Internet of Things
The term IoT, or Internet of Things, refers to the collective network of connected devices and the technology that facilitates communication between devices and the cloud, as well as between the devices themselves. Thanks to the advent of inexpensive computer chips and high bandwidth telecommunication, we now have billions of devices connected to the internet. This means everyday devices like toothbrushes, vacuums, cars, and machines can use sensors to collect data and respond intelligently to users.
The Internet of Things integrates everyday “things” with the internet. Computer Engineers have been adding sensors and processors to everyday objects since the 90s. However, progress was initially slow because the chips were big and bulky. Low power computer chips called RFID tags were first used to track expensive equipment. As computing devices shrank in size, these chips also became smaller, faster, and smarter over time.
How does IoT work?
A typical IoT system works through the real-time collection and exchange of data. An IoT system has three components:
Smart devices
This is a device, like a television, security camera, or exercise equipment that has been given computing capabilities. It collects data from its environment, user inputs, or usage patterns and communicates data over the internet to and from its IoT application.
IoT application
An IoT application is a collection of services and software that integrates data received from various IoT devices. It uses machine learning or artificial intelligence (AI) technology to analyze this data and make informed decisions. These decisions are communicated back to the IoT device and the IoT device then responds intelligently to inputs.
A graphical user interface
The IoT device or fleet of devices can be managed through a graphical user interface. Common examples include a mobile application or website that can be used to register and control smart devices.
What is Industrial IoT?
Industrial IoT (IIoT) refers to smart devices used in manufacturing, retail, health, and other enterprises to create business efficiencies. Industrial devices, from sensors to equipment, give business owners detailed, real-time data that can be used to improve business processes. They provide insights on supply chain management, logistics, human resource, and production – decreasing costs and increasing revenue streams.
Let’s look at existing smart industrial systems in different verticals:
Manufacturing
Enterprise IoT in manufacturing uses predictive maintenance to reduce unplanned downtime and wearable technology to improve worker safety. IoT applications can predict machine failure before it happens, reducing production downtime. Wearables in helmets and wristbands, as well as computer vision cameras, are used to warn workers about potential hazards.
Automobile
Sensor-driven analytics and robotics increase efficiency in automobile manufacturing and maintenance. For example, industrial sensors are used to provide 3D real-time images of internal vehicle components. Diagnostics and troubleshooting can be done much faster while the IoT system orders replacement parts automatically.
Logistics and transport
Commercial and Industrial IoT devices can help with supply chain management, including inventory management, vendor relationships, fleet management, and scheduled maintenance. Shipping companies use Industrial IoT applications to keep track of assets and optimize fuel consumption on shipping routes. The technology is especially useful for tight temperature control in refrigerated containers. Supply chain managers make informed predictions through smart routing and rerouting algorithms.
Retail
Amazon is driving innovation in automation and human-machine collaboration in retail. Amazon facilities make use of internet-connected robots for tracking, locating, sorting, and moving products.
What are the benefits of IoT for business?
Accelerate innovation
The Internet of Things gives businesses access to advanced analytics that uncover new opportunities. For example, businesses can create highly targeted advertising campaigns by collecting data on customer behavior.
Turn data into insights and actions with AI and ML
Collected data and historical trends can be used to predict future outcomes. For example, warranty information can be paired with IoT-collected data to predict maintenance incidents. This can be used to proactively provide customer service and build customer loyalty.
Increase security
Continuous monitoring of digital and physical infrastructure can optimize performance, improve efficiency and reduce safety risks. For example, data collected from an onsite monitor can be combined with hardware and firmware version data to automatically schedule system updates.
Scale differentiated solutions
IoT technologies can be deployed in a customer focused way to increase satisfaction. For example, trending products can be restocked promptly to avoid shortages.
