Industrial applications of IoT
Posted On: August 27, 2020
The range of IoT networks and devices has been increasing rapidly from smart homes to intelligent applications for enterprises. And as per the estimates by Opentext that represents the size of the industrial IoT market at over $770 billion by 2026, reflects the impact of IoT technology, and its applications are still growing in industries. The new range of sensors, IoT platforms, software, analytics has transformed the industrial sector by driving operational efficiency.
Industrial IoT applications
Predictive maintenance with the power of AI (artificial intelligence) and machine learning, enables real-time updates if a machine needs to be repaired or replaced. With the help of machine learning, IoT network extracts real-time data from sensors and devices to predict failure of a component of a machine before time. It increases the uptime of devices and reduces maintenance costs.
Commonly applicable in warehouses, inventory management with IoT, integrated with AI analytics and machine learning provides real-time updates about the facility. It helps businesses gain better visibility on inventory and align operations with consumer demand to increase efficiency.
The lack of transparency over business activities comes out as a huge challenge for enterprises which leads to increased inefficiency. Real-time visibility over operations, assets, management, helps monitor the timely execution of tasks and responsibilities. It helps in finding out the main causes of inefficiency and improvement areas, thus reducing the wastage of resources.
Esurveillance with video analytics
Real-time monitoring with esurveillance cameras provides 24/7 safety and security to businesses with instant threat notifications and footage retrieval through a cloud platform. AI-enabled video analytics in esurveillance helps track SOP adherence to ensure timely execution of tasks that increases productivity.
Implementation challenges of IoT
As per the market analysts at Mckinsey, 40% to 60% of the total values lies in our ability to achieve interoperability between different IoT systems. Due to different vendors and service providers, it becomes challenging to maintain compatibility between various IoT systems. The compatibility of advanced sensors and networks with legacy machines is a common challenge in IoT implementation.
Network connectivity is one of the biggest issues in IoT implementation. Due to remote locations of warehouses, the system has to face several issues in internet connectivity that disrupts the transfer of data by sensors and devices along with visibility issues in real-time monitoring and tracking of assets.
Benefits of IoT application in industries
Real-time monitoring with IoT-enabled esurveillance systems provide SOP tracking and insightful data from business operations. It helps business heads analyze their improvement areas, and make better decisions that lead to an increase in operational efficiency. It ensures timely delivery, execution of tasks, and safety of goods and staff.
Businesses face several issues due to the lack of energy consumption monitoring systems that lead to inefficient distribution of energy at different sites. IoT devices monitor and provide insightful actionable data into energy consumption and distribution, such as off-hour consumption, inefficient areas and heavy appliances. It helps reduce energy wastage and ensures efficient distribution around the sites.
24/7 security of business sites
IoT-backed esurveillance and sensors deployed around and inside business premises ensure round the clock security. Video analytics and machine learning capabilities ensure intrusion detection, motion and vibration detection that helps to getreal-time alert of a security threat. It prevents unauthorized access, theft and robbery in business premises with proactive notifications on the platform that help deter crime within time.
The downtime of security devices and machines due to system failure, error, or tampering can lead to a huge loss for businesses. Instant notifications on device downtime to the platform with remote troubleshooting through AI and machine learning prevents extended downtime of devices and ensures 100% uptime for maximum security and operational efficiency.
The best industrial IoT applications help enterprises with a smooth flow of data and information from different locations and operations. IoT solutions that can be customized as per the business need aligns easily with business goals to provide a better view of ineffective areas and gain increased efficiency, productivity, and revenue enhancement.