Why Businesses Need to Take Full Advantage of IIOT and Data Analytics

Modern business is driven by digital technology. And yet many business leaders remain hesitant to adopt them. They can be expensive, difficult to learn, and besides, they've worked this long without them, so why change a good thing now?

The truth is that good technological adoption efforts not only keep your business current, but also improves your ability to stay competitive and grow. In this article, we'll take a look at why your business needs to take full advantage of IIoT and data.

What is IIOT?

IIOT is an abbreviation for a category of products known as the “Industrial Internet of Things.” Physical devices that hook up to the internet via Bluetooth. These items are becoming increasingly more common in the household, and are expected to be among the fastest-growing technologies of the next decade.

Smart thermostats and appliances are good examples of common IoT items. They are convenient. They allow you to control your devices from the comfort of your phone, and they are usually affordable, especially when coupled with their energy-saving capabilities.

At the industrial level, these devices can be used to maximize procedural efficiency, free up time, and save significant sums of money in the long run.

Below, we highlight some examples of IIOT that are being used to revolutionize the way that businesses do their work.

Telematics

Telematic devices allow transportation companies to monitor their vehicles in incredible detail. They are a little like amped-up GPS systems. They can give a fleet manager information on the location of a truck, but also on much more granular considerations like tire pressure, engine health, fuel, speed, etc.

The devices automatically recommend routes, based not just on efficiency but also on how manageable they are for the vehicle. A telematics device might opt for a longer route because it is more downhill, saving wear on
the vehicle, and fuel.

It might recommend against a route because it contains a low overpass that the truck would have to detour to get around.

Basically, telematics is designed to not only help get items where they need to go but also to ensure the health and safety of the machines and people in the transportation industry. Not only is this good for the business, but it also is vital for supply chain management.

Supply chain management is all about getting products on shelves in the most efficient way possible. Telematics devices give managers up to the second updates on everything they could ever want to know about a product’s journey from one place to the next.

Predictive Maintenance

Predictive maintenance IIoT anticipates when and how machines will need to be maintained in order to keep them at peak operation. It’s a little like the maintenance scheduling timer features that are built into your car, but much more granular.

With an automobile, maintenance recommendations usually have little to do with the health of the vehicle, and more to do with how many miles you’ve driven, how long it has been since your last appointment, and so on.

Predictive maintenance sensors are IIoT-powered devices that monitor the conditions of machines and look for signs that maintenance will soon be needed. These small indications can translate into major upkeep savings over time. Instead of having a machine malfunction and breakdown, a business can catch the problems in their early stages.

Automation

More generally, IIoT is used to automate tasks that used to require human effort. For example, an IIoT-powered factory may require significantly less labor than one that is using non-IIoT tech. This can save money on hiring expenses, but there doesn’t have to be a “downsizing,” consequence.

In fact, many businesses automate their processes but keep, or even expand their human workforce. Why? While automation is good for taking
care of repetitive tasks, it doesn’t handle variation very well. Humans are still needed for big-picture projects. Tasks that require creativity, or people
skills. Communication, etc.

By automating menial tasks, businesses can direct more attention toward growth-producing goals. They pay the same for their labor, but they get a lot more out of the work.

Data Implementation

It almost feels silly trying to make a case for data this late into the game. Good numbers can help your business strategize and forecast what is going to happen. It is a major boon that can help with sales, marketing, and general strategizing.

Big-picture data implementation may require bespoke software solutions and people with fancy degrees. However, there are also more accessible versions of data implementation that can be accessed for little to no money. Simple internal programs. Complimentary social media analytic
software that comes with most business accounts.

The better your business gets at using numbers, the more effectively you will be able to plan for your future.

Hmm. There’s only one problem

Oh boy. What’s that?

I’m not Elon Musk. I don’t have hundreds of thousands of dollars to toss around on fancy censors or analytic programs.

That’s a fair point. All of the things described above cost money. Often, a lot of it. There are a couple of things to keep in mind though:

• IIoT can be leased: The tech industry leaned hard into the subscription niche about twenty years ago (thanks Salesforce!). Since then, it’s become much more affordable to try out new tech. Instead of paying thousands in licensing fees, you pay a small amount of money monthly. IIoT can often be acquired on a subscription basis. Now, there may be additional fees associated with the tangible products. The physical sensors power the digital technology. Still, you would be surprised by how affordable the tech can get. Shop around to find something that suits your business.

• Data doesn’t have to be expensive: That’s right. Many analytic programs are also subscription-based. Some are even free. If you want professional assistance interpreting the numbers, think about going freelance. The person you hire might be pricey, but they will be a one-time expense that
  helps steer you in the right direction.

• And here’s the other thing: these expenses will deliver a significant amount of value later on down the line. Better data, automation, and increased efficiency will eventually make you more profitable. Good tech implemented the right way inevitably pays for itself many times over.