Companies are Using the Internet of Things to Save Money

Both large and small companies are learning about the seemingly unlimited benefits of the Internet of Things(IoT). Quite simply, the Internet of Things provides a way to harness vast amounts of data to analyze and make cost-effective decisions more quickly. All of these functions are now being handled by smartphones, tablets and computers. Inc. Magazine recently published an article highlighting how several companies are using IoT to improve performance.

Companies are finding new ways to utilize this internet world to manage their operations more effectively and produce higher profits. IMCO General Construction is a contractor specializing in industrial and infrastructure projects, which are scattered over a wide geographical area. IMCO has recently started working with Unearth, a Seattle-based company that designs networks for remote sensing, to utilize drones which can fly over construction jobsites. These drones give managers the ability to spot construction delays and make adjustments very quickly.

The IoT can help companies cut operating costs. Magnet 360, a company that provides support for businesses using Salesforce, recently moved its 190 employees into a new office space, which had been converted from an old warehouse. They quickly realized that they needed to make modifications to upgrade the existing HVAC system. They contracted with 75F, a company that uses sensors to control heating and cooling functions, to come in and automate their cooling system to create a more comfortable working environment for all employees. More efficient control of air-conditioning usage can save a company a substantial amount of money.

Iot is finding applications in a never-ending number of ways. Manufacturing workers wearing smart glasses enables mechanics to receive valuable diagnostic information and send alerts to managers when a problem arises. Sensors placed in machinery can monitor performance and set up repair schedules as necessary in lieu of sticking to regular maintenance programs.

Companies with large inventories, such as retailers, are using sensors to track individual product quantities and place supply orders at pre-determined reorder points. Agricultural producers with perishable products are placing sensors in their delivery trucks to track humidity levels; this enables drivers to make adjustments in ventilation when necessary and lets customers keep track of their orders and expected delivery dates.

Technology experts believe that we’re only using 20 to 30 percent of possible applications. Entrepreneurs are rapidly creating start-up companies to exploit new opportunities for the Internet of Things.

                        

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