IoT Platform in Business: Key Benefits and Impact

Internet of Things (IoT), in the broad sense, are smart devices that have access to the internet and other means of communication. They are able to exchange data with other pieces of electronics. Nowadays, such computerized solutions are present in nearly every niche.

IoT’s impact on business is hard to underestimate, since it contributes to the improvement of multiple business processes. Computerized units have two key objectives: automation and connectivity. The importance of their incorporation can easily be tracked just by reviewing statistics that show the growth of global spending on IoT from $418 billion in 2021 to $594 in 2022. Can IoT actually benefit your business? Let’s figure it out.

Which Business Will Profit from IoT Platforms?

Regardless of the niche, workers are usually to deal with some consumer electronics. Yet, the influence of benefits of the internet of things on business may vary depending on the industry. Here is the list of those who daily reap the benefits of IoT solutions.

Manufacturing Industry

Production of goods and products, from food and simple items to complex electronics and vehicles, is where IoT comes out in full force.

Below we listed levels of business processes, where IoT impacts the manufacturing industry, from the basic to advanced ones, with prolonged operational timeframes:

• Equipment/asset data.

Sensors, drives, actuators, and other smart electronics heavily impact the company’s ability to track operational conditions on its manufacturing premises. These include temperature, atmospheric pressure, and relative humidity. Also, other IoT units may check up the operability of core production hubs.

Besides, IoT enabled, optical sensors can conduct automated quality testing by taking hundreds of images of products passing the manufacturing line and cross-checking them in comparison to the examples of high-quality items.

Such interventions significantly lower rejection rates, reduce the risks of unplanned downtime, and overall improve working conditions.

• Production data, supervisory control and data acquisition (SCADA) system, and Programmable logic controllers (PLC) system. 

These manufacturing aspects are involved with smart equipment, assets, tools for measuring production parameters, and more. In this case, the internet of things pros for business are focused on optimizing batch production, continuous production, and discrete production processes.

• Manufacturing Execution System (MES) and Maintenance, Repair, and Operations (MRO) systems.

On this level, IoT units are responsible for facilitating manufacturing operations management. For example, collecting data for assembly jobs fulfillment, tracking production data, monitoring inventory stored at warehouses, and more. 

• Customer relationship management (CRM).

When it comes to CRM, IoT optimizes the processing of orders and shipping of goods to customers. Besides, computerized systems can greatly facilitate forecasting and planning through means of connectivity. Finally, gathering and exchanging info assists the customer support team in resolving users’ concerns.

• Business intelligence (BI) and corporate systems. 

Finally, IoT, as a smart system for collecting, processing, and transferring information, enhances corporate performance in general. It’s done via making tools of data analysis actually work and produce accurate reports. In addition, IoT also plays a significant role in strategic decision-making.

Retail

Let’s take a closer look at the usefulness of IoT in the niche:

• Optimization of the supply chain. This is achieved through the incorporation of GPS and Radio Frequency Identification (RFID) technologies. They help to track brand products through the entire supply chain.

• Enhancement of in-store experience. Replacing human staff with automated technology and creating a system of smart suggestions is what Amazon Go excels in.

• Increase in management efficiency. IoT can work well with automated packaging services, Stock Keeping Unit (SKU) accounting, inventory monitoring, and even facility management.

A real-life example of IoT benefits for business is the experience of G-Star Raw retailer. The company actively uses NFT marks for tracking their items and a mobile app for monitoring their inventory connected to the vendor’s database.

Agriculture

This industry relies on IoT-enabled automation immensely. Here are examples that show how far smart agriculture systems actually progressed over the past decades:

• Smart farming solutions to monitor crop fields using sensors of light, humidity, soil moisture, and temperature.
• Agriculture drones for irrigation, crop spraying, planting, and more.
• Smart greenhouses with capabilities to control the climate autonomously.
• Precision farming that includes livestock monitoring, field observation, and vehicle tracking IoT-based systems.

Modern-day agriculture is one of the largest consumers of computerized, industrial solutions.

Healthcare

Today, portable devices cannot impress anyone. On the contrary, telemedicine and, as a result, patient-centered IoT electronics have just started to gain wide appreciation. Here are a few recent examples of IoT in healthcare and medicine:

• Wearable ECG monitors for creating electrocardiograms, tracking heart rate, and measuring other vital signs.
• Portable blood pressure monitors for checking blood pressure levels and measuring daily activity.
• Hand-held biosensors come in the form of gloves, bandages, and even implants. They are used for continuous, non-invasive diagnostics of patients.

These and other IoT units help to lower the workload of hospitals and deliver a better patient experience.

Role of the IoT Platform in Manufacturing Business

Let’s review some applications of IoT, which contribute to great tech solutions in manufacturing business

Asset Management

IoT proved itself to be useful for maintaining strict control over inventory usage and asset management a long time ago. As an example, companies use scanners, NFT marks, smart shelves, and other tracking devices to prevent losses of goods. Besides, more and more enterprises tend to invest in knowing where every piece of their property is at a certain point.

Real-time Inventory Tracking and Supply Chain Management

Recording sales and purchases and correlating them with the inventory available is the best way to avoid stock-out. Such information enables businesses to meet delivery schedules and replenish stock levels in a timely manner. It also helps to prioritize “soon to expire” items to minimize waste and maximize profitability.

Predictive Maintenance

The so-called “run to failure” concept is no longer valid when it comes to the way manufacturers approach their costly capital assets. There is an entire IoT-enabled system that builds a single strategic system focused on enhancing the asset life and preventing unplanned downtimes:

• Asset health/condition monitoring.
• Asset lifecycle management.
• Asset workflow automation.
• Predictive asset maintenance. 

The end result is a dynamic-edge control of assets combined with automated workflow and optimized strategic planning regarding factory workload.

Energy Management & Monitoring Environmental Parameters

IoT sensors are constantly used by manufacturers that try to meet requirements regarding energy waste and pollution. Real-time checking of the composition of gas emissions generated by the factory may even be a regulatory requirement. Compliance is usually required if a manufacturer produces potentially toxic or chemical products.

Reduced Costs, Minimized Waste, and Increased Effectiveness

Placing IoT-enabled optical sensors on production lines is how every manufacturer improves its Quality Assurance (QA) practices. Timely spotting of a defect helps to prevent fabricating of an entire batch or sub-quality goods. It directly lowers rejection rates and enhances productivity.

How the Internet of Things Platform Impacts Manufacturing Businesses

This far, IoT proved itself to be a useful technology for solving automation and connectivity issues. In the real-world environment, it helps innovative companies to maintain or gain their competitive edge. And this effect is one of the most essential indirect advantages of the internet of things in business. But more than that, IoT implementation also impacts the mindset of consumers and affects consumption patterns.

Here are the ways in which IoT transforms enterprises, the external environment, and business processes:

• Forms innovative business lines.
• Helps to deliver value-added services.
• Drives real-time insights.
• Changes the consumption model.
• Generates new customer demands.
• Creates new customer experiences.
• Reduce the amount of routine, manual work.

The business environment is never the same after the integration of usable IoT solutions. Manufacturers, their workforce, and their customers may even need some time to get used to new realities.

Benefits from the IoT Platform for Manufacturing Business

Let’s proceed with reviewing the advantages of IoT platform for business focused on producing goods and products:

Increased Business Profitability

After all, IoT is all about better production outcomes, faster delivery of goods, and higher customer experience. In tandem, these aspects allow any business to increase its revenue per dollar spent. It already justifies any form of this technology’s use and is one of the greatest benefits of implementing IoT in business.

Increased Work Safety

Better inventory management, monitoring of the environmental conditions, and top-level predictive maintenance are what has a huge impact on work safety. Not to mention that reduction of some manual operations also lowers risks for your staff to get injured. That’s one of the greatest advantages of IoT in business.

Optimized Yield

Better QA practices in place, strategically planned downtimes, and solid inventory management, especially regarding raw materials, are what may significantly optimize the yield. Reduction of variable expenses per produced item is known to be the major goal of any manufacturer.

Enhanced Brand Image

When talking about the benefits of an IoT platform for business, the enhancement of customer experience is probably most important. It’s achieved by delivery of value-added services, preventing stock-out, and offering reliable shipping at lower costs. The quality of goods produced and the sustainability of a factory matter as well.

Consider 2Smart Your Trusted Partner

When you deal with innovations, it’s essential to choose a reliable vendor to work with. Without hesitation, give preference to ready-to-use or custom IoT solutions distributed via the 2Smart IoT platform.

2Smart team is a market-leading supplier of IoT-enabled dev solutions for small startups and big businesses. From simple tracking devices and complementary software to fully-fledged cloud infrastructure and robotized devices, we offer all types of services to our clients, helping them achieve the desired results.

Find out how your business may benefit from using high-end IoT solutions. Drop us a line and share your project details.

Final Thoughts

The positive impact of the advantages of IoT for any business is hard to argue against. Whether you are a manufacturer, retailer, healthcare provider, or represent a business of any other kind, IoT integration is a universal solution to your automation and connectivity issues.

Interested in the integration of IoT technologies in your business processes? Contact 2Smart for a free strategy session.

FAQ

• What are the benefits of IoT in business?

Advanced technologies help to achieve better quality, profitability, user experience, and sustainability and increase competitive capacity. Therefore, the advantages of an IoT platform for business are huge.

• What is the impact of Internet of Things solutions?

IoT plays a crucial role in the context of two major aspects: automation and connectivity, but its influence extends to a number of adjacent business processes.

• Which businesses benefit the most from an IoT platform?

Nowadays, the entire manufacturing and agriculture industries use IoT solutions to the greatest extent and in a vast number of ways