After the read, you will learn about the 4 breakthrough areas of the IoT in 2021
Breakthrough areas of the IoT 1. Predictive analysis and maintenance
Breakthrough areas of the IoT 2. Improve energy efficiency
Breakthrough areas of the IoT 3. Increase security
Breakthrough areas of the IoT 4. Optimize productivity
Enterprise IoT currently has four breakthrough areas, which directly translate into revenue growth or cost savings for commercial and industrial organizations.
According to a new study, the Internet of Things has become one of the most important technologies in 2021. In addition, the commercial and industrial Internet of Things market is booming, and the manufacturing industry has the largest share in the implementation of enterprise Internet of Things.
There is no doubt that recent growth has been driven by a focus on reliable and strong investment returns. The maximum return on IoT solutions includes application analysis, the feasibility of technical solutions, and detailed cost-benefit analysis. Therefore, forward-thinking companies see the Internet of Things as a catalyst to promote the digitalization of their operations.
In the early days of the Internet of Things, many projects failed due to a lack of experience, accurate requirements, or maintenance commitments. Therefore, it is necessary to determine as early as possible what you want from the IoT solution and to develop a corresponding plan around your business needs.
In this context, the enterprise Internet of Things currently has four breakthrough areas, which directly translate into revenue growth or cost savings for commercial and industrial organizations. The following are the areas where companies will get the greatest return on investment in the Internet of Things in 2021.
Breakthrough areas of the IoT 1. Predictive analysis and maintenance
One of the most effective use cases of today’s Industrial Internet of Things (IIoT) systems is to improve the performance of critical equipment. Physical asset performance analysis, including condition monitoring and failure prediction, is the key to improving results.
Using the Internet of Things to predict failures before they occur (while understanding what is needed to prevent repeated failures) is a great way. A study found that predictive maintenance will save the company $63 million by 2025, with most of the cost savings coming from the reduction of unplanned downtime.
Although attention to machine health and predictive maintenance has traditionally been the driving force behind the implementation of the Internet of Things in the manufacturing industry, the industry still has opportunities to learn more about the complex linear and non-linear relationships between parts, machines, and assembly lines.
By working closely with experienced industrial IoT system designers, equipment manufacturers can accelerate deployment and gain a competitive advantage faster. Remote access to data about field devices provides great value to device manufacturers, who are often cut off from their end customers by third-party installers and service providers.
Breakthrough areas of the IoT 2. Improve energy efficiency
Improving the energy efficiency of physical assets is a common goal of using the Internet of Things. The rising cost of energy production, environmental issues, and increased regulatory efforts have collectively led to an urgent need for the IoT.
Especially in the manufacturing industry, it is important to monitor and reduce energy consumption as much as possible. More broadly, the physical assets designed by equipment manufacturers consume a lot of energy in many applications. Since these assets are usually mechanical or thermal in nature, they are prone to performance degradation and failure over time.
Using the IoT to save energy includes measuring ideal performance under standardized environmental conditions, and then the production results can be digitally expressed as a comparison between energy consumption, carbon production, and financial costs and workload. Although these efforts are mainly focused on energy conservation, they will bring additional benefits to manufacturers, including higher production quality and longer asset life.
Breakthrough areas of the IoT 3. Increase security
In the pandemic, solving security issues is another use case of the enterprise Internet of Things, which has an impact on corporate profits and saving lives.
In many industries, there are environmental hazards to equipment, personnel, and surrounding communities. High-pressure measurement, monitoring of refrigeration temperature, monitoring of volatile gas and liquid handling, chemical emissions, nuclear radiation, construction site safety, and unauthorized intrusion are just a few areas where the Internet of Things is increasingly deployed.
These solutions are widely distributed, rugged, scalable, and cost-effective. IoT solutions are always on, always connected, and remotely accessible. They provide extensive and in-depth monitoring of physical assets, which are difficult or impossible to achieve only through manual monitoring.
In addition, during the COVID-19 pandemic, enterprise IoT solutions enable industrial maintenance teams to safely maintain remote status. Sensors’ real-time insight into the operation of assembly lines and mission-critical assets allows them to dispatch maintenance personnel only in the worst case, rather than sending maintenance personnel into the building when there is no potential demand.
In most cases, the business case is usually driven by the desire to reduce or eliminate risk. Improved employee safety, reduced environmental impact, and compliance with regulatory changes are expected benefits. In addition, implementing IoT solutions has the potential to extend the life expectancy of facilities or critical assets by improving safety and operating conditions.
In fact, experts agree that if there is no Internet of Things, facility managers may eventually postpone maintenance, which may have an impact on safety, health, and the environment.
Breakthrough areas of the IoT 4. Optimize productivity
Improving overall equipment efficiency is another important consideration for companies and equipment manufacturers. By leveraging the power of cloud computing and the Internet of Things, it is possible to achieve an excellent return on investment. In fact, ITIF research has found that monitoring machine utilization through the Internet of Things can increase manufacturing productivity by 10% to 25%.
Industry 4.0 promoted by the Internet of Things represents many emerging methods, and all methods focus on improving productivity and reliability. Productivity use cases can lead to a higher return on investment. Although these applications are complex to implement, experienced IoT designers can help device manufacturers prioritize and design practical solutions.
However, the practicality of these solutions can only be determined by the real needs of the companies implementing them. Therefore, participating in the Internet of Things in order to keep up with digitalization is a huge mistake.
The reasons for the substantial growth of IoT applications (mainly industrial IoT applications) are very clear and convincing. But like all industries, the industrial sector is also facing budget constraints caused by the pandemic. This is why only implementations that create real business value will be considered in 2021.
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