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How the Internet of Things (IoT) is helping different industries?

How the Internet of Things (IoT) is helping different industries?

The ‘Internet of Things (IoT)’ is a network of devices, vehicles and home appliances with embedded hardware, software, actuators, connectivity and logic to control these. Exchange of data/information is an essential function of an IoT network, which is achieved with good connectivity of different devices. In an IoT network, different machines, devices, and gadgets share data/information related to various operations and processes. This data can be processed real-time for fast process and operation. Data can be collected and stored offline for further analysis and processing to draw insights related to business, process or operation.

Figure 1. Industrial applications of IoT.

Figure 2. Industrial benefits of IoT enabled specialized solutions.
 
In an industry, IoT is known for machine-to-machine (M2M) connectivity and also called Industrial Internet of Things (IIoT). IoT is used in many industries and some of these are listed below (also see Figure 1).
  • Medical and healthcare
  • Automobile
  • Delivery Logistics
  • Process industry
  • Waste management
  • Smart infrastructure
So, how do IoT help and make a difference in various industries? Here in the following part of this article, we cover IoT general benefits, IoT solutions, and their benefits in different industries, and requirements for IoT implementation.
 
General benefits
In general, an IoT enabled specialized solutions can help the industry in many ways (see Figure 2).
 
Benefits if different industries
  • In the healthcare sector, IoT can have the following impacts.
  1. IoT can provide innovative products and solutions for the patients
  2. IoT can help hospitals in better storage and management of the devices to reduce operational cost
  • In the automobile industry, IoT can provide the following solutions.
  1. Using IoT we can implement a cloud-based remote vehicle diagnostic system to help the vehicles on the highway and away from the city.
  • In a logistic and transportation industry, IoT can help as follows.
  1. Make the process paperless
  2. Reduce waste
  3. Improve business outcomes
  • In an engineering enterprise, IoT network can act as an interface between various platforms and provide benefits as given below.
  1. An IoT network can provide remote access and monitoring of different parameters from various processes and machines.  This results in
    1. cost reduction
    2. better data management
    3. improved customer experience
  • A smart parking station should manage the requirements of smaller operators and provide independent parking facility. An IoT powered smart parking station can be
  1. automated 
  2. better  monitored 
  3. better managed
  4. the better solution for the needs of the customers
  • With globalization and rising world population, we need bigger and smarter cities, which can meet the growing demand.
  1. IoT powered infrastructures are capable of offering better management and reliable operation.
  2. We can process data from IoT network and provide predictive maintenance analytics solutions for best customer experience.
  • An IoT network can remotely monitor a chiller plant to save energy and provide safe and effective operation.
Requirements for IoT implementation
  • Effective and efficient implementation of IoT network for the smother approval process and reduced time-consumption needs
  1. well defined standard network and security policies
  2. a separate network layer
Written by: Dr. Parmod Kumar, Senior Associate Faculty, the Regenesys Institute of Management. You can reach me at parmodk@regenesys.in.