IoT is Really about Business Transformation
The Industrial Internet of Things market is forecast to surpass $176 billion by 2022, so if you’re considering how IoT technology could be used in your organization, it is vital to understand how it is transforming strategy and operations for your competitors.
Here are five ways the IoT is transforming business as we know it today:
- Improved business insights and customer experience – Connected equipment in manufacturing and other industries is creating more data streams and analytics potential, meaning companies are gaining much greater insights into their business operations and how their customers use their products.
- Cost and downtime reductions – The rapid emergence of digital twin technology – digital models of physical assets built from real-time data, either in pure data or as explodable 3-D representations – is a key competitive differentiation in industrial IoT applications. This type of technology can help slash operational costs and system downtime in factories and other industrial installations while helping workers learn on the job about how machines work and/or can be broken apart for maintenance and upgrades.
- Efficiency and productivity gains – By connecting a business’s key processes, leaders can more easily identify ways to boost efficiency and productivity. Thanks to these gains, businesses expect the IIoT to boost revenues by $154 million.
- Asset tracking and waste reduction – Linked to efficiency and productivity is the drive to reduce waste to which IoT tracking is integral. Typically, the more components there are in a business operation, the more it stands to benefit from IoT implementation. This has seen the supply chain industry become the biggest adopter of the IoT to date.
- New business models – Organizations are recognizing the scope of the IoT for it to provide them with information about their customers and how they use their products. Companies that successfully integrate the IoT into their products in a way that benefits the customer and their own internal processes stand to reap huge benefits.
Demands are constantly changing, so the sooner your business jumps in the IoT water with both feet, the better positioned you will be to stay relevant. 2W Tech is a Gold Epicor partner and full-service IT consulting firm that specializes in manufacturing solutions. Give us a call today to learn how IoT can benefit your business.