6 Business Scenarios Where IoT can Make BIG Impact, Assured by Software TestingCigniti Technologies
Listen on the go!
Alert your technicians about a technical snag before it actually happens. Travel hassle-free on smart roads that give you optimized routes based on real-time traffic and weather information and diversion warnings. Sound like scenes from a sci-fi movie? Not really. With internet of things, this and much more is possible.
[Tweet “How IoT can take your business to the next level”]
The Internet of Things (IoT) is the networking of physical object through embedded sensors, actuators and devices that collect and transmit information about the object. Computers, vehicles, machinery, gadgets, smartphones, just about everything can be connected and made to talk to each other without human intervention.
Needless to say, IoT is revolutionizing the way we operate our business, irrespective of the industry or geography. Mckinsey Global Institute research states that IoT can have an economic impact of $6.2 Trillion by 2025. According to Cisco, [Tweet “the economic value added by the “Internet of Everything” will be close to $19 trillion by 2020. #IoT “]
Some of the business scenarios where IoT can make BIG impact are explored below, please feel free to share your thoughts on other potential scenarios.
Predictive maintenance and service:
Current data from sensors hooked up to your critical machinery is compared real-time to historical data to detect and report any possible chances of malfunction. You can now predict and prevent network connectivity and downtime issues by taking early corrective actions. The result is lower maintenance costs and higher productivity.
Operations & Consumer Insights powered by Big Data:
The IoT has led to a veritable explosion of data generated from each of the devices in a connected network. This data can be fed to analytics and decision support tools to deduce valuable inferences. Big data analysis can yield unexpected insights in day to day operations as well as customer and market facing operations and help shape strategic business decisions.
Supply Chain Management: IoT can bring high levels of efficiency into supply chain management. You can track shipments in real time through a combination of RFID sensors, tracking devices and communication networks (3G, 4G, internet etc). It can help optimize operations and avoid delays by developing transit routes that save shipment time. It can transmit real-time weather and traffic information, so that your deliveries are always on-time.
Inventory management: IoT can be used to monitor stock levels and place procurement orders in advance. The data generated from various points of delivery and sale can be used to forecast demand, optimize pricing and understand usage patterns. Marketing and sales personnel can use this data to identify areas of potential growth and plan further action.
[Tweet “The Internet of things: What does it mean to your business? #IoT”]
Disaster Planning and Recovery: IoT data can help model different disaster scenarios and predict network and resource requirements. They can assist in preparedness before the disaster occurs, movement and deployment of resources and critical personnel in the event of a disaster, and also help plan the post-disaster recovery process.
Smart retailing: By interconnecting each aspect of the retail chain, retailers can gain high visibility into their operations and detect shifts in consumer behavior. They can enable location based advertising and design intuitive store layouts. IoT devices like in-store sensors and beacons can boost sales through information on real-time sales and offers.
Conclusion: Implementing and testing your IoT framework is critical for success
Implementing an IoT network can be a challenge but more challenging is ensuring that it aids, rather than hampers, the growth of your business. Which is why adequate testing of your IoT framework is critical.
[Tweet “Applying the Internet of Things to your everyday business operations. #IoT”]