Internet of Things (IoT) is the way for building smart business and termed as the next phase of the digital revolution. It makes impossible things possible and expected to hit a billion things connected by 2020. Though IoT has many interesting things and domestic usage, its value for business risk management is much appreciated.
Any business decisions will be made based on the data. IoT provides a wealth of information to the business owners, for analysis and risk management. IoT data will help business owners to gain proper insights into business happenings and help them to take preventive measures. IoT helps you to enhance the operational process across multiple locations.
We will brief our own experience in IoT and risk management. We came across a Chennai based manufacturing company who are into manufacturing big bags, bulk sacks, jumbo bags and so on. Since the CEO had travel plans for his business growth, he needs a solution to be on top of the happenings and maintenance issues faced in the factory. This is when IoT came into the picture. They had installed an IoT based real-time energy monitor which provides remote access via mobile app and data intelligence insights via a web-based dashboard. IoT gives you real-time data at a granular level which helps to foresee risks.
Once after installing the energy monitor, he found that the old ceramic heaters were consuming 70-80 units of electricity per hour. Due to the data-driven assessment, they have replaced their old heaters with new Nano infrared heaters, energy consumption was reduced to 40-50 units per hour.
The above IoT based real-time monitor which brought a huge difference in power consumption and risk monitoring is Energyly power monitors and dashboards.
IoT will add value to any business – whether retailers, medical field, start-up, restaurants, manufacturing industry, and automobile and so on. IoT helps the business owners to adopt the change and helps in making spot decisions. In the above case, the manufacturer is using ceramic users whereas the current trend is on Nano IR heaters. IoT helps you to stay updated and to enhance your business strategies.