The Internet of Things (IoT) connects physical devices using the internet through a collection of sensors used for capturing and sharing data. The evolution of IoT can be traced back to single point remedies to robust solutions that enable a network of interconnected devices and technologies. IoT provides solutions to solve a spectrum of challenging business problems.
The Internet of Things (IoT) is a well-connected network of physical devices that communicate with each other using a machine-to-machine (M2M) communication. IoT plays a vital role in businesses today as the information gets traversed between devices with ease, and dependent processes can be automated without any human intervention. So, with IoT, end-to-end functioning of the Invoice process or handling customer accounts in a bank can be visualized without any interference of the manual workforce.
With IoT, the number of people involved in a business is reduced considerably, thereby, improving the accuracy level and reducing the processing time.
A customer in any sector would demand an error-free transaction. Such processes are still a major goal in many industries and companies valuate error-free processes as the main priority. Connecting machines and allowing them to interact and control themselves through automation can lead to a reduction in errors to a great extent along with the reduction in dependency of members on completing certain tasks.
Apart from improving the accuracy, one other major benefit of IoT devices is their capability to increase the up-time. But, what does the term “up-time” mean for companies?
Most of the companies have fixed working hours for their employees. Some companies follow shift-wise working hours but compensate the employees by paying more salary. This means that most of the business processes are available only for a few hours per day or require high-level coordination between shift employees. But, with IoT devices, this is not the case. Here, machines are not restricted by time and can automate business processes to run 24/7. Hence, up-time is the amount of time a business is up and running that is considerably more for IoT devices.
Having said that, IoT devices should not be mistaken to replace the human community in the workforce. IoT processes will open up more value-based analytical roles for employees in a company along with programming and maintaining such IoT devices.
Let us give an example to understand the situation better. The traditional business employed engineers to fix faulty machinery and devices. But such processes consume a lot of time and the overall cost of the business would be affected due to the loss of efficiency. Whereas, when the same process is automated using IoT devices, it will notify the engineers where and what the problem is. Hence, an engineer needs to concentrate on repairing the process rather than spend quality time finding the errors. Therefore, problems can easily be identified and fixed to reduce the overall downtime as compared to the traditional method.
We cannot just account for the improved performance of the business process to define the benefit of the IoT but the analytics and logistics that are provided by such systems beautifies the IoT devices further. Understanding the reason behind a problem and identifying areas of improvement becomes much easier with IoT devices.
We can use Fleet management Industry to illustrate the importance of the IoT model. Each vehicle within the fleet is equipped with a GPS tracker and an M2M SIM card. Hence, the sensors of these devices allow the owner to track and monitor the movement of the vehicle in real-time.
Almost any process can be monitored with the help of IoT as long as the machine is equipped with the right sensors and equipment.
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