How IOT system help in Business Growth

1. How IoT Systems Helps in Business Growth

2. Internet of Business Says • Every aspect of daily lives now generate data. The smart watch we wear, sense every beat of our heart, track each step we take. Furthermore, the smartphones we use track everything we do, where we go, what are our hobbies. • These insights benefits to customer as well as to product maker. In the end, we all are going to enter in the world of Internet of things(IoT) which is benefits for everyone – keeping us connected to Important things and people we love the most or Important to us. • The IoT market, which includes software, hardware, systems integration and telecom services is expected to grow $520 billion by 2021.Meanwhile, the industrial IoT market is forecast to cross $175 billion by 2022 according to Market Research Engine. • If you are thinking how IoT technology could be used in your organization or company, First it’s important to understand how it is currently transforming business and operations. • Next, the 4 ways how IoT helps in business growth

3. 01 02 03 04 Asset Tracking & Waste Reduction Increase in Efficiency and Productivity Improved Business Insights Cost & Downtime Reductions

4. 1. Improved Business Insights & Customer Experience By connecting in manufacturing, the supply chain, aviation, healthcare, IT, Agriculture and many other industries, companies are getting much better insights into their operations and they are able to understand how their customers are using their product and services. This has been enabled by cloud platforms provided by Google, Microsoft Azure, IBM and AWS. But in some industries, there is now a shift towards edge computing which reduce the latency by relying on remote, third-party data canters. When a company knows how its customers use its products they can fulfill their needs and improve the customer experience in a better way. In shopping environment, IoT helps in reducing friction in buying experience and customers to interact with products. For some industries or business the experience is still a little cranky, but the main thing is that IoT can give street business a much higher boost at a time when conventional online retailing is undermining it. With implementation of IoT in customer-facing type of business, there are other benefits too like supply chained management and stock control.

5. InfographicStyle IoT in Businesses IoT in Shopping Environment VALUE When it comes to eliminating friction points in the shopping experience, UK-based Sainsbury’s has turned to scan, pay and go technology via shoppers’ own smartphones to enable them to avoid queuing at the checkout. The future of retail lies in connecting with the customer and reducing friction for them. The ‘need it now’ mentality of today’s shoppers sees convenience take precedence over brand loyalty, with many customers favoring online shopping. In many ways, the retail industry is at the forefront of technology-driven change in this area – with the need for change reflected in the widely reported fall of many household names.

6. 2. Cost & Downtime Reductions The benefits of these new insights is often a reduction in operational cost and downtime. Imagine the failure of a critical component in an industrial installation causing many hours or days of downtime while the fault was traced and fixed. Now, imagine every part of that installation being stored in digital twin, which told engineers that the component was going to fail in advance and where it was and how to replace it. As a result, Engineer can scheduled the maintenance and replace the part of the installation. This type of technology can help to reduce the both operation costs and downtime in industries and other factories installation, while helping engineers or workers to learn on the job about how machines work and can be maintain, upgrade via tablets, AR Headsets or smart goggles. Using digital twins, it is possible to forward-plan upto 23 days, which results to reducing maintenance. Rolling stock usage is also balanced across the fleet to ensure that certain trains aren’t subjected to more journeys than others. Digital twins can be the best option for reducing the downtime and operational costs and benefits across many industries, from gas, oil and other energy sources, to manufacturing and the supply chain.

7. Cost & Downtime Reductions Info Graphic Style IoT Technology Digital Twin Reduce Operation cost Reduce Downtime Beneficial to all Industries Easy to Understand

8. 3. INCREASE IN EFFICIENCY AND PRODUCTIVITY By connecting business’s key processes, owners can easily improve or boost productivity and efficiency. According to recent report IoT helped industries to boost revenues by $154 Million. Many employees are using special tracking suits equipped with body-tracking technology. Ford’s Valencia Engine Assembly Plant is one of them which are using a special suit to track the movement of their workers. This technology is much likely as to the motion-tracking systems the record how athletes turn or sprint or actor speak and move. Ford company has been using the similar type of technology to design less stressful workstations to increase the manufacturing process. The same technology can be applied to industrial machines to clarify problems in production lines.

9. 4. Asset Tracking & Waste Reduction Closely linked to efficiency and productivity is the drive to reduce waste, to which IoT tracking is integral. Werner Reuses of Orange Business Services has shared huge value of IoT when it comes to reduction of waste and inefficiencies in supply chain. According to him, the more components are there in a business operation, the more it benefits from IoT implementation. The supply chain industry has become the highest adopter of the IoT to date.

10. BEYOND IoT These are just small gains from implementing IoT technology as a part of digital transformation strategy. When these methods or gains combined with other technologies such as VR, AI, Robotics and blockchain, businesses are able to gain revenue, gain competitive advantages, produce high quality product and services and increase in product efficiency. Source – www.internetofbusiness.com/5-ways-the-internet-of-things-is-transforming-businesses-today/

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