IoT in Enterprise- How Enterprises can Benefit from IoT?
Updated on Jul 12th, 2023
IoT has been changing enterprises and their work. While technology leaders are increasingly focusing on the importance of automation in enterprises, even business owners agree on the effectiveness of IoT in improving their existing processes.
- 83% of the organizations agree that IoT improves process efficiency
- 66% of the early adopters say that IoT gives them a competitive advantage
- 76% of the enterprises believe IoT implementation has given them insights into customer behavior
- 66% of the enterprises use IoT to measure risks, protect assets, and improve staff security
No wonder most enterprises are either planning IoT implementation or are maximizing their existing investments in this direction. This blog talks about the reasons that are encouraging these decision-makers.
- The last few years have seen the Internet of Things vision grow from a theoretical concept to a major priority for many organizations.
- Companies integrating IoT devices into their network infrastructures are looking for new ways to use and manage the data they collect.
- IoT solutions have the potential to generate $4-11 trillion in economic value by 2025.
- IoT offers many benefits for enterprises besides process automation, higher efficiency, real-time monitoring, and much more.
Table of Contents
How can Enterprises Benefit from IoT?
1. IoT-powered Process Automation
As businesses across the globe turn tech-savvier, enterprises are facing challenges at a higher level. Implementing IoT in their businesses has helped companies channel their skilled resources in the right direction while automation takes care of more day-to-day activities. Therefore, businesses can ensure higher efficiency and optimize the cost of operation while eliminating the skill gaps, increasing personnel costs, and decreasing product quality.
Research has proven that:
- 86% of the employees believe automation helps them improve efficiency, increase productivity, and fuel growth (Source).
- Global businesses can save 749 billion hours by automating 64% of the manufacturing tasks (Source)
- The process automation market will be worth USD 2.9 billion by 2025. (Forrester)
IoT-powered process automation also allows enterprises to boost their compliance and mitigate operational risks. Here is how IoT-powered processes automation can help enterprises:
Automated Report Generation
IoT systems connect all the devices within the enterprises and collect data. This data can create detailed reports in minutes and identify potential gaps and shortfalls. They can also place patterns and indicate any areas of concern regarding productivity, sales, etc.
2. IoT in Supply Chain, Fleet Tracking, and Management
IoT allows enterprises to track and monitor their supply chain operations in real-time. They can stay updated about the current location of the products, their status on the manufacturing lifecycle, and more to make an informed strategic decision. An easy-to-use dashboard enables a detailed view of the entire supply chain, team’s efficiency, delivery status, and how logistics are working in general.
One of the most important goals of running a business is making it future-ready. The right IoT implementation can help you ensure the same. At the same time, leveraging predictive analytics to analyze past data and current trends to identify common patterns. This information is critical to analyzing supply against demands to plan the sales funnel accordingly.
You can also proactively plan for the supply chain cycle and detect anomalies in case of uncertain conditions like weather changes.
3. IoT for Asset/Plant Performance Optimization
- 40% of small businesses lack effective asset and inventory tracking
- 80% of the employees waste half of their productive hours retrieving asset information
- Asset theft has affected every third person in the last two years.
Certainly, asset tracking and management is a daunting and critical task. Traditional asset tracking methods like satellite and cellular fail to deliver expectations and are technically incompetent, expensive, and don’t offer optimum asset monitoring.
This is when IoT-based asset tracking and monitoring systems come in. Here are the top use cases of IoT in asset tracking.
4. IoT- based Quality Control & Management
Product-based companies highly rely on the quality of their products. The end product’s quality is an important determinant in their success journey. For instance, if you are a brand that offers cooking products, a small mismatch in the number of constituents can lead to a big quality blunder, costing you a lot of money and, of course, reputation.
With manual methods, you don’t have any control over these issues. The expertise, moods, and health of the staff impact the quality of deliverables and even effects efficiency. IoT-based solutions can solve this. The combination of AI and IoT enables inspection at the product lifecycle stage. This overcomes the challenges associated with the manual processes and eliminates the scrap and defect rejects. Since efficiency remains the same, the quality of products remains unchanged and results in a shorter turnaround time.
5. IoT for Predictive Maintenance
- Unplanned downtime costs enterprises USD50 billion annually
- Aging equipment is one of the leading causes of the unplanned downtime
- The average cost per hour of downtime is USD 260,000.
These figures clearly state the value of predictive maintenance. Predictive maintenance is a proactive approach that helps avoid unexpected downtime and alerts the management in case discrepancies are observed. This data is also analyzed based on the specific KPIs for stakeholders to view detailed reports. It can also help them lay out which resources are scheduled for maintenance so that managers can allocate and plan load accordingly.
Predictive maintenance helps enterprises in multiple ways:
6. Increases Safety
Enterprises need to ensure safety on various levels. Besides ensuring workers’ safety, they also need to stay updated on the activities on the premises to avoid theft, misuse, etc. Having IoT-based monitoring and security systems installed on the organization’s premises can help you ensure comprehensive security. Here’s how:
7. Improved Efficiency
Enterprises are always on the lookout for ways to maximize process efficiency, whether they are being performed automatically or manually. IoT brings them the right technological stacks to achieve this goal, besides many other things. Data-driven actionable insights help decision-makers make the right strategic decisions contributing to the company’s growth.
Are You Ready to Transform Your Enterprise with the Right IoT Technology?
If the answer is yes, take it from experts. Analyzing your existing structure and how IoT fits your business is extremely important. Investment in the right IoT technology can improve your overall organizational output. At Matellio, we help companies of various sizes from diverse industry verticals to take the right step initially to maximize their value in the long run. Our custom IoT development services for enterprises are tailored to help them channel the existing data and patterns in the direction they can make sense of to strategize further.
We ensure powerful IoT projects with our strategic IoT development services, assuring supreme-level development practice.
- Specialized IoT Teams
- Vast industry experience with IoT products
- Handon experience in the futuristic technology stack
- Secure data management
- Management for legacy and advanced devices
- High-performance data streaming and analytics
To know more, reach out to our team right away.
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