HOW IOT GENERATES PROFIT FOR INDUSTRIES
Gartner defines the market for Industrial Internet of Things (IIoT) platforms as “a set of integrated software capabilities to improve asset management decision making and operational visibility and control for plants, infrastructure and equipment within asset-intensive industries.” By 2023, 30% of industrial enterprises will have full, on-premises deployments of IIoT platforms, up from 15% in 2019. Looking forward, it is expected that the global industrial IoT market will continue its strong growth during the next five years.
- In recent year’s large numbers of companies are implementing IIoT by leveraging smart devices as it helps in monitoring and controlling business operations, and improving operational efficiencies from a remote location. It helps in enhancing employee productivity and saving time and money.
- IoT helps industries to generate more profit by cutting down costs. 70% breakdowns can be reduced by IoT. 12% of the money that would be spent on repairs can be saved and spent on other aspects of manufacturing.
- Inventory management helps to monitor the conditions of storage spots exposed to different environmental conditions by setting up alarm on such conditions. Tagging of products along with sensors helps to locate any product easily in a large warehouse. Due to inventory management, optimized assets, reduced machine downtime, and more efficient energy use, companies reduce operational costs and create new sources of revenue.
- IoT helps in automating the processes that lead to improve the reliability by saving industries from human errors. It increases the efficiency during production and reduces the wastage of resources which helps to generate more profit for industries. Automating the processes reduces the cost of industries in the aspect of employing labors by overtaking the expensive traditional method of hiring labors. It reduces the need for the staff resources.
- IoT devices help the industries to track the product as they move through the supply chain. Fast supply time will reduce the time for the product to hit the market and reduce the product cycle time. It allows industries to gain greater market share.
CAPTEURIO provides you with an end to end AI powered IoT solution and service so that you can relax while our devices does the job of monitoring your critical assets. We provide live data monitoring, reports, real time alerts, maps, user management and more.
