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Eight Industries Reaping the Rewards of Internet of Things (IoT) Technology

Posted: 08-02-2024

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  • Walton News

Internet of Things (IoT) is a transformative technology redefining how businesses use data. It refers to the network of physical devices – or “things” – for example, computers, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators and connectivity, that enable these objects to connect over the Internet and exchange data.

IoT technology can be revolutionary across the full gamut of business. It collects, transmits and processes data, offering businesses a world of opportunities to enhance efficiency, gain insights, improve customer experience, and innovate via their data. Below we have identified eight industries (but really, the applications are endless!) to highlight the practical advantages of this technology in real-world environments:

  1. Smart Manufacturing: In a smart factory, IoT sensors and devices monitor and optimise production processes. For example, in the automotive industry, IoT can track the performance and maintenance needs of every machine on the assembly line, ensuring minimal downtime and enhancing efficiency.
  2. Predictive Maintenance: Using IoT sensors to monitor equipment health in real-time allows companies to predict when a machine will need maintenance before it breaks down. This approach is particularly effective in industries like aerospace, where equipment reliability and safety are paramount.
  3. Supply Chain and Logistics Optimisation: IoT enables real-time tracking of goods across the entire supply chain. For instance, a shipping company might use IoT devices to monitor the location, temperature, and humidity conditions of a cargo shipment, ensuring quality control and timely delivery.
  4. Energy Management: In the utility sector, smart grids use IoT to balance electricity supply and demand. This can include automatically adjusting the production at power plants, managing the distribution to different areas, and even controlling consumption at the consumer level through smart meters.
  5. Agricultural Efficiency: Precision agriculture uses IoT to optimise farming practices. Sensors can measure soil moisture, nutrient levels, and weather conditions, allowing for targeted irrigation and fertilisation, which enhances crop yields and reduces waste.
  6. Retail Customer Experience: In retail, IoT can enhance the customer experience through personalized shopping. Smart shelves and RFID technology can track inventory levels in real-time, while in-store beacons can send personalised offers to customers’ smartphones as they shop.
  7. Healthcare Monitoring and Management: IoT in healthcare allows for remote monitoring of patients’ health through wearable devices, improving patient care and reducing hospital visits. It also enables the tracking of medical assets, ensuring critical equipment is available and maintained.
  8. Smart Buildings and Cities: IoT is pivotal in creating smart buildings that optimise energy use and improve security and maintenance. Extending this to a city level, IoT can manage traffic flows, public transportation, and even public safety through connected cameras and sensors.

Want to learn more about IoT and what it can do for your business? The ICS Technology Gateway at Walton Institute is currently seeking expressions of interest from Irish businesses to join us on an IoT Innovation Sprint to dive into this technology and explore how to get the most out of their data. 

The IoT Innovation Sprint is set to take place in May 2024 and will be funded by Enterprise Ireland Innovation Vouchers. To register your interest please complete the Expression of Interest form HERE and a member of the ICS Technology Gateway team will be in touch.