From wearable biosensors to smart engines, global industries are embracing the Internet of Things (IoT) to make data profitable.
The IoT intersects virtual and physical worlds through connected devices, bringing an entirely new way of doing business. Collecting data through smart equipment opens the door to machine optimization, which leads to better performance, lower costs, and greater reliability. With businesses taking advantage of connected data with smart equipment, they’re taking on a new competitive edge. Here’s how the IoT profits global industries:
An Internet application creates smart document workflows between medical staff with autocreate and autofill documentation, as well as providing status updates. Through a reduction in process inefficiencies with intelligent applications, a 1% percent gain in the global healthcare industry yields more than $63 billion in savings in 15 years.
An intelligent aircraft with the sensor abilities to tell crews which parts need upkeep or replacement will substitute scheduled and sometimes unnecessary maintenance with proactive upkeep based on actual need. With smart engines, a 1% improvement in aircraft maintenance slashes costs by nearly $4 billion over 15 years.
Oil & Gas
Digital oilfields with well sensors and reservoir predictive analytics will improve recovery rates and lower costs. A 1% improvement in oil and gas capital utilization with data-based drilling totals $90 billion in avoided capital expenditure over 15 years.
Movement planning software with a single display overview of GPS, track circuits, and time-based tracking gives rail operators the information they need to make optimal decisions. A 1% savings in rail operation costs with movement planning software amounts to $27 billion in savings in 15 years.
An application integrating natural gas with power grids to optimize offloading from one energy source to another and reducing fuel gas costs. Through enabling improved integration between fuel sources, the power industry will see $66 billion in fuel savings from a 1% improvement in natural gas and power grid integration over 15 years.
If a wirelessly connected Internet can improve industry efficiencies by 1%, the economic gains are massive. The IoT market is projected to grow to $1.7 trillion in 2020 with no signs of stopping. Businesses cannot afford to ignore smart technology: the need to create intelligent equipment is greater than ever with billions on the line. How will your business better performance, lower costs, and increase reliability with the IoT?