If you spend a couple of hours reading about developments in the IoT industry, you will likely notice the number of buzzwords that pop up. Learn more about the range of concepts you may have encountered.
Operational efficiencies can mean various things, depending on industry, market, or business. As an exercise, think about where IoT can be leveraged for your business to provide data that can improve the way you work.
This may be as simple as tracking devices on vehicles that can monitor road conditions, reporting back to a central dispatching system, allowing fleet managers to tweak routes and save time. Maybe you have large machines in a factory which can unexpectedly require repairs. Sensors can gather data about usage or degradation in the machines to predict when they’ll need to be maintained more accurately. Perhaps you manufacture connected devices and find that you need to update their software once sold and shipped across the globe. This could be an onerous task, made simpler by an online portal and one click of a button.
At its heart, the term “operational efficiencies” refers to the huge range of possibilities that IoT can bring to your business. When you start to see results from your IoT deployment, these efficiencies will often result in “cost savings”.
Cost Savings and ROI
The initial investment that an IoT project may require can be quickly recouped in difference ways.
A transport company will see huge savings in its cost of labor, fuel, and vehicle repair after implementing smart monitoring of its assets. Not only are they saving time with better routing, but there may also be shorter driving intervals, less fuel usage, and less wear and tear on their vehicles. For the factory manager, any downtime can be costly, in addition to emergency repairs requiring an extra call-out fee. Enabled by connected sensors, they’ll soon see huge savings with their predictive maintenance capabilities. The device manufacturer will save on data charges, improve customer retention, and avoid any potential liability issues.
With forecasts of a trillion smart devices being connected by 2035, it’s difficult to comprehend the sheer number of connections that make up IoT. When we use the term hyperscale, we’re referring to this expected growth. Every “thing” in the Internet of Things, from the tiniest sensor through to industrial gateways and beyond, will need to be securely connected and managed throughout its lifecycle. Most devices will be generating immense amounts of data which is then transmitted and analyzed, causing data storage nightmares. Consider a fleet management company and the hundreds of thousands of vehicles they monitor, constantly broadcasting the data collected from their sensors, in real-time, over many hours.
How can businesses efficiently manage (and benefit from) hyper-scaled IoT? Automation, machine learning, and “set and forget” device management are all part of the toolbox for large enterprises.
Depending on how long you expect your device to be deployed in the field, you may have read a lot about future-proofing your IoT deployment.
One key aspect of IoT success lies in thinking ahead while you’re scoping out your product or project. The technology supporting IoT is constantly changing, with new protocols and platforms popping up so often, it’s difficult to keep up. Having the ability to pivot and adapt to new developments in the market can be a make or break for many PoCs. Recently, 3G networks in the US have been decommissioned, leaving businesses with devices that can’t connect and significantly lose their bottom line. Keeping a close eye on cutting-edge technology means you’ll be a step ahead of the competition.