IoT saves businesses money. Period.
Every business has heard of IoT and its innovation, an enabler of digitalization, the key to AI, the road to advanced analytics, and many smarter, techier descriptions. The IoT industry is a multi-billion-dollar industry, so it comes as no surprise that connecting things has become the de facto requirement for any digitalization project. But, has anyone stopped and put the infamous yearly IoT predictions aside and asked, why? To save your business money of course!
With the adoption of IoT-based solutions businesses everywhere now say “Show me more data!”, “give me more control!”, and “give me more insight!”. Businesses that adopted IoT solutions are reaping the rewards and more importantly, are seeing major cost savings on their bottom line, and that’s the bottom line, innovation while saving money. It’s way easier than you think.
IoT solutions are what the tech world has been dreaming of for years, the oracles predicted it-one day technology won’t just be considered a money pit, but solutions that will fill the pit with money saved. Let’s explore some of the areas where an IoT solution can save money immediately, no matter the size of the implementation.
IoT in Energy management
Whether in datacentres, solar plants, cell sites, or buildings of any size, HVAC and lighting are expensive utilities that push the monthly bills through the roof, the taller the building, the higher the bills. IoT sensors can extract data from HVAC systems, lighting switches, and intelligence can be applied either through AI or machine learning to teach the system to switch lights off when spaces are not occupied, saving money on that light bill. The lights can also be automatically dimmed when required because lightbulbs last on average 20 times longer when dimmed by 50%, that’s a huge saving if you multiply the number of bulbs in a large building. HVAC systems will switch on and off depending on the room temperature thresholds or occupancy, again drastically reducing that energy bill. The setup of these effective IoT implementations is simple and quick. Even better, businesses can save money immediately. A large implementation of this energy management IoT solution yielded a 20% average energy consumption reduction…big money was saved!
Water metering IoT
The dreaded “boss, the building is flooded, the entire datacentre is underwater” call. Imagine knowing beforehand if there was a water leak? Like the energy IoT solutions, water is another area where the costs just seem to rush away with the stream. However, IoT solutions swim against the tide of rising costs as a result of water wastage. The costs rise because of two reasons, somewhere there is a leak, and somewhere there is water where there should not be, resulting in damage to the assets around it and increasing unplanned costs. Water meter sensors send alert notifications when a leak is detected, or when water is detected in areas where it should not be. Notifications are instantaneous to any device forcing action to be taken. These IoT devices are configured to measure water content and quality as well. It’s estimated that just monitoring the water usage of 1 small-sized home yielded $100 yearly savings, no advanced analytics or any AI implemented. Imagine what an IoT water meter solution with more insights and AI can do for businesses with hundreds of taps and thousands of water pipes.
Track and trace IoT
Retail stores always want the most people in their stores and the age-old adage rings true, more feet through the doors means more money. With an IoT solution, you can not only track the number of people who enter and exit your stores, but you can trace who they are, gender, age, and their interests and direct them to the products that fit their profile. Advanced analytics and AI in on-shelf advert screens sense when humans are reading the advert, it immediately interprets the human gender and age. Based on that information, it quickly adapts the adverts on display to target that audience all in a matter of seconds. Valuable insight is gained while analysing what the customers look at during their time in your store. Data gathered leads to targeted advertising that can increase sales while cutting back on fruitless advertising spend, saving and making money. Data is the new oil!
Drones are probably the coolest IoT device as it has sensors that pass data to another device or directly to the internet. Drone capabilities have no limits while the money it could save businesses is more than quantifiable! On a petrochemical plant, storage tank inspections used to be a million-dollar exercise that involved many resources and a lot of time. Inspecting a large vessel that stores millions of litres of fuel is an important task, checking for cracks and damage to the inner and outer walls. Using just one drone with a secure cloud connection to store captured inspection data, the money saved on regular inspections was just under a $1million taking 15 minutes to complete, a job that usually lasted 6 weeks from start to finish. This is just the immediate money saved, not even focussing on the nerdy data insights you can get from the data that the drone can provide which can improve maintenance schedules and future parts purchases.
It’s evident that the holy grail of technology has arrived-tech that saves money, is innovative, inclusive, and fun. The best part of all, these and many more money-saving IoT solutions are available right now at IoT.nxt®. Save your business money while innovating, you tried everything else, try IoT next.
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