as minimize some
time-consuming tasks through automated functionality. There is also
a greater level of personalization that can be achieved thanks to
machine learning that the devices use to improve various interactions
and experiences.
6. Remote Monitoring
The skilled labour shortage has arguably impacted the manufacturing sector more than any other industry, and the use of robotics and monitoring systems is
growing to help fill the gap. Even many smaller job shops are leveraging automation to gain a competitive advantage. The IoT allows organizations to
remotely monitor various parts of their operations to allow production to continue around the clock, even if workers aren’t on the factory floor.
Sensors, which used to be costly, have come down in price in recent years and are now more accessible for the “little guys.” These sensors are attached to
machines to measure temperature, vibration, pressure and other mechanical elements and can notify technicians if a set threshold is exceeded so they can
perform preventive maintenance and avoid downtime. This kind of visibility into an operation increases productivity, efficiencies and product quality.
7. Security
With the rewards of IoT come some risks. Cloud security remains a concern among digital
devices. All that data flowing back and forth through networks and the Cloud can present
opportunities for hackers to intercept it and steal information. As is true with any security
measures, employees pose the greatest risks of exposing data. Policies must be put in
place regarding the use of IoT and personal devices to help mitigate the risks.
Generally, however, when weighing the pros and cons of Cloud computing and IoT
integration, the Cloud offers more robust security than traditional servers. As IoT
innovations emerge, greater scrutiny will be given to making sure they’re secure.
8. Inventory Management
The use of bar coding systems in inventory management has been in use for years. Some of
these tracking systems, however, still required someone to physically scan individual parts to get
an accurate count or location.
Warehouses and retail settings are becoming “smarter” as sensors come into play. Cost-effective
RFID chips can be placed on products and remotely connected to technology to create real-time
visibility into product locations and quantities. Built-in GPS can even allow an organization to
pinpoint an item’s location during shipping.
An additional advantage of these types of tracking systems is in food storage facilities. By
assigning sensors or radio-frequency identification (RFID) chips to food packaging, operations
can be notified when a product is approaching its expiration date to minimize spoilage, informing
decisions about product rotation and promotions to move it out the doors.
9. Improve Overall Efficiencies &
Productivity
Along with the IoT comes incalculable amounts of big data that can help improve day-to-day operations. Something as simple as scheduling meetings becomes more efficient
when data regarding room occupancy and employee logistics is more visible. Automatic reordering of office supplies based on tracked usage can cut down on waste and save
time, and machine data can be used to identify opportunities for improving startup times or which shifts have greater output in a manufacturing facility. Energy efficiency can also
be improved with smart lighting and heating systems that adjust automatically based on activity in a room. The list of potential improved efficiencies is endless.
The entire goal of technology is to make our lives easier, whether at home or in the workplace. Sometimes, however, technology can create added frustrations. For SMBs with
limited IT staff, managing all these devices and ensuring secure connections can be overwhelming. You’ll need the right infrastructure and expertise to integrate the IoT within
your organization and prepare for future technologies yet to be introduced.
