IoT is impacting almost all the industries, yet some of them are getting transformed at a faster rate than others.
FREMONT, CA: Internet of things (IoT) is impacting the way organizations design, produce, and sell products and services. Increasingly companies are realizing the potential of IoT and are leveraging it across their entire operation from detecting new business models and source materials to how they streamline their products. Here are the five areas where IoT is having the maximum impact:
According to recent Forbes insight research, 45 percent of the executives consider IoT-enabled manufacturing as high priority incorporation for their enterprises. It seems logical provided the impact the IoT can have on most product-oriented business. For instance, the introduction of IoT-based solutions can have a dramatic impact on overall quality as they will enable the manufacturers to detect substandard materials and ensuring adherence to product specifications. Production optimization enables additional benefits too. For instance, each step in production can now be tracked and recorded on a real-time management system.
Based on the same survey, 64 percent of executives expressed that the overall management of the supply chain was on top of their company’s priority list. For companies such as Amazon which maintains a vast network of logistics operations, technology has a primary role to play. Amazon is not the only one to benefit from IoT. Various types of industrial and commercial enterprises are also getting streamlined by leveraging IoT solutions. For instance, in the supply chain for medical devices and implantable wastes account for $5 billion annually because of redundancy, complexity, inaccessible data, and inadequate analytics.
IoT has immense potential in asset tracking and management, an area crucial to executives. Seventy-four percent of participants in the Forbes insights survey considered asset tracking and management was a priority for their companies. IoT is helping organizations with a large inventory of assets to provide valuable information concerning health, location, and efficiency of the assets.
Downtime is costly for any production environment. Timely maintenance is crucial for the smooth flow of the processes. Thus the ability to monitor the health of equipment and avoidance of unscheduled maintenance is an essential way to ensure overall productivity.
Financial Decision Making
An uphill task for financial leaders in business is getting access to metrics that can reduce risk while simultaneously taking advantage of the possibilities the new insights present. 82 percent of executives in the Forbes Insights survey expressed that finance was one of the functions which were on top of their list. IoT will provide an edge to the executives while making financial decisions with its ability to provide real-time visibility that leverages data both from accounting systems and enterprise resource planning (ERP).
An important advantage of the IoT is its ability to help organizations enhance their customer experience. Based on the Forbes Insights study, 90 percent of the executives considered potential improvements in customer experience were one of the most crucial opportunities for the IoT. Although it seems evident in the customer space, the IoT has a great potential to impact how customers procure and consume industrial equipment. IoT devices can streamline customer interactions, reduce operating costs, assist in quality checks, and improve the overall productivity of a company.