One of the hot topics today is the Internet of Things (IoT). Iot is used to extend and modernize the existing applications. IoT applications are capable to connect with various devices and generates real time data. Gartner estimates that by 2020, over 26 billion IoT devices will be connected to the internet. This means the amount of data available to the companies is growing rapidly and many companies are collecting the data but are not prepared for the challenges in handling the data, thus combining the IoT application into the legacy systems enables the organizations to gain vital business related information instantaneously which helps them to take the strategic and quick decisions thereby increasing the overall performance and productivity.
Let’s see few ways IOT is optimizing a Business Process -
1. Inventory Management
In any business, the inventory and its movement is a very crucial. An IoT based inventory management system is the solution of all inventory tracking and management concerns. The data generated by IoT application enables the process owners the real time information about the item location, transportation condition and ensure a smooth supply chain process. This type of inventory management not only more efficient but also eliminate the chance of human errors.
2. Increased Production
Unexpected breakdown is a kind of nightmare and is very costly for business. All the equipments must have to work seamlessly. The IoT applications are able to collect real time information about the functioning of equipment and send alerts to the stakeholders to take necessary actions for any problem ahead which results in prevention of unexpected downtime. According to a study, only 20% of asset failure due to their age, the rest 80% asset fails randomly thus IOT based applications are a milestone in avoiding random breakdowns thereby result in increased production.
3. Cost Saving
The improved connectivity across the various systems, devices and real time data generated by them enabling the enterprises to improve the asset utilization therefore reducing the maintenance cost, strict quality control and reduction in the random downtime enhance the production quality and quantity thereby a cost saving factor as well as leveraging the customer satisfaction for an organization.
4. Improved Quality and Reduce Waste
A business process is highly optimized if the quality meets as per the set standards and any deviation in quality is tracked at the vary moment when it arises and if quality standards are meet then obviously waste/ scrap is minimized. IoT applications plays a vital role to achieve quality control and reduction in waste/ scrap by providing real time insightful data across every material movement stage and the stakeholders are notified by the alerts in case of any deviation found.
5. Advanced Analytics
It is said that “Data is oil” for any business growth prospective. The massive amount of data generated by IoT applications enables the organizations to analysed the data and gain the deep business insights and provides extraordinary visibility in the business processes and understands behaviour, trends and pattern and early alerts of the situations that require necessary action and lead to operational excellence.
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Conclusion – Companies are adopting IoT and achieving the outcomes as desired and IoT adoption not just limits to Manufacturing industry. Organizations like Retail, Healthcare, Ecommerce, Logistics & Transport are widely adopting IoT applications into their process to take their business to the next level in terms of growth and staying ahead in the competition due to its predictive and proactive capability, for example, enable the manager to inform in advance equipment failure, send information to the legacy system as the tool is about to reach its maximum count so as to change the tool before it gets wear and tear. IoT solutions are highly scalable, economical, secure and easy to integrate with legacy systems and data analytics tools.
If you want to enhance your business with Iot, IConflux team is here to guide you. With a set of milestones in Enterprise, Mobility, Digital Transformation strategies, IoT solutions we are intend to provide all your business solutions. Consult today with our IoT experts at [email protected]