Seven Industries That Will Transform with IoT Adoption
Internet of Things (IoT) has become highly progressing sector accounting for maximum share in the global IoT spending and is responsible for many IT trends in the enterprise. Hence, from this, we can infer that a network of connected devices can be highly beneficial to enterprises. Numerous organizations across several industries are embracing IoT. Let’s have a look at seven use cases of IoT within various sectors.
In this sector, the possibilities with IoT are endless as IoT-enabled medical devices have taken the industry by storm. As every technology has its own sets of pros and cons, the benefits of IoT outweigh all the negative factors. IoT is also the reason behind telemedicine wherein medical professionals can stay in contact and monitor their long-distance patients. Moreover, this technology is adding on to the sector by tracking patients and staff and is also being used to reduce the waiting time in emergency rooms.
The restaurateurs stand to profit enormously with the introduction of IoT in this sector. The industry will adopt IoT to streamline communication, improve staff safety and also lower the costs. Smart refrigerators can be used to monitor the quality of the food and also smart ovens can determine when parts need to be replaced.
Education industry stands to benefit from the diverse offering of IoT. Schools are embracing IoT to enhance more interactive web-based learning so that students can explore knowledge beyond textbooks. Educators are using it for other purposes like storing student information such as grades, and attendance. Moreover, this technology is helping in warning students regarding any potential emergencies.
4. Financial Services
IoT has a significant impact on the finance and banking. sector as the latter deals with massive data transfer, gathering, and analysis of data. It helps an organization to save consumer time and work more smartly. IoT is aiding banking sector starting from an increase in revenue to better client services. Banks are also experimenting with the IoT- enabled security systems, in ATMs to prevent theft. This innovation can also gather additional information about customers and how to provide more personalized offers.
Energy companies are moving towards leveraging smart grids that can enhance security, capture data, and analytics, and also allow for faster restoration after power failures. Moreover, these smart grids can lower carbon footprint by managing the energy consumption and can also reduce the use of carbon emissions.
IoT has transformed the way retail industry functions. The new automated checkout capabilities have helped in decreasing the time employees have spent as a cashier and instead allow them to focus more on business needs and opportunities. IoT-enabled shelves are also in use which tells which products are running low, and also determines if an item has been misplaced. It is helping workers to be more productive in their job and reduce labor costs as well.
Manufacturing industry potentially serves as one of the best examples for IoT adoption. Manufacturers are using IoT to monitor the production flow during the process and are also able to track all the events across a supply chain. Inventory is traced for each component, and the data collected from these IoT devices allows these manufacturers to have a check on the quality of items.