There are few things more hyped in the business world than the Internet of Things. The foundation of IoT is a radical idea—that our machines can be connected, collecting data and constantly interacting to create a sort of underlying ecosystem. Of course, there’s massive potential to use this technology. Here’s how five industries are embracing the Internet of Things.
The Internet of Things and manufacturing are a match made in heaven. IoT technology becomes increasingly valuable when there are more quantifiable variables. Manufacturing is a true treasure trove of these.
Consider all the things that can be measured on a factory floor. Adding IoT-connected sensors to every element gives enterprises a constant stream of useful data insights. Furthermore, it enables machines to troubleshoot and recommend maintenance before breaking down.
Manufacturing today is a true marvel. Humans and machines work together seamlessly creating vast arrays of products. Robotics is just one area of the manufacturing realm that is improved greatly by IoT enhancement—through predictive maintenance, data collection, and increased efficiency. Amazon, for instance, cut operating costs by streamlining warehouse workflows with robotics.
Cryptocurrencies at large both stand to benefit from—as well as fuel—IoT expansion, potentially revolutionizing the financial sector. Some cryptocurrencies have even been designed specifically with the intent to power the Internet of Things. There are a few ways cryptocurrencies and IoT can work together.
Cryptocurrencies can provide a framework for autonomous, machine-to-machine transactions. Their underlying technologies make it possible for robots and other machines to send currency back and forth for every action. Additionally, cryptocurrencies can help create a marketplace for the data generated from IoT transactions, which has massive potential value in itself.
Like manufacturing, logistics is an industry ripe with potential for IoT implementation. There are so many elements that can be tracked and made more efficient. Enterprises that want to get the most out of their IoT integration in the logistics world should carefully consider the business intelligence solutions available today. When organizations use advanced analytics tools, they set themselves up for speedier, more relevant insights upon which they can act — especially as data volumes grow, rendering strategies based around chunking and aggregating data increasingly useless.
One of the great conundrums of logistics is getting things right when it comes to supply and demand. The Coronavirus pandemic has already shown this equilibrium can be thrown off when disruptions are thrown into the mix. Logistics can of course be streamlined by putting IoT data to work. But it’s much more than that. Having checks at every step makes it possible to identify and resolve bottlenecks quicker, which is especially crucial in novel situations.
Some people have a bit of an outdated view of agriculture. This industry is increasingly becoming more technological. The integration of IoT into agriculture has been a major shift in its dynamics. Self-driving tractors from the likes of John Deere is one example of how IoT is making major inroads in agriculture. With so much open space, farmland is the perfect use for drones to accomplish surveying or other tasks.
There’s never going to be a time where humanity isn’t in need of food. It is, however, possible for the amount of farmable land to decrease overtime if practices don’t meet a certain sustainability threshold. Integrating IoT into agriculture can provide a path for processes to become more efficient.
Energy & Utilities
Inefficiency is a part of just about every system in some way. When it comes to energy, efficiency plays an outsized role. Not only is it expensive to use more energy than necessary, it’s damaging to the environment. Utility companies can implement IoT technologies to boost the efficiency of their energy transmission.
Microgrids are one example of how utilities are using IoT to improve operations. These systems provide a backup to communities if there’s an interruption in power, and can instantly be switched on to take over. But with solar becoming more efficient, microgrids are often now offering a primary energy supply as well as a battery backup.
The Internet of Things has the potential to touch just about everything in our lives. These are a few of the top ways IoT might vastly alter industry going forward.