The internet of things (IoT) is connecting physical objects and devices to the internet and to each other, allowing businesses to collect data and use it to improve their operations. For enterprises, IoT can be a powerful tool to gain a competitive edge.
In this article, we will look at how IoT technology is enabling commercial enterprises to make better decisions and improve profitability, as well as how IoT can benefit a company’s bottom line.
Connectivity: The Fourth Industrial Revolution
For enterprises, this concept has been gaining traction over the last four to five years. This revolution is largely due to the internet and the devices that connect to it, such as smartphones and tablets: these are what are referred to as “smartphones.”
Smartphones have revolutionized consumer information management and connected us all. From our favourite apps for entertainment to our personal data for financial management, smartphones have altered our lifestyles.
This is the first step on the road to the fourth industrial revolution. In five years, smart factories have the potential to generate $500 billion to $1.5 trillion in value to the global economy.
IoT focuses on connecting everything from home appliances to enterprise equipment and machinery with one another and with the internet. This enables smart manufacturing processes, automated decision-making, optimized resource usage and remote operation through mobile devices or computers.
What is IoT for Enterprise
IoT technology focuses on connecting everything from home appliances, enterprise equipment and machinery to other machines and devices with the internet, allowing these devices to work together for the benefit of one or many enterprise solutions.
IoT for Enterprise enables smart manufacturing processes, automated decision-making, optimized resource usage and remote operation through mobile devices or computers.
With IoT technology, business data is able to process information with the full capacity of human analysis and decision-making capabilities. These capabilities extend beyond refrigerators, car engines and assembly lines to logistics, shipping, manufacturing fields, retail stores and many more enterprise solutions. The number of cellular IoT connections is estimated to reach 3.5 billion by 2023.
With IoT technology, enterprises have the ability to process information from machines in real-time. This allows companies to detect breakdowns before they happen, making repairs more quickly and efficiently than traditional processes.
In addition, IoT applications can provide detailed data about production volume, improving processes for improved efficiency and manufacturing on-demand
How to Use IoT for Enterprise
There are many ways an enterprise can benefit from IoT technology. One is to implement IoT tech that helps improve existing processes, increase worker productivity and improve overall business performance. Enterprises can also use IoT solutions to develop new products, save money or decrease operating costs.
Generally speaking, there are two types of technologies that can be used for Enterprise: hardware and software. Hardware technologies require specific products and components to function properly; this is common in the manufacturing industry with devices that require specific components like sensors or proximity sensors.
Software-based technologies are more open-ended; businesses can adapt their systems to meet the needs of the enterprise without having to purchase a specific product.
In order to measure the ROI of IoT technology, it is important to consider how an enterprise will use IoT solutions. The following are some examples:
Real-Time Distribution, Storage and Inventory Management
This solution allows businesses to optimize their storage capabilities by putting real-time data about inventory into the hands of managers. This can reduce food waste by implementing more efficient, real-time inventory control systems.
With this same technology, businesses can reduce costs by reducing the amount of products they carry in stock. By understanding how much product they need at all times, businesses can avoid carrying too much and can make sure they never run out of critical items.
This can also be used for unnecessary produce that is thrown away, returning it to the marketplace. The Industrial Internet of Things market is expected to reach 123.89 billion USD by 2021, according to IndustryARC.
Enhancements to Production Processes
This solution, in combination with IoT tech, can help companies to identify inefficiencies that are contributing to losses. This can result in paying fewer employees and/or increasing overall productivity.
By implementing an IoT solution, companies can monitor vital production information about the equipment themselves and their employees. This means any changes or improvements can be immediately implemented; this allows businesses to eliminate wasteful workflow and increase profitability.
Determine and Quantify Energy Usage
This solution allows enterprises to monitor their energy consumption at the source. This is helpful in many ways. It helps businesses to reduce energy consumption by identifying energy waste and allows businesses to also comply with local and federal energy efficiency regulations.
This IoT technology can also be used to determine energy costs, which allows businesses to get the most out of their current energy sources while planning their future moves such as adding new sources (if needed) or changing applicable policies regarding available sources.
This solution is used in conjunction with IoT solutions for real-time distribution and inventory management. Inventory management for an enterprise typically works with real-time information about inventory at a specific location; IoT solutions for distribution achieve this same goal, but on a broader scale.
This information can be accessed by managers, sales and production leaders. This can help businesses to reduce costs by reducing the amount of products they carry in stock. By understanding how much product they need at all times, businesses can avoid carrying too much and can make sure they never run out of critical items.
Manage Equipment More Accurately
With this solution, companies are able to upgrade their old systems with new technology. This IoT solution allows companies to monitor information about product life cycles, which helps them to identify if an item is still in use or if it needs to be replaced with a newer model. This is often used with maintenance teams that monitor equipment and systems in real-time.
Receive Information About Current Sales and Use
This solution allows businesses to keep up with current sales trends. This can be used to decide how much of an item needs to be produced at any given time. This technology can also help companies learn how customers are using their products, which allows them to make changes if necessary and helps them to implement new products.
Replenish Stock Through Pre-Emptive Ordering
This solution allows companies to determine how much product they need at any given time, which then helps them order products before they run out. This is helpful in many ways, including reducing losses and increasing revenue.
By knowing how much product a business sells on average, an enterprise can predict demand and can pre-emptively order products to ensure they are always in stock. This helps businesses to reduce waste, getting more out of their existing warehouse space while also keeping their stock at optimal levels.
Receive Information About Real-Time Production Levels
This solution allows companies to monitor production levels at the source. This allows businesses to ensure that the right amount of product is being produced and allows companies to receive real-time information about how it is being used so that changes can be made if needed.
How to Secure IoT for Your Enterprise
While the number of IoT-related security breaches has gone down over the last few years, it is also true that IoT technology continues to evolve and become more prevalent. In order to secure your enterprise’s information and meet compliance standards, here are some steps you should take:
1. Introduce Two-Factor Authentication
Make sure employees are using a two-factor authentication process when connecting to your network and using devices that have access to your enterprise’s resources. This will allow you to protect your information from outside threats.
2. Don’t Force Employees to Use Any One Device
Allow employees to decide what device they want to use and where they want their data backed up. This is especially important because it is easier for hackers to gain access to employee systems if they are all using the same devices or if the data is located in one place on those devices. When there is some variation in this, it becomes more difficult for hackers and other cybercriminals to gain access.
3. Encrypt Data at Rest
Make sure all your information is encrypted when it is stored on endpoint devices, the cloud and in transit. This will make it more difficult for hackers to gain access to that information.
4. Secure IoT Devices
We estimate that by 2025, there will be more than 55 billion IoT devices, up from around 9 billion in 2017. Smart devices are becoming more prevalent in our lives and these devices store sensitive data, such as health information and financial records. Because of this, these devices have become a new target for hackers. Here are some steps you should take to protect your organization’s smart devices.
How to Choose the Right IoT Solution for Your Enterprise
Without the right IoT solution, companies run the risk of running into problems. Here are some tips to help you select the right solution.
1. Look at Legacy Technology Solutions
Legacy technology solutions are great for businesses looking to save money and avoid having to completely revamp their current setup. These solutions often help companies solve their IoT issues while also allowing them to maintain a high level of productivity in terms of data and workflow.
2. Take Advantage of Open Source Software
Open-source software is free and allows you to use it as needed without paying any royalties or licensing fees. Open-source software provides businesses with a way to save money while also being able to test out their solutions in an environment that they can control and tweak as needed.
3. Use Cloud-Based Hardware
Cloud-based hardware is an efficient solution that allows you to control everything from a single centralized location. This is especially useful if you want to take advantage of remote data management, which allows businesses to access data on-demand through a separate network.
It also allows businesses to quickly deploy and update devices in the field and makes it easy for IT staff members to make changes without having to install new software on the devices themselves. By 2025, the amount of data produced by IoT devices is estimated to reach 73.1 ZB (zettabytes).
4. Choose a Solution That Allows for Remote Management
Remote management means you don’t have to send out an employee to get permission or access data, which allows processes to run more efficiently and makes significant changes easier to make. It also means you don’t have to worry if the employee will cause problems with your processes by disrupting them in some way.
5. Unified Solutions for the Internet of Things (IoT)
IoT solutions are becoming more and more popular for device management in the enterprise. The IoT platform provides a way to connect and manage devices in the enterprise. The IoT solution is a great way to manage devices in the enterprise.
Businesses that utilize all of the benefits of IoT solutions often notice improved efficiency and a better customer experience. By adopting unified solutions for IoT, businesses can take advantage of a variety of benefits. The following are some advantages that businesses often enjoy when they make use of IoT solutions.
6. Improved Efficiencies
IoT solutions can help businesses cut down on their supply chain costs, as well as reduce their IT costs and make it easier to solve problems. This can also lead to an increase in efficiency for the business, which is important for any company.
7. Enhanced Communication Among Employees
By using IoT solutions, such as smart locks, smart cameras and others, businesses are able to allow employees to communicate more through different devices and locations. This can make it easier for employees to get tasks done quickly and effectively.
In addition, this kind of communication allows them to share information within the organization by providing them with a new way to work together and stay connected on a regular basis.
Top IoT Solutions for Enterprises
An enterprise IoT platform helps organizations deploy IoT solutions and manage connected devices. It provides a way to connect devices to the internet and to each other and to collect and analyze data from those devices.
IoT is a new way of thinking about how to manage and interact with technology in your business. It involves using sensors, bodies of data, analytics and more to make your company run more efficiently. It also offers security opportunities, as well as many ways to improve customer experience.
The following is a guide to some of the most common IoT solutions that can be used in any kind of business.
1. Security Cameras
Security cameras are some of the most commonly used devices when it comes to IoT solutions in a business environment. These cameras can be used in almost any area of a business and offer IT, and employees, a way to monitor live feeds from different areas. These cameras are also high-quality and record important information that can later be used for internal purposes.
2. Security Alarms
Security alarms are often used in offices, stores and more as an added layer of security against potential intruders or burglars. These alarms are great additions to most businesses’ security systems because they offer both audible and visual alerts, as well as being able to send notifications when certain events are triggered. This keeps employees aware of what’s happening at all times, which makes the workplace safer and more secure overall.
3. Smart Windows
Smart windows are a great tool that can be used to make employee access to offices more efficient and secure. These windows are installed in a business’s office building, and when they sense that an employee is in the room, they automatically close up and lock. This provides a way to keep employees safe without having them have to go out of their way for security purposes.
4. Smart Locks
Smart locks are another great tool that can be used to keep doors and windows secure at all times. These locks operate based on high-quality sensors, which means they know when someone is near the door or window they’re protecting, as well as how many people are opening it at the same time. This allows businesses to control who can and can’t go into certain areas at any time.
5. Light Bulbs
Light bulbs are an easy way to make a business more eco-friendly. By using smart light bulbs, a business can cut down on its electricity costs by having less lighting in certain areas, as well as being able to dim the lights at night or when no one is in the office to save money and energy.
These light bulbs are also made with longer-lasting technology that’s designed to last for years, so they don’t need to be replaced as often as traditional light bulbs would’ve needed replacing in the past.
Sensors are another way to monitor people in a business environment. This includes traffic sensors, which are used to monitor when cars are in the area and can also be used to know where different people in the office are located.
These sensors have been designed with hi-tech technology and provide a great way for businesses to keep track of employees’ habits, as well as put all of their employees on alert if they feel there might be someone near the office that shouldn’t be.
The IoT ecosystem is made up of a variety of IoT platforms that offer different business value propositions and support different business processes. Data storage is a key component of any IoT platform, as it is where data from IoT devices is collected and stored for further analysis.
The IoT project will use sensors to collect data about business operations and devices. The data will be stored in a device registry. The registry will be used to manage multiple devices.
The Benefits of IoT for Enterprise
Today, the answer to what IoT can do for your enterprise depends on many factors. While some organizations may not see the benefit in considering IoT solutions, others see immediate benefits.
The following are a few reasons why businesses may want to consider implementing IoT technology.
1. Increase Efficiency Through Real-Time Data
One of the most important things that businesses should be looking at is making use of real-time data. By introducing real-time data into their operations, businesses can make their operations more efficient and improve their processes.
This can be done by having employees monitor data on time and make changes as necessary so they don’t waste valuable resources in terms of time and money.
2. Improve User Experience
IoT is also used to improve the user experience at a business. By providing employees with access to real-time information, they can make informed decisions and take action quickly and easily.
This can affect customers’ experiences, as well. If customers can see data in real-time or get updates on their orders, they will be more likely to come back to do business with that business again.
3. Find New Sources of Revenue
Another advantage of IoT is the ability it gives businesses to find new sources of revenue by getting more out of existing resources. This leads businesses to focus on increasing their sales numbers by using analytics and looking for ways to improve their promotions, pricing and other efforts.
4. Protect Sensitive Data
Smart devices store sensitive information, such as banking information and health information. Because of this, these devices have become a new target for hackers. The following are steps you should take to protect your organization’s smart devices.
In conclusion, IoT has become one of the most important technologies in today’s world and will continue to grow in importance as time goes on. Global IoT spending is expected to reach $15 trillion over the next six years, from 2019 to 2025.
As companies make use of IoT technology for different purposes, it is important for them to take the necessary steps to keep their information secure from outside threats. This includes making sure that employees have the right devices and technology and that they are using them in the right ways.
It’s also important to make sure employees are educated about possible cyberattacks and how to avoid them. In order to do this, employees should be included in IT decisions, as well as receive training on security best practices.
Finally, it is also important to keep up-to-date with all security patches and software updates so that your information remains safe from cyberattacks at all times.