IoT Technology is Shaping Businesses for the Future Challenges
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IoT Technology is Shaping Businesses for the Future Challenges

By Manufacturing Technology Insights | Wednesday, July 24, 2019

Internet of thingsIoT devices record and share data to provide insights into the processes, boost efficiency, and allow companies to make optimal decisions.

FREMONT, CA: Data and technology have become a lifeline that is impacting industries as well as everyday life. From government offices to healthcare and corporate, technology is transforming the way business processes are managed. Internet of things (IoT) is a technology that is increasingly permeating our lives and providing us with smart technologies. For instance, a smartwatch can track an individual’s heart rate and add value to his fitness goals.

IoT has a crucial role to play in enhancing business practices. IoT device records and share data to provide insights into the processes. They also boost efficiency and allow companies to make optimal decisions. They add visibility into the processes and tell an organization what’s happening rather than what they assume might be happening. The IoT market that includes software, hardware system integration, and telecoms and data is expected to reach $520 billion by 2021. Thus, increasingly, companies are testing proof of concept while the number of enterprise customers eyeing new use cases is also on the rise.

Here are the ways in which IoT is leading digital transformations:

• Better Business Insights and Customer Experience

With the help of connected devices, aviation, manufacturing, supply chain, agriculture, and other industries are getting more analytics potential with higher data streams. Thus the companies are delving deep into the process details and also understanding their customers and their behavior.

• Offsetting Downtime and Expenses

Another major advantage with IoT is depicted by significant cut down in operational expenses and downtime. For instance, the emergence of digital twin technology which creates digital models of physical assets from real-time data is a major game-changer for the current IoT applications.

• Increased Productivity and Efficiency

Using IoT business leaders can connect a business’ critical processes and obtain an overall view and effects of the integrated processes as a whole. Thus they can tap into the market with a better return on investments (ROI).

• Waste Reduction and Asset Tracking

IoT has a great potential in the elimination of wastes and in asset tracking, irrespective of whether the goods are stacked in warehouses or getting shipped. The IoT devices can also streamline the business processes by minimizing the requirements and wastes. It can also optimize the supply chain process, which is especially critical for businesses.

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