The Internet of Things (IoT) has tremendous potential to create real economic value for your business. A McKinsey Global Institute report found that proper linking of the physical and digital worlds could generate up to $11.1 trillion a year in economic value by 2025!
IoT is expected to greatly increase industrial productivity and value. It has been estimated that 67% of companies have an ongoing smart factory initiative, and that the manufacturing sector invested $178 billion in IoT spending in 2017 alone. Where is your company when it comes to IoT?
At Caravela, we help businesses take advantage of IoT so that they have the ability to leverage actionable data to build stronger customer relationships, optimize products, better predict maintenance needs, and achieve greater efficiencies in inventory and supply chain.
What would you like to change in your current operations? Our hardware, software, skills and experience can help make it happen.
IoT gives businesses the ability to leverage actionable data to build relationships, optimize products, predict maintenance and achieve greater efficiencies in inventory and supply chain.
The IoT Process
Sensors are the basis of IoT. Whether embedded in a water pipe, attached to a temperature gauge or inserted into the topsoil of an organic farm, sensors sense, detect and transmit data over a network. Those data points are stored and forwarded or streamed to a centralized database, typically to a database in the cloud, and ultimately transformed into a consumable format: a custom built, user-friendly dashboard that displays key metrics that matter to your business. This way, the data can be analyzed; revealing interesting, valuable insights that otherwise may go undetected.
Monetization starts here, for without insight, we don’t know anything. But after we understand what the data tells us, we can use those insights to drive down costs, increase sales, find new revenue streams, redefine a business and much more.
Any business that sells products that collect data or that will become able to collect data, will always find someone who may be interested in those data. Connected traffic signs, connected cars, connected medical devices — all stand to bring benefits from the collection and resale of data.
Opportunities for Manufacturers
Manufacturers and sellers of any physical product with moving parts can charge for preventative maintenance services, and/or monitoring or can differentiate themselves from their competition by offering new features at reduced cost or even for free. A well-designed customer-facing API could be the key to differentiation, attracting new distributors and establishing new a product direction.
Any organization that sells products through a distribution network can create tools that reveal insights into performance and usage, which enable a direct relationship with the end user. Rather than displacing a distribution network this should serve to strengthen that relationship and allow for new revenue streams along the product’s market cycle.
No one can predict the possible direction for manufactured products. Inevitably, and at regular intervals, they should at some point ask themselves “What business am I in?” The answer may come as a surprise.
Are you ready to put data to work for your company?
The experts at Caravela can help!
Implementation of IoT is nearly limitless! Here are some ways that IoT Applications are being used in manufacturing and enterprise:
Smartphone Detection
Identify devices (including Android and iPhones) that work with WiFi or Bluetooth interfaces
Smart Grid
Track and monitor energy consumption
Tank Levels
Monitor water, oil and gas levels in storage tanks and cisterns
Photovoltaic Installations
Monitor and optimize performance in solar energy plants
Water Flow
Measure water pressure in water transportation systems
Silo Stock Calculation
Measure emptiness level and/or weight of the goods.
Perimeter Access Control
Monitor restricted areas and detect presence of people in non-authorized areas
Liquid Presence
Detect liquid in data centers, warehouses and sensitive building grounds to prevent breakdowns and corrosion
Explosive and Hazardous Gases
Watch gas levels and detect leakages in industrial environments, chemical factory surroundings, and inside mines.
Supply Chain Control
Monitor storage conditions along the supply chain and track product for traceability purposes.
Smart Product Management
Control product rotation in shelves and warehouses to automate restocking processes
Quality of Shipment Conditions
Monitor vibrations, strokes, container openings or cold chain maintenance for insurance purposes.
Item Location
Search for individual items in large footprint environments like warehouses or harbors
Storage Incompatibility Detection
Receive emission warnings on containers storing flammable goods close to others containing explosive materials
Fleet Tracking
Control of shipping routes used for delicate goods like pharmaceuticals, jewels or dangerous or high value merchandise
M2M Applications
Machine auto-diagnosis and assets control
Indoor Air Quality
Monitor toxic gas and oxygen levels inside chemical plants to ensure safety of workers and goods
Temperature Monitoring
Control of temperature inside industrial and medical fridges housing sensitive product
Ozone Presence
Monitor ozone levels during the meat drying process in food production facilities
Indoor Location
Locate assets in indoor locations by using active (ZigBee) and passive tags (RFID/NFC).
Vehicle Auto-diagnosis
Collect information from CanBus to send real-time alarms for emergencies or provide advice to drivers