How can your company make use of IoT to improve the business?
The Internet of Things (IoT) has grown rapidly both as a term and a phenomenon, and many businesses are now seeing opportunities and benefits in incorporating connected devices, products and services into their business model. Some of the most common reasons why companies are opting for IoT solutions are that they open doors to new business opportunities, cost savings and better customer experiences.
What is IoT?
IoT is a collective term describing things with integrated electronic components and a connection. This means that things can “talk” to each other and share important information with us humans. IoT is extremely important for the continued digitalisation of society, as it connects the digital and the physical worlds with each other.
Internet of Things Sverige provides examples of how IoT can be used in practice, such as a waste bin that can automatically let the waste collection truck known when it’s time to empty it, or a food item that automatically raises the alarm if the temperature deviates. The way IoT is used in companies does of course depend on the nature of the business. In the healthcare sector, you can integrate systems to monitor the health status of patients, electricity companies can have information about electricity consumption conveyed automatically, and in manufacturing industry machines can convey data about production rates. So IoT offers plenty of opportunities, and it can be tailored for different businesses and their operations.
What are the benefits of IoT?
IoT brings many benefits, and there is a lot to be earned by connecting different machines via the Internet. You can monitor, collect and analyse data in detail, giving you valuable insights into how the business can be rationalised and improved. The detailed information generates better base data, giving companies opportunities to make faster and more accurate commercial decisions. And with communication between machines, together with analyses of Big Data, industries can become more efficient, at the same time increasing their productivity and performance.
With the right sensor technology and connection, many tasks can be performed remotely or when connected devices give the signal. Reduced maintenance and service requirements with increased savings are the most obvious benefit of industrial IoT.
Wedholms uses IoT for its milk tanks
One example of a company that has used IoT to improve its business is Wedholms, manufacturer of smart milk cooling solutions, which takes the best possible care of the raw milk while at the same time saving both energy and money.
The smart milk cooling solutions were developed with the aid of IoT and have resulted in better, more user-friendly solutions for Wedholms’ customers. Farmers and tank owners now get quick alarms and information from the milk tank straight to their mobiles. Dairies also have the opportunity to handle even more tanks and can more easily change settings and view data ahead of milk collections. Wedholms can in turn more easily collect data to analyse and improve their business.
The 5G network will make IoT work even better and become more widespread
5G is the fifth-generation mobile network, and it reduces response times by an incredible amount compared with its predecessors. Reduced response times combined with the capacity in the 5G network being bigger than before bring major benefits for IoT solutions. Machines will communicate better in real time, even more devices can be connected at the same time and more data can be “streamed” and sent simultaneously. The combination of artificial intelligence (AI), IoT and 5G will drive the process of digitalisation forward. These technologies enhance each other, as IoT makes physical values visible and collects data, 5G transports data and information, while AI analyses and offers opportunities for more efficient solutions.
With higher speeds and better coverage, connected products can provide manufacturers with information in real time about how they are being used and how they are working. Data on usage will take product development to totally new levels. After-sales services and apps will also enable manufacturers to build up life-long relationships with end users and start to build vertical business models. The flexibility of a connected product makes it easier to meet customer needs and achieve differentiation in the market.
Nordlo guides you on your IoT journey
Products and solutions based on IoT and 5G systems are therefore highly relevant for companies wanting to develop, rationalise and remain competitive. It is important to keep up with digitalisation and make sure that the business benefits from the technologies available in the market.
There are essentially as many variants of IoT solutions as there are connected businesses. Do you want to find out more about how you can apply IoT in your particular company? Nordlo can guide your organisation towards the right solution for your particular business. Contact us using the form below and we’ll be in touch!