With this piece we take a look at what Internet of things is, a look at the Industry 4.0 and finally few interesting IoT use cases that will change the future.
The first time most of us got introduced to the concept of the Internet was through personal computers. We understood it to be something which allowed people in the remotest corners of the World to connect and communicate with each other. Gradually, over the years, the concept of the Internet has evolved. And, with the advent of wireless connectivity and now, the upcoming technologies like 5G are going to take it to a completely new level. How? Before we jump into that, let’s understand what the Internet of things is.
Earlier, we could only connect our personal computers with the internet. However, over time, the Internet has been able to reach the comfort of our palms with the advent of smartphones. And now, in the current scenario, literally any electronic device can get connected to the Internet. Not only the electronic devices, No. Literally anything from clothes and shoes to toothbrushes! These can get equipped with sensors in order to connect them to the Internet. This is what we refer to as the Internet of Things or the future.
And so, IoT or Internet of things is then a way to connect everything around you. It can be considered as a network of a large number of things or devices (including our smartphones) which can communicate and share data with one another. This data then can generate insights as to how they are functioning. In the current era, IoT has been redefining the ways we live, work & interact with the surroundings. And it is only going to evolve further. According to Gartner, there are going to be at least 25 Billion connected devices by 2021.
Why Industry 4.0 is going to be the game-changer?
And this is going to change the paradigm of how the industries operate today. This new revolution driven by IoT is what we call Industry 4.0, or the future. The industrial revolutions across the centuries have made a significant impact on the way in which businesses operate.
- The very first Industrial Revolution began with the advent of machines for manufacturing
- Following this, came the second one in the 19th century which introduced the concepts of standardization & mass-production
- Gradually, the Third one came in the 20th century which involved the deployment of robots, computers & automation in the workplace
The 3rd is what we’re living in right now and are gradually striding towards the 4th Industrial Revolution. Which is poised to redefine the ways technologies are being used within businesses. A report by a market research firm indicated that Industry 4.0 market is going to reach $156.6 Billion by 2024 growing at a CAGR of 16.9%.
The 4th Industrial Revolution will bring all the data associated with different stages of operations to a simple dashboard. This will be done with the help of a smart network of things, where everything will be connected. This continuous monitoring will help in achieving a more sustainable and optimal usage of the resources available with the organizations. Bringing along enhanced profitability and improved procedures. Industry 4.0 will combine both the manual & digital ecosystems to drive better collaboration between the different stakeholders of the supply chains including the customers.
Why IoT is the biggest piece of Industry 4.0?
Post Covid-19 era, the gradual shift towards Industry 4.0 is only going to get accelerated given the kind of disruptions in the business processes which this pandemic has caused. With the outbreak of COVID, companies will gradually thrive to bring in the so-called “digital transformation”. This will be essential for their organizations in order to gradually shift towards a remote working environment. And the first major step in this will probably be getting each and everything connected to the Internet. This will ensure that remote monitoring can take place. This is where IoT comes in which will gradually be the leading driver of this change.
This is not only going to be true for white-collar jobs, but also the blue-collar ones in the manufacturing space.
Related: Take a look at how AI and AR is redefining the future of Customer experience.
How?
IoT will play a pivotal role in transforming the manufacturing facilities into Smart Factories. Where the data will be generated & exchanged for each and every aspect of production. These Smart Factories will form the real synergies between the machines & humans. Within these smart factories, IoT will help in improving productivity, reducing operational costs & enhancing worker safety. The data collected from the sensors on the machine in these factories. This can serve a number of use case applications – tracking machine utilization, monitoring the environmental conditions, ensuring smooth flow of material & inventory and also, creating digital simulations of all the operating processes.
According to Accenture, the Industrial Internet of Things could add around $14.2 trillion to the Global Economy by 2030. Indicating how big an impact IoT is going to make in leading towards Industry 4.0.
A few more IoT use cases
Food and Retail: The entire supply chain of this industry could be tracked via phone with so-called controlled IoT control towers. Apart from the fully automated and connected manufacturing process, food sorting will also be done without human intervention. For food retailers, this means smart stores with automated inventory updates, and equipment maintenance. It will also help with product shelf-life management, locate goods in stores, easier supply and demand planning, etc.
Agriculture: Internet of things will help with accurate weather updates to help farmers when to sow and reap their produce. It will help farmers to understand the ripe time, which will help them save transportation costs. Not mentioning the optimal transportation schedule for their produce. It will be implemented across all the stages from sowing the seed to when it gets to a customer. This will help get the dynamic market price and help them get better prices for their produce.
Automobiles: IoT will not only improve the manufacturing of the vehicles but using the cutting edge V2V, V2X technologies; it will also help with accident prevention. Driverless cars are no longer a fad, they’re a reality and they’re here to stay.
Related: See how brands are engaging during the times of COVID
Conclusion
There is not a lot of time left before IoT becomes probably the hottest tech trend in the upcoming days. The use cases mentioned above are only a few, IoT has the potential to become omnipresent. Because of the COVID pandemic, a number of new factors have emerged, like focus or remote monitoring of assets & workforce and requirements of better transparency in Supply Chains which are going to drive the growth of IoT adoption. It is upon the future leaders of organizations to align their goals & processes with the adoption of this technology. Which will essentially reap long term benefits on a one-time investment.
The author of this piece is Bhavya Popli, a student at IIM Kozhikode. He is passionate about the latest emerging technology trends like Machine Learning and Blockchain. If you liked this piece, why not share with your Best friend on Whatsapp?
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