7 Industries That Will Benefit the Most from Applying IoT

The Internet of Things (IoT) has an opportunity to move beyond standard business models to one that offers cost savings, generates new revenue models, improves processes, provides customers with new experiences — or all of the above.

industries that will benefit from applying IoT 2020

In this article, OpenGeeksLab has outlined what IoT is, how it works, how to use IoT software in the right way. You will also read about what industries will benefit the most from applying internet-of-things devices in the years to come.

What Is the Internet Of Things?

Internet of Things is a network of physical internet-connected devices that can share and collect data across a network. In short, it is an expression used to characterize things connected to the Internet.

Industries That Can Benefit from Applying IoT

Many enterprises around the world have adopted IoT tools in their infrastructures. Continuous expansion of the IoT market enables SMEs to shorten delivery time, cut costs, increase production. Its economic impact is projected to be between 3.9 and 11.1 trillion U.S. dollars by 2025.

1. IoT in Healthcare

IoT in healthcare

IoT applications in healthcare make this industry less dependent on people and more patient-oriented.

There are significant advantages that internet-of-things devices can provide healthcare organizations with:

  1. Cost reduction

Using IoT and connected medical devices allows therapists to control patients off-site. It reduces unnecessary visits to therapists, hospital admissions and readmissions via viable data collection and management.

  1. Reducing waste and failures

IoT usage for work automation, as well as data collection, is a great way to reduce waste like unnecessary tests, expensive imaging as well as decrease system costs and errors.

  1. Better management

Internet-of-things devices allow therapists not to spend a lot of time preventing hospital infections, tracking supplies, and searching for drugs.

For example, Simplifeye`s therapists use Apple Watch for tracking patient visits and getting EMRs. Augmedix is utilizing smart-glass wearables like Google Glass for healthcare charting. Others like Awarepoint use specific sensors for patients’ location tracking.

2. IoT in Manufacturing Industry

IoT in manufacturing industry

Manufacturers use IoT software for manufacturing process improvement, equipment monitoring, maintaining. Most of the firms work on smart manufacturing to increase manufacturing operations efficiency.

IoT in manufacturing provides companies with such benefits as:

  1. Avoiding problems that may cause delays.
  2. Increasing production quality.
  3. Enabling better resource allocation as well as improving worker skillfulness.
READ ALSO  Web, Native and Hybrid Apps: Which One to Choose?

A perfect example is the Siemens AG plant. This factory, which builds automated machines for the likes of BMW, is 75 percent automated, with its 1.150 employees monitoring a whole process and operating computers. All that allowed reducing costs and increasing efficiency.

3. IoT Applications in Transportation and Logistics

IoT applications in transportation and logistics

Internet-of-things devices will make transportation organizations smarter and more successful. They will ensure cost-saving, emissions-reducing, more efficient travel, improved vehicles, greater safety, more strategic traffic management.t.

United Parcel Service saves millions of dollars every year with On-Road Integrated Optimization and Navigation (ORION) system that identifies the most fuel-efficient and shortest routes, which allow saving an estimated 1.5 million gallons of fuel over 10.000 courses.

4. IoT in Retail

IoT in retail

Smart stores help retailers run business and increase revenues by improving customer experience with data collection and digital connectivity.

A prime example of IoT in retail is Locus Robotics which is producing autonomous mobile robots to improve warehouse operations by reducing labor costs, upgrading order implementation speed and accuracy without warehouse operations disruption. DHL. which is specializing in worldwide shipping. uses Locus robots.

Digital Lumens delivers products, software as well as system integration through its cloud-based intelligence platform SiteWorx connected to IoT sensors and LED lighting. It produces light for a tenth of the cost and reduces carbon dioxide emissions. Recently, Gelson’s markets have chosen a lighting system from Digital Lumens.

5. IoT in Municipal

IoT solutions in municipal

Building managers worldwide are searching for Internet of Things solutions for improving buildings’ quality as well as costs reducing.

Smart lighting is a promising area as it allows saving money and energy by switching to LED bulbs. Nevertheless, smart grids are considered the greatest realization of smart infrastructure, which helps with resource conservation.

Amsterdam, for example, experimented with offering connected to the city’s smart grid home energy storage units and solar panels for households. By allowing residents to store energy during off-peak hours, they help lower stress on the grid at peak hours. Solar panels also let residents sell reserved energy from panels back to the grid.

READ ALSO  How to Reduce Time to Market with DevOps Engineer

6. Use of IoT in Agriculture

use of IoT in agriculture

Smart farming allows monitoring fields with IoT agriculture sensors (temperature, humidity, light) and automating the irrigation system. IoT-based systems allow farmers to monitor the field conditions from anywhere. It can provide more efficient water usage, optimization of treatments and inputs.

John Deere, an agricultural IoT equipment manufacturer, helps farmers maximize their output. Sensors that are built-in machines can measure soil moisture to assist in planning field irrigation. They also have the technology of planting and harvesting, which can guide the equipment during operation.

7. IoT in Finance

IoT in finance

IoT software has enabled the finance industry to effectively assist consumers as well as reach the best commercial result.

Here are some of the core benefits for FinTech:

  1. Personalized marketing

With IoT, banks can track all customer activities to offer a product as per their wishes.

  1. Customer relationship management

Internet of Things helps banks understand their economic condition and offer customers services as per requires which ensures building a healthy relationship.

  1. Cybersecurity

IoT technology ensures that customers’ financial data is kept secure.

  1. Proactive services

Internet-of-things devices can detect any service fault, then bring it to the notice of a bank to solve the problem before it becomes too severe.

Citibank launched a Bluetooth-enabled system with beacons to let customers access branch ATM 24/7 by simply using their smartphones. These are bank departments installed in hard-to-access or unprofitable spots. They don`t need to hire employees for these branches as any client can do everything by himself or herself. With biometrics technologies, customers can access bank accounts using their fingerprints. A customer can also speak to a bank operator via video conference technology.

Move Beyond Standard Business Models

As you can see, SMEs need Internet of Things solutions to improve machine and system quality, understand consumer needs, become more responsive, optimize operations, discover innovative ways to operate.

We at OpenGeeksLab know how to use IoT software in the right way. Ready to move your business beyond standard models? Drop us a line! We will create something great together!

Need to start a project?

Contact Us

Similar Posts

How to Make Landing Page That Sales: 11 Essentials How to Make Landing Page That Sales: 11 Essentials

When you make landing page, you showcase your...

Why Your Business Needs a Learning Management System: 5 Ins and Outs Why Your Business Needs a Learning Management System: 5 Ins and Outs

Online learning has established a firm place in...

Car Rent App Development Checklist Illustrated With Our Own Project Car Rent App Development Checklist Illustrated With Our Own Project

City dwellers opt for fulfilling all the essential...

Why Do You Need a Recruitment CRM? The Ultimate Checklist Why Do You Need a Recruitment CRM? The Ultimate Checklist

Qualified employees are the key to productive workflow...

How to Develop an On-Demand Dog Walking Service: Top 8 Insights How to Develop an On-Demand Dog Walking Service: Top 8 Insights

Nowadays, a dog walking service is a relevant...

An Ultimate Guide to ERP Solution Development An Ultimate Guide to ERP Solution Development

Active introduction of digital technologies accelerates the growth...

8 Ideas on How to Build Your In-App Advertising Strategy 8 Ideas on How to Build Your In-App Advertising Strategy

In-app advertising dominates among mobile publishers due to...

How We Developed a Telemedicine Platform to Fight COVID-19: Top 5 Insights How We Developed a Telemedicine Platform to Fight COVID-19: Top 5 Insights

Pandemic outbreak has greatly changed habitual course of...

Profitable App Development: 5 Categories Worth Considering Profitable App Development: 5 Categories Worth Considering

Gaining traction and developing a profitable app is...

The Ultimate Guide To Freemium Model The Ultimate Guide To Freemium Model

The freemium model has become widespread in business...