The digital transformation has brought a drastic change in businesses. Different industries have experienced exponential growth since the advent of the newest technologies in recent years.
The tech-savvy people worldwide are working persistently to introduce something new every time. IOT or Internet of Things is such a new concept, which redefines the use of devices.
According to it, every device can be connected to each other in order to reduce human efforts and increase efficiency.
Several sectors, ranging from healthcare to retail, agriculture to mobile app development is adopting IOT technology.
It causes the Fourth Industrial Revolution. The devices connected to each-other are created for the consumer level as well as the industrial.
According to Gartner’s prediction, one million new IOT devices will be purchased every hour, by 2021.
How the Fourth Industrial Revolution is driven by IOT?
The primary reason for the Fourth Industrial Revolution is the rise of the Internet of Things or IOT. Here are the ways how the Revolution is driven by IOT technology.
Transformed Business Models
No matter what the objective of a business is, selling a product or providing a managed service, the internet of things allows the companies to transform their business models.
This technology helps the companies to gather data about the product and thus helps to take the actionable areas into consideration. It allows them to avoid faults by better understanding.
Development in Technology
Bringing desired changes in the business models is possible because of the transformed connectivity of devices. The connectivity has expanded from the previous way of connectivity through Wi-Fi or cellular networks.
To enable IOT, now the devices are connected through power-efficient sensors and a multitude of different ways. A low-power wide area network is used here, which is designed from the ground up to support the IOT.
It is predicted that above 50 billion things will be connected to the internet by 2020. It means that a good amount of data will be created.
Gateways can help managing data in a better way by dispatching traffic as well as carrying out some analytics functions.
Better Security of Data
The security of data can be ensured by using IOT technology, which is an important thing in businesses.
As there is very little human interaction in the flow of data, and it is a so-called machine-to-machine communication, the safety of data is ensured.
Improvement in Network
With an improved network, the digital transformation is opening up new opportunities to the business world by changing costs, improving customer experiences, increasing operation efficiencies, and thus a whole new business model.
And the network is the key to the success of the digital business.
While considering the industries, manufacturing is the industry which is getting most benefited from the IOT technology these days.
The impact of IOT on the manufacturing industry:
IOT is a technology that enhances the connection between multiple devices and makes the functioning more efficient.
Various industries are observing the existing possibilities of transit, with the growing number of devices that are connected to each other.
From a wider view, IOT is a concept, which boosts the digitalization from every aspect. The primary objective of the digitalization of all things is to maximize productivity in every area.
So, when it comes to the manufacturing industry, IOT boosts the productivity of every level of the supply chain.
Although it exists in several industries right now, it is the manufacturing industry which is getting benefitted the most of it.
Here are the ways how the manufacturing industry is evolving with the IOT technology.
It is essential to secure the storage of data collected from the machines and sensors for analysis.
The cloud technology provides effectiveness in gathering the information so that the manufacturing companies can use them to take the required action.
Proper maintenance is the key to the smooth functioning of a manufacturing company.
The Internet of Things technology enables the industries to move towards a more proactive model of predictive maintenance.
In simple words, IOT offers the real-time monitoring of the condition of the machinery, and thus schedule maintenance when it is required.
Supply Chain Visibility
Having proper visibility into the supply chain is vital for the manufacturers, especially if it is the food industry.
As a lot of suppliers are involved in this industry, it is difficult to maintain proper visibility. IOT enables the manufacturing industry to have real-time visibility into all manufacturing procedures.
Detection of Malfunction
Sometimes, the manufacturing plants face trouble in detecting equipment failure. The open standard allows the users to get notified quickly about the system malfunction with sensor-level networks.
Although the implementation of IOT has initiated in a few areas, it is still a toddler. There are only a few IOT specialists worldwide. Without having immense knowledge in ultra-modern technology, it is quite difficult to use it and increase operational efficiencies through it.