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Leveraging The “IoT” for Business Growth and Efficiency

Florida Business Innovation - Florida Business Insurance

The world of commerce is shrinking as a result of greater global competition and increased connectivity. This has been caused, in part because of something referred to as “The Internet of Things” (IoT). The IoT is the inter-networking of physical devices, vehicles, buildings and other items, with electronics, software, sensors, and network connectivity that enable these objects to improve efficiency and increase productivity. It is estimated that there will be over 50 billion devices connected to each other by the year 2020.

The future of connected devices will result in better communication between machines, processes, plants and the supply chain; allowing key decision makers to operate more flexibly and aiding productivity. The same data flow helps deliver consistent quality, avoids waste and increases customer satisfaction. Businesses that invest in devices and connected data systems can expect increased gains from leveraging the IoT in the coming years. Specifically, organizations who are on the cutting edge of connectivity have found the following benefits for their enterprises.

  • Reduced total cost of ownership
  • Improved time to market
  • Improved asset utilization
  • Enterprise risk management by protecting people and intellectual and physical property

A survey found that 49 percent of organizations using sophisticated data networks experienced fewer product defects. How is the data that is collected utilized? With systems in place to capture, analyze and move data across the network it is possible to view video and other vital information. For example, imagine real time information at the human-machine interface (HMI) or other device to help with switch-over times. Or consider being able to troubleshoot machines with repair guides plus user manuals for controllers and the ability to see faults displayed in real time. Data visibility will allow employees to spot potential problems before they happen, avoiding costly down time.

Increasing data network connectivity inherently contains risk, so a secure network is essential. Enabling the manufacturing and industrial operating technology to connect to the business operating technology, along with the collaboration of dedicated personnel from those areas, is the key to establishing a connected enterprise.

By taking advantage of smart digital advances, your Florida company can unlock savings and efficiency. Contact Lanier Upshaw and let us help you mitigate your business risks related to this expanding IoT connectivity and help your business prepare for future success.