Most of us own some form of assets – either personally or through your companies. Every day, we keep on asking about our assets. If you think “healthy” or “body” is an “asset”, the most obvious questions you will ask is whether “am I healthy?“, “how many steps I have taken today?“, “what are my blood pressure and weight?“, “how do I stay healthy“, “why my blood pressure is too high?”
And if you owned a factory or shops – you might ask “what is my production volume today?“, “where are my supplies and whether is it enough or overstock?“, “why my equipment keep on failing?“, “how do I increase my yield?”
All of these questions will be answered if we know the conditions of our assets. It can be easily done by attaching the suitable sensors and measurements. But of course, you need to see the correlations between all these readings to make a better meaning and see whether other factors affect each other. Sensors that are connected either wirelessly or fixed with the capability to derive insights on their data is what we called “Internet of Things” or simply “IoT”.
There are four compelling reasons for businesses to adopt IoT:
- Monitoring – The capability for us to monitor the asset’s condition, what is the external environment and how it’s being utilised.
- Control – You can personalise the user experience by controlling the asset functions. It will be able to trigger certain events when to reach a threshold.
- Optimisation – The ability to enhance product performance by allowing predictive diagnostics, service, and repair.
- Autonomous – The “holy grail” would be a fully automated operation of all the above when the product or asset is run automatically, able to coordinate with other products, autonomously enhance the product operation and personalisation and finally do self-diagnosis and service.
All of the above will translate to:
- Improved performance and higher productivity
- Reduced operational costs
- Create new innovative products
- New source of revenue growth
Any organisations that are not able to understand the benefits and impact of IoT to their businesses and unwilling to embrace IoT, they will be at risk of being left behind within the next 1-2 years.
What do you think? Are we ready for IoT today? If not – why…?
About the Author
Dr. Mazlan Abbas is an IOT Evangelist, Thought Leader and CEO of REDtone IOT. You can reach him on LinkedIn at https://my.linkedin.com/in/mazlan/ or Twitter at http://twitter.com/mazlan_abbas . For further details, check out http://about.me/mazlan.abbas