How the Internet of Things (IoT) optimizing today’s business process

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  1. Inventory Management

In any business, the inventory and its movement is a very crucial. An IoT based inventory management system is the solution of all inventory tracking and management concerns. The data generated by IoT application enables the process owners the real time information about the item location, transportation condition and ensure a smooth supply chain process. This type of inventory management not only more efficient but also eliminate the chance of human errors.

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  2. Increased Production

Unexpected breakdown is a kind of nightmare and is very costly for business. All the equipments must have to work seamlessly. The IoT applications are able to collect real time information about the functioning of equipment and send alerts to the stakeholders to take necessary actions for any problem ahead which results in prevention of unexpected downtime. According to a study, only 20% of asset failure due to their age, the rest 80% asset fails randomly thus IOT based applications are a milestone in avoiding random breakdowns thereby result in increased production.

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  3. Cost Saving

The improved connectivity across the various systems, devices and real time data generated by them enabling the enterprises to improve the asset utilization therefore reducing the maintenance cost, strict quality control and reduction in the random downtime enhance the production quality and quantity thereby a cost saving factor as well as leveraging the customer satisfaction for an organization.

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  4. Improved Quality and Reduce Waste

A business process is highly optimized if the quality meets as per the set standards and any deviation in quality is tracked at the vary moment when it arises and if quality standards are meet then obviously waste/ scrap is minimized. IoT applications plays a vital role to achieve quality control and reduction in waste/ scrap by providing real time insightful data across every material movement stage and the stakeholders are notified by the alerts in case of any deviation found.

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  5. Advanced Analytics

It is said that “Data is oil” for any business growth prospective. The massive amount of data generated by IoT applications enables the organizations to analysed the data and gain the deep business insights and provides extraordinary visibility in the business processes and understands behaviour, trends and pattern and early alerts of the situations that require necessary action and lead to operational excellence.