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Why IoT is good for us - Part 1
In this forum, we already superficially touched on what exactly the Internet of Things (IoT) is, so before we dive into explaining the benefits of IoT, let us refresh our knowledge.
IoT refers to a variety of electronic devices that are capable of detecting certain essential information and then sharing it with one (or more) other device(s) through an internet-based network. In essence, we are talking about intelligent devices that collect and transmit data. But how can a company benefit from this in practice?
A 2020 study considered 44 companies (most of them based in Asia and the US - instructive statistics in itself!) and reported the following results, once sufficient experience in exploiting the inherent potential of IoT was available:
mechanical downtimes were reduced by 30-50%,
labour efficiency increased by 15-30%,
production output increased by 10-30%,
quality costs decreased by 10-20%.
However, the biggest opportunity is not just to improve one indicator or another. Improvements in corporate efficiency can be observed in several areas simultaneously. Most companies also witnessed that the use of IoT helped them to respond more rapidly to market flutters, reduce their operating costs, and increase their profits by an order of magnitude.
In our next article, we will detail the lessons we have learned from our joint work with FF-Tech on the relationship between domestic companies and IoT!