The Internet of Things and the Internet of Everything changes the way we interact with devices and helps to enhance safety, decision making and manage remote infrastructure more proactively. According to the Economist, businesses prefer to use IoT technologies within their enterprise as well. PwC has given this type of IoT a new name - Internet of Business Things (IoBT) which is one of the IoT 2016 trends and IoT innovations.
IoBT is the process of adding sensor based intelligence to products, places, people and processes within the enterprise in order to analyze the critical metrics that give businesses the competitive edge which in turn takes them closer to their predetermined goals.
IoT Sensors linked to enterprise activities can take business activity fingerprints. These data driven digital impressions will help businesses match their sensor outputs against the goals set by them in the past. This will help businesses to manage their resources effectively, improve workplace safety, ascertain productivity by employee, drive monetary gains, customer satisfaction and help scale operational efficiencies and etc. Most of the IT managers can add IoT to their digital transformation strategy.
Some examples of situations where IoBT can help an enterprise
Enhancing Resource Usage
- Identifying unused inventory – a typical warehouse management problem can be extended to inventory within the enterprise. Be it hardware, software or even expensive items lying unused in one part of the enterprise, while they are badly needed elsewhere.
- Effectively tracking idle time of resources, improve resource loading by identifying patterns of low usage of resources
IoBT can significantly enhance safety, especially in hazardous industries, ensuring the people and equipment can raise a flag if there is any trigger event
- Improve compliance by automating compliance related activities by use of biometrics or sensor driven processes that ensure a clear audit trail.
- Equipment or goods which are beyond their “use-by” by date can be identified either for outright disposal, or scheduled for timely maintenance
IoBT can help enterprises track valuable assets and prevent misuse and pilferage. This is especially helpful in an open environment, where the flow of people will create practical difficulties in screening outsiders. For e.g. It will be a lot easier if the equipment that is not supposed to move raises an alarm if it is moved by an unauthorized person.
Harnessing the power of IoBT is the way forward. The future of the internet of things is very bright and IoT is expected to proliferate newer areas rapidly.
Are you considering the use of IoT and IoBT? Please keep these things in mind!
- Do some serious research before opting for an IoT project and IoT implementation – Businesses must strategically figure which of their critical business activities require sensor outputs.
- Architectural changes – IoBT will generate heaps of data several times a day and so proper IoT management is very crucial.Businesses must capture the data and store the data in the cloud. This makes the architecture complex. So please plan the cost, storage and connectivity. The cost must be significantly lower than the benefits accrued, otherwise the RoI for IoBT will be weak.
- Mobilization plan – Post the collection and analyzing of the data, a plan that facilitates decision making and process improvement implementation must be in place that gives justice to the data you have collected through your IoT solution.