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We are already aware of how the Internet Of Things (IoT) is actively transforming various business operations. It is also projected that the global IoT market will reach $1.6 trillion by 2025! This surge clearly demonstrates how massively this technology is gaining acceptance across industries. And to add to it, Enterprise IoT has started gaining popularity. So what is Enterprise IoT? Let’s Explore!

To begin with, Enterprise IoT (EoT)  is connecting multiple devices & sensors, with a range of advanced enterprise machines in a network. It is giving accessibility to various applications for asset tracking, inventory management, predictive maintenance, and energy management. However, that’s just a fraction of its huge potential! Therefore, we at TheCodeWork have assembled here for you to know its full potential and how you can implement it in your business. 

As we move ahead, know that Enterprise IoT (EoT) isn’t just technical jargon! It’s a key driver of the ongoing industrial revolution, offering immense opportunities for businesses. 

How is the Enterprise IoT or EoT shaping the market?

Unlike consumer IoT devices which solely focus on smart home applications & wearables, this is completely different. Here, EoT completely focuses on large-scale commercial and industrial applications. For instance, these updated devices can easily & more efficiently monitor industrial equipment in real-time, predict failures, and schedule maintenance. 

Consequently, it reduces downtime and improves the efficiency of the industry. Moreover, it is also playing a crucial role in the adoption of smart city applications as well. For example, intelligent traffic management systems, smart grids & even energy panels. 

But before, we explore the benefits of Enterprise IoT (EoT), let us first have a quick look at its significant impact in the near future:

• Mckinsey says that 98% of respondents reported that most companies within their industry include IoT initiatives in their strategy. The same survey found that 92% believe that EoT will have a positive impact over the next three years. 

• STL Partners forecast that there will be around 3.3 billion IoT-enabled devices worldwide. It will represent more than 10% of the overall IoT market. 

• IoT experts are expecting a 16% rise in connected IoT devices, in a few months. 

Okay, so now, let’s start exploring the benefits & use cases that IoT is offering. Trust me,  It’ll be intriguing to witness how enterprises can scale up the use of IoT to promote their development. 

Benefits of Enterprise IoT (EoT)

In the following sections, we will explore some of the most promising benefits & use cases of IoT for enterprises. And not just that! We will be sharing some of the most successful examples of IoT implementation across various sectors. 

Let me walk you through:

Improved Operational Efficiency 

In today’s world, it’s become indispensable for businesses to excel in operational efficiency. With the integration of IoT, achieving that goal can become much faster and smoother. 

To have a better understanding of it, take a look here: 

• Real-Time Monitoring and Insights: It will enhance your monitoring operations in real-time, providing invaluable insights into your performance, utilization, and potential bottlenecks. Whether it’s tracking production lines in manufacturing or monitoring supply chain logistics, you will be empowered to make proactive decisions.

• Predictive Maintenance: We all know that traditional maintenance practices are expensive and cause delays! But with the help of internet-connected devices, you can predict mishaps. This will allow you to fix it before they break, avoid unexpected downtime, and save money on maintenance. It will also help your enterprise equipment to last longer and work better.

• Process Automation: So, it’s known that automation is really important for making things more efficient. Here, with IoT, the automation process becomes much easier for you to operate and connect your processes faster. This is possible because it collects & analyzes the generated data in real time, allowing for immediate adjustments and improvements.

• Supply Chain Visibility: As an add-on,  you get a clear view of your supply chain mechanism. Like, from the moment you get raw materials to when the final product is delivered. You can use this to your advantage to reduce lead times and enhance customer satisfaction.  

Consequently, we believe that in a world where everything is getting connected day-by-day &  monitoring every step of your operations becomes very crucial. Therefore, getting started with IoT implementation is the best all-in-all solution. 

Operational Efficiency: Real World Examples

Here are some examples of companies that utilized Enterprise IoT (EoT) devices for operational efficiency:

• Smart Manufacturing: 

Leading manufacturers like Bosch utilizes IoT-enabled sensors and analytics to optimize production processes, improve product quality, and reduce downtime.

• Smart Agriculture: 

IoT solutions, like those from John Deere; Keep an eye on how wet the soil is, what the weather is like, and how healthy the crops are. This helps farmers to irrigate their crops just right, use less water, and get the most out of their harvests.

• Smart Retail: 

Walmart & CostCo use IoT for inventory management, using RFID tags and sensors to track inventory levels. It prevents stockouts and enhances the shopping experience for their customers.

With all that being said, it’s evident that businesses that adopt this technology will be in an advanced position. Right now, it’s a good time to tap into everything that IoT is offering! Why, you ask? 

Let’s have a chat!

Cost Savings and Resource Optimization 

We all know how businesses are always looking forward to cutting costs and using their resources more effectively. But not every time, it goes smoothly! So, EoT steps in to save the day with its cost savings and resource optimization applications for enterprises across industries. Its potential brings a transformative impact on your business’s sustainability and profitability.

Here’s how: 

• Inventory Management: Devices connected to the IoT tracks your inventory stock. It gives up-to-the-minute updates and also notifies you about the expiry of your products. All of these help you to prevent over-stocking & resource wastage.  

• Remote Operations and Control: IoT devices allow you to own and control different processes and equipment remotely. It cuts down on the need for people to be there in person and the costs that come with it. Also, it lets you manage and improve operations across many locations from one central point.

• Safety & Compliance: It makes your workplaces safer by monitoring the conditions of your equipment along with your employees. By making sure that safety rules are being followed, you can avoid expensive fines and large-scale damage. 

• Energy Efficiency: Devices connected to the IoT saves energy, by providing you insights on energy usage patterns and necessary settings. It leads to highly reduced energy consumption bills. 

Undoubtedly, EoT has great advantages when it comes to cost savings and resource optimization. It’s highly recommended to embrace this technology and gain a competitive edge in today’s resource-constrained and environmentally conscious world. However, you may consult an IoT-expert to begin your implementation process. 

Resource Optimization: Real-World Examples 

Here are some examples of companies that implemented Enterprise IoT (EoT)  for cost savings and resource optimization:

• Smart Industries: 

GE (General Electric) has implemented IoT technologies in its industrial equipment, such as jet engines, turbines, and healthcare devices. For example, they use IoT sensors to monitor aircraft performance in real time. It enables predictive maintenance and reduces unplanned downtime. This has resulted in significant cost savings for them by avoiding costly repairs and improving operational efficiency.

• Smart Inventory: 

Amazon employs various IoT devices, to automate and optimize various processes, including inventory management, packing, and shipping. By streamlining these operations, they achieved significant cost savings through increased efficiency and reduced labor costs. 

• Smart Resource Optimization: 

Siemens employs IoT technologies across various sectors, including manufacturing, energy, and healthcare. In manufacturing, Siemens’ IoT-enabled solutions optimized production processes, reduced downtime and improved product quality.

All in all, it provides unprecedented visibility, control, and efficiency in managing business resources. Hence, businesses that have been studying the impact of IoT can now proceed without any worries. However, if you require any additional guidance, feel free to contact us! 

Use Cases of EoT Across Industries

Now that we have covered the most amazing benefits that IoT offers to businesses! Let’s have a look, at its use cases across a wide range of industries: 

Manufacturing 

IoT is helping manufacturing companies to optimize processes, improve efficiency, and reduce their operational costs. Here’s how:

• Quality Control and Process Optimization: Toyota utilizes IoT sensors and data analytics to monitor and optimize manufacturing processes on the assembly line. By collecting and analyzing data like product dimensions, and tolerances, Toyota identifies inefficiencies, root causes of defects, and opportunities. 

• Worker Safety and Ergonomics: Ford employs IoT wearable devices and smart safety equipment in its manufacturing plants. It helped them to monitor worker movements, detect ergonomic risks, and prevent workplace injuries. By collecting data on factors like posture, repetitive motions, and environmental conditions; Ford identifies potential safety hazards, implements corrective actions, and improves overall worker safety and well-being. This leads to reduced absentees, lower healthcare costs, and higher employee morale.

• Remote Monitoring and Control: ABB utilizes IoT-enabled control systems and remote monitoring solutions to manage and optimize industrial processes in manufacturing plants worldwide. They remotely monitor equipment performance, adjust settings, and diagnose issues in real time.

So, you see how IoT helps manufacturing units make their operations efficient in terms of cost and opportunities. According to reports 91% of global manufacturing units are looking forward to implementing IoT sooner or later. Therefore, it’s advised to grab this opportunity at the earliest.

Healthcare

IoT offers a wide range of use cases in healthcare companies, facilitating improved patient care, operational efficiency, & cost savings. Moreover, it’s worth to know how: 

• Remote Patient Monitoring: Medtronic utilizes IoT-enabled medical devices such as wearable sensors, continuous glucose monitors, and implantable cardiac monitors to remotely monitor patients. These devices collect real-time data on vital signs, medication adherence, and disease progression. It allows healthcare providers to track patients’ health status.

• Hospital Facilities Management: Philips integrated IoT sensors, building automation systems, and energy management solutions into hospital infrastructure to monitor and control their facilities. It includes data collection on energy usage, occupancy, and equipment performances, enabling healthcare facilities to enhance efficiency and cut costs. 

• Healthcare Supply Chain Optimization: Johnson & Johnson has implemented IoT-based supply chain management solutions to optimize their operations. Like inventory levels, tracking pharmaceutical products’ location and condition, and ensuring timely delivery to healthcare providers. By leveraging IoT sensors, RFID technology, and data analytics, Johnson & Johnson enhanced their supply chain visibility. 

With all being said, we can say that  (IoT) technologies are revolutionizing the entire healthcare operations at a rapid pace. It’s a great opportunity for healthcare enterprises to look out for health-tech solution providers to adopt this technology. 

Retail 

In Retail, IoT offers great advantages to enhance customer experiences, optimize operations, and drive sales. Let’s see how:

• Inventory Management and Optimization: Walmart utilizes IoT sensors and RFID technology to track inventory levels, monitor product movement, and manage stock in real time. By automating inventory management processes, Walmart ensures shelves are adequately stocked, reduces out-of-stock instances, and minimizes overstocking. This has led to increased sales, reduced carrying costs, and enhanced customer satisfaction.

• Smart Store and Foot Traffic Analysis: Amazon Go stores employ IoT sensors, computer vision, and machine learning algorithms to create cashier-less shopping experiences. These stores track customers’ movements, monitor product interactions, and automatically charge them for items they take. It eliminates the need for traditional check-out lines. 

• In-Store Analytics and Heat Mapping: Zara implemented IoT sensors and analytics software to gather data on customer behavior, preferences, and demographics within its stores. By analyzing this data, Zara optimizes store layouts, product placements, and marketing strategies to better meet customer needs and preferences.

Subsequently, the retail sector is rapidly evolving due to (IoT). It is helping retailers to give customers a personal touch, make their operations smoother, and grow their business. See? It’s the perfect time for retailers to get started with their IoT implementation.  

Enterprise IoT (EoT) Future Trends

The IoT ecosystem is expanding rapidly, driven by innovations and collaboration among industry players.  Like from back in 2020 itself, the IoT market has expanded by 76%. Key trends such as 5G, AI, Digital Twins and e.t.c are shaping the future of enterprise IoT.  This clearly shows how businesses across the globe are racing to embrace this technology and reap the best results. 

Here’s a quick view of the trends that is enhancing Enterprise IoT applications further: 

• 5G: The expansion of 5G technology is set to cause a revolution. It will be offering high-speed connectivity and enabling real-time data transfer for IoT devices.

• Artificial Intelligence: AI is increasingly being integrated with IoT for advanced data analysis, predictive maintenance, and automation.

• Edge Computing: This trend involves processing data closer to where it is generated (at the “edge” of the network), reducing latency and bandwidth usage.

• Digital Twins: These are virtual replicas of physical devices that data scientists and IT professionals use to run simulations. Right now, it is being used to test IoT devices before they are built and deployed. However, the utility of digital twin technology is beyond this! It is set to provide unparalleled visibility into logistics processes.  To know more about digital twins, check out our blog. 

Likewise, as this field continues to evolve, we can expect to see more extensive efforts and larger-scale initiatives. Therefore, businesses who are looking forward to integrating their IoT with other advanced technologies must start now. Additionally, if you require further guidance and support on this, you may set up a call with us. 

Bottom Line

Throughout this exploration, we’ve witnessed the profound impact of Enterprise IoT (EoT) in optimizing processes, enhancing efficiency, and driving innovation. Hardly a doubt that  IoT is bringing a revolution! 

From supply chain management to manufacturing, healthcare, retail, and smart buildings. The possibilities are limitless! 

As businesses continue to embrace IoT technologies, they’ll gain a competitive edge in the digital age, driving efficiency, and innovation. The transformative potential of IoT extends beyond optimizing existing processes—It opens up new avenues for business model innovation, product differentiation, and market disruption. Therefore, by utilizing the advantages of Enterprise IoT, you can easily stay ahead and adapt to changing market dynamics. 

Also, do remember that TheCodeWork is there to assist you in every way of your success! We will do our best to unlock new levels of efficiency & productivity, positioning your business for great success with IoT. Next, you can now subscribe to our LinkedIn Newsletter! And stay updated on the latest tech trends across a wide range of industries that we cater to.

To know more, Contact TheCodeWork!