The Internet of Things (IoT) has revolutionized how businesses operate in today’s world. According to FinleyUSA, “Spending on IoT Solutions has been increasing significantly by at least $40 billion every year since 2018. And it would be expected to grow to $1.1 trillion by the end of 2023.”
With the rapid development of IoT in the business world, IoT platforms have a wide range of applications across different industries. In this blog, we will first understand IoT and then explore the top 8 business uses and examples of IoT platforms.
What are IoT and IoT Platforms?
‘Internet of Things,’ referred to as IoT, is the interconnection of devices with each other through the internet to exchange data for automating the process and system without human intervention.
IoT platforms are software solutions that help businesses connect and manage their Internet of Things (IoT) devices. These platforms enable devices to communicate with each other with cloud-based applications, allowing businesses to collect and analyze data from their connected devices in real time. In simple language, IoT platforms are like a control room for firms to utilize and make the best use of their connected devices.
Businesses can optimize their operations and boost productivity using IoT platforms that were completely unattainable earlier. Let’s explore the top 8 business uses and examples of IoT platforms.
Top 8 Business Uses And Examples
Here is the list of 8 businesses that use IoT Platforms, with their examples:
Predictive Maintenance
One of the most crucial uses of IoT Platforms can be predictive maintenance. Predictive maintenance is the ability to analyze the equipment or machinery’s trajectory and predict whether it has a fault or will fail before it happens.
The IoT platforms use sensors and analytics to detect changes in equipment behavior and anticipate maintenance needs before they become highly critical.
GE Predix demonstrates a great example of IoT Solutions, which uses machine learning algorithms to predict failures, reducing unplanned downtime and increasing efficiency.
Remote Monitoring and Control
Remote monitoring and control are one of the most common applications of IoT platforms. It allows businesses to monitor and control their devices from their main center remotely. This drastically reduces human intervention and improves their efficiency level.
A smart thermostat is an excellent example of remote monitoring and control. These devices enable businesses to remotely control the temperature in their buildings, lowering energy consumption and costs.
Supply Chain Management
Managing the movement of goods from the point of origin to the point of consumption is referred to as supply chain management. IoT can help improve the supply chain visibility, ultimately reducing the risk of fraud and stealing, reducing cost, and providing the product timely in the hand of customers.
IBM Watson Supply Chain is a terrific example of an IoT application that uses blockchain technology to provide end-to-end supply chain visibility.
Improving Customer Experience
Improving customer experience is a major business objective in today’s competitive environment. Businesses can collect data on customer behavior and preferences using IoT platforms, which can then be used to improve the customer experience.
Salesforce IoT Cloud is an excellent example of an IoT platform with customer experience capabilities. It allows them to provide personalized and proactive customer experiences.
Safety and Security
Safety and security are major concerns for businesses in every industry.
IoT Platforms can help monitor and control access to their facilities, detect security threats, and respond to them. Thus, reducing the risk of injuries and accidents.
ADT Smart Home platform is an example of an IoT platform that offers safety and security capabilities. This platform uses sensors and alarms to detect and respond to security threats, providing businesses with real-time insights into potential risks.
Energy Management
Energy management is the process of monitoring and controlling energy consumption in buildings and facilities. Businesses can optimize energy consumption and reduce costs by utilizing IoT platforms.
Schneider Electric EcoStruxure is a superb example of an IoT platform that offers energy management capabilities. This platform uses real-time data to optimize energy usage, reduce consumption, and improve sustainability.
Asset Tracking
Asset tracking is an important application of IoT Platforms in the business world. By using IoT platforms, businesses can track the real-time location, condition, and status of assets, which improves asset visibility, reduce losses, and optimize asset usage.
Fleet Complete is a wonderful example of an IoT platform that offers asset-tracking capabilities. This platform uses GPS tracking and sensor data to monitor the location and condition of assets, giving companies access to real-time operational analytics.
Data Analytics
Data analytics is the most fundamental application of IoT devices, which is extremely useful in businesses. By using IoT platforms, businesses can collect and analyze data from connected devices, providing them with real-time insights into their operations.
The Microsoft Azure IoT platform is an excellent example of an IoT platform with data analytics capabilities. Businesses can use this platform to collect and analyze data from connected devices, allowing them to make data-driven decisions and optimize their operations.
Conclusion
IoT platforms enable businesses to collect, analyze, and act on data from various connected devices, providing real-time insights into their operations. From remote monitoring and control to predictive maintenance, supply chain management, energy management, asset tracking, improving customer experience, safety and security, and data analytics, there are numerous use cases for IoT in businesses. IoT platforms offer businesses a powerful tool to optimize operations, increase efficiency, and drive revenue growth. As the IoT continues to evolve, we expect to see even more applications for these platforms.