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How Internet of Things (IoT) Technology is Transforming How Businesses Operate

Posted: 31-01-2024

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    Internet of Things (IoT) is a transformative technology redefining the way businesses operate, across all industries.

    IoT refers to the network of physical devices, for example, vehicles, home appliances, and other items embedded with electronics, software, sensors, actuators; and connectivity, which enables these objects to connect and exchange data. This creates opportunities for more direct integration of the physical world into computer-based systems, resulting in improved efficiency, accuracy, and economic benefits.

    IoT offers a world of opportunities for businesses to enhance efficiency, gain insights, improve customer experience, and innovate. Its application can be as diverse as the businesses themselves, making it an essential tool in the modern business landscape. Whether it’s through smart inventory management in a small retail store or a large-scale predictive maintenance system in a manufacturing plant, IoT has the potential to transform how businesses operate and succeed.

    How Does IoT Work?

    Data Collection: Sensors in IoT devices collect data from their environment. This could be anything from temperature readings in a warehouse to traffic patterns on a street.

    Data Transmission: The data collected is then transmitted over a network (like the Internet) to a central system or cloud platform.

    Data Processing: The transmitted data is analysed and processed to extract meaningful insights.

    Action: Based on these insights, automated actions can be initiated or informed decisions can be made.

    What recent advances in technology have made IoT possible?

    • Machine learning
    • Cloud computing platforms
    • Artificial Intelligence (AI)
    • Sensor Technology
    • Improved and increased connectivity

    Why is IoT Beneficial for All Sizes of Businesses?

    Scalability: IoT solutions can be scaled according to the size and need of the business, making it suitable for both small start-ups and large enterprises.

    Cost Reduction: By improving efficiency and reducing manual labour, IoT can help in cutting operational costs.

    Competitive Advantage: Businesses using IoT can gain insights that provide a competitive edge in the market.

    Innovation: IoT encourages innovation by providing new ways to solve problems and create value.

    Businesses, join Walton Institute in May to explore IoT for your enterprise!

    At Walton Institute at South East Technological University (SETU), we’re passionate about working with businesses in the South East and beyond to unleash the power of IoT. Currently, our commercial arm, the ICS Technology Gateway at Walton Institute, is seeking expressions of interest from Irish businesses to join us on an IoT Innovation Sprint, to dive into this technology and explore how it can benefit them and get the most out of their data. 

    Interested? This 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.