ELI5 Internet of Things Series – Part 3
The Business of IoT
IoT is a hot topic conversation, particularly in the boardroom. What do you do when the top brass start talking about industry 4.0, leveraging IoT data or IIoT? If your answer is, “stare blankly, occasionally remembering to blink”. Read on!
Our ELI5 (explain like I’m five) Internet of Things series is here to help you make sense of IoT and today we’re taking a look at commercial and industrial applications of Internet of Things (IoT).
Where Does IoT Come From?
Our last episode explored examples of IoT in our personal lives. Now that we understand more about IoT, it’s time to take a look at how IoT infiltrated our lives in the first place.
The Short Answer: Business
Almost as soon as private enterprises realised the enormous potential of the Internet, they have pushed the boundaries to leverage and exploit the possibilities.
Business didn’t create IoT. That was the work of many scientists as far back as the development of the Internet itself. Private enterprises just found ways to expand on existing technology to gain a competitive edge in their fields. It is their exploration that placed IoT in our hands. In short, business brought IoT to life.
The concept of IoT has been around since 1926 when Nikola Tesla envisioned a world where “wireless is perfectly applied” and predicted that everything (people, machines and objects) would eventually be connected.
Commercial Applications of IoT
We are familiar with IoT today because of the businesses that adopted new technology early and made IoT sellable. This is how IoT devices like Fitbit, Smart Fridges and the likes made their way into our lives.
Many more companies have since dedicated resources to working on ways to apply IoT within their organisations. IoT has created wholly new enterprises; actual IoT companies are opening daily. The possibilities are seemingly endless because IoT collects vast amounts of data that guide decisions around enhancing operations, manufacturing, and customer experience.
A new wave of IoT, known as Industrial Internet of things (IIoT) that is transforming industries.
Examples of IIoT applied in some of our primary sectors:
- Both mining and manufacturing rely on big-ticket machinery and hydraulics. If maintenance is neglected the costs to repair equipment is through the roof. Worse still, a malfunction can be devastating –resulting in workers being exposed to hazardous contaminants, suffering injury or even death from an explosion. IoT sensors placed on filters, within pumps and so forth monitor pressure and temperatures. They can detect leaks and other faults before disaster strikes.
- In agriculture, smart farming with IIoT technologies helps farmers monitor livestock, assess crop growth and soil quality, limit water use and control temperature. This technology assists with saving time, money, and energy. This means that farmers can combat the effects of drought and rising fuels costs without needed to increase their prices. Not to mention that improved yield contributes positively to our GDP.
- In transport and logistics, telematics is a game-changer. Fleet vehicles are loaded with sensors and drivecams that feed collected data to the cloud. Logistics, operations and fleet managers can view this information at the click of a button and immediately see which vehicles are due for services or are reaching end-of-life. The system can even predict when tyres will need replacing or send reminders when a driver’s license is about to expire.
Of course, we can’t ignore that fact that the most significant contributor to IoT and IIoT’s proliferation is the Information and Communication Technologies (ICT) sector. After all, what would the Internet of Things be without the Internet?
To take advantage of IoT, connectivity is everything. You don’t just need seriously fast Internet; you need stable, reliable and accessible business Internet 24/7.
It’s not just about keeping up with industry 4.0 today; it’s about being prepared for tomorrow. The world of technology is rapidly evolving –people are already talking about IoE, the Internet of Everything. What does mean? Where are we heading? Don’t miss our next episode where all be revealed.
Unleash the awesome power of IoT in your business! Speak to us about enterprise-grade fibre solutions today.