This innovative new technology is gaining momentum in 2020

The 2020 Schneider Electric IoT survey of 3000 business leaders in 12 countries shows 70% see IoT gaining momentum and making good business sense. Altogether, it offers new ways of improving productivity and enhancing societal benefits like increased leisure time and lowering pollution.

IoT also delivers long-term business benefits for both private and public organisations by becoming a critical interface between them and their customers. 63% of organisations surveyed plan to leverage IoT to better understand customer behaviour and improve service levels.

Dr. Prith Banerjee, chief technology officer, Schneider Electric was reported as saying; “We’re past the point of questioning whether IoT will deliver value. Notwithstanding, businesses now need to make informed decisions to position themselves to maximise IoT’s value in their organisation.

Digital transformation

Robust networks of low-cost connected devices bring faster, more agile communications to cloud and edge computing. This, in turn, leads to advanced data analytics through AI and the speedy delivery of meaningful information at the right time.

IoT creates opportunities for user companies to improve the efficiency of their businesses. It promotes open, interoperable, and hybrid computing approaches, fostering collaboration on cybersecurity standards. Importantly, however, 41% of respondents expect cybersecurity threats to be a critical consideration as industrial malware increases.

IoT also helps users adopt IoT solutions in ways that best suits their security and mission-critical needs. It provides users of legacy technologies with a logical and manageable path forward, allowing them to transform over time. One likely example will be the impact of Blockchain on global supply chain transactions.

Growth trends

For example, one of the toughest jobs in any plant is troubleshooting and fixing machine problems. Through mobile communications, IoT gaining momentum in helping make plants increasingly user-centric. The survey revealed that 67% of organisations are planning to start the Internet of Things via mobile applications this year. Moreover, half of these are planning to start using IoT in mobile applications in six months. Mobile applications also have the potential to create cost savings of up to 59% in IoT implementation.

IoT gaining momentum

IoT enables organisations to work with systems of the past in ways that do not prevent them from integrating systems of the future. It is gaining momentum, and additional benefits include new business models spurring growth through profitable and productive IoT-enabled services, and to:.

– Maximise energy efficiency and sustainability targets

– Improving asset availability and performance

– Enhancing business value by removing barriers between IT and OT

– Driving new ideas and technologies allowing a business to leapfrog existing infrastructures

-increase the use of open and interoperable hybrid cloud computing

Starting small

Survey respondents who plan to start using IoT in mobile applications within 6 months explicitly say they will:

1. Basically start small with pilot projects and stay focused,

2. Measure ROI before broadening project scope,

3. Make early strides with energy efficiency projects,

4. Significantly, integrate asset monitoring and management projects,

5. Finally, move to comprehensive asset coverage within a dynamic network,

 

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