IoT technology is helping businesses to streamline their work processes with improved asset performance management and optimized production capacity management.
FREMONT, CA: Internet of things (IoT) is proliferating across several industries and is transforming them in innumerable ways. IoT technology is helping businesses to streamline their work processes. It is also enabling the enterprises to cut down on their budgets. For instance, IoT helps in offsetting long periods of production time, especially in the case of real-time manufacturing processes. Here are the ways to include IoT projects in the budget:
• Streamline Manufacturing
Industrial IoT is considered the largest market for commercial IoT deployments. For streamlined data gathering and analytics, the manufacturing sector is using IoT and reusing the generated knowledge to improve asset performance management. Industries are increasingly moving toward improved production execution, optimized production capacity management, and reducing inventory with the help of smart technologies.
• Real-Time Analytics
With an ever-increasing volume and velocity of data, data management and analytics must be carried out with a new approach. IoT analytics is an emerging category of functionality, which along with technologies like artificial intelligence (AI) and machine learning (ML) can help them to move on to new spectrum of information based monitoring and analyses.
• Business Process Automation (BPA)
IoT is the primary technology driving the business process automation (BPA). Alternatively, BPA is also complementing IoT based solutions. According to a customer survey by Vitria, several companies accepted BPA as the primary driver for the deployment of IoT in their companies. Executives throughout consumer, enterprise, and consumer sector understand the huge underlying opportunity with big data analytics to boost business revenue for their IoT initiatives.
• IoT for Asset Performance
Firms are using IoT and Ai to revolutionize asset maintenance costs, risk, and availability. The move is contributing almost every asset-intensive industry such as oil and gas, manufacturing, utilities, and others. For instance, asset management is the most prevalent use case of IoT solutions in manufacturing that significantly reduces downtime and improves product delivery timelines.
• Smart Cities and IoT
IoT happens to be an essential part of smart city initiatives. Smart cities need IoT to connect and unify city infrastructures across agencies. It also enables real-time visibility into city operations.