IoT devices provide a way to maintain production continuity, optimize the supply chain and reduce energy consumption. This is becoming an increasingly important tool for building competitive advantage. Backed by AI that can analyze large amounts of data, it will increase the effectiveness of “AIoT” solutions.
IoT in Business
IoT (Internet of Things) allows numerous optimizations and savings in the industrial space. When applied to transportation, sensors can monitor the humidity and temperature at which cargoes are transported from the starting point to the end point. This is especially important for perishable goods such as fruits and vegetables, meat and medicines. With real-time control over the conditions in which products are transported, you can be sure to avoid losses due to inadequate thermal conditions. This is a financial benefit, but also an environmental one. Produced goods are not being wasted. Various types of sensors also track the location of cargo, enabling optimization of processes and logistics chains. IDC estimates, by the end of 2024, IoT spending in Europe alone will exceed $260 billion.
– IoT do more than just optimize processes or energy consumption based on past data. It also helps minimize the damage that can occur to a company. This is how solutions implemented for companies insured by one of our clients work. For example, monitoring motors and switchgears with IoT sensors helped limit damage during an malfunction at a certain factory. The equipment automatically shut down when a problem occurred with a capacitor in the switchgear. As a result, the company saved the funds it would have had to spend on replacing equipment damaged after the failure and was able to return to full capacity sooner – says Szymon Miałkas, Head of Software and Application Development at Blulog.
Artificial Intelligence Supports IoT
IoT devices used in industry generate large sets of data, known as big data. Artificial intelligence can analyze this data more efficiently and draw conclusions from it. Based on the gathered information, for example, you can optimize energy consumption or the routes by which goods are transported. Using the data in which days and hours the power grid needs to supply the most electricity, it will be possible to prepare power plants, distributed photovoltaic farms or energy storage facilities so that the volume of production corresponds to the demand predicted by AI.
– The increasing use of IoT, including that supported by AI, is a fact. Organizations that want to maintain a competitive edge should include use of these technologies in their development strategies. The possibilities for their use in industry are endless, we are only limited by our imagination – sums up Szymon Miałkas.