– creates new business areas
Internet of Things (IoT) is a completely new way of doing business where companies start to think and use data in interaction with their products.
The business potential and Internet of Things
Internet of Things has a built-in efficiency and optimization agenda. The potential exists for both companies that want to optimize an existing product or production line, as well as companies that are making new product categories within information technology.
IoT creates new business models through the digitization of products and procedures at the companies. Data collection and data use from products and services will remain at the heart of the way IoT enables new business operations and opportunities.
Internet of Things has the potential to generate up to
US $ 11.1 trillion in economic value by 2025.
McKinsey & Company, 2019
From Internet of Things to business
The large market research companies all predict a great potential within IoT:
By mid-Q2 2018, around 7 billion IoT devices were connected to the Internet.
Cisco estimates that by 2020, 50 billion objects in the world will be connected to the Internet.
McKinsey estimates that IoT will have a direct economic impact of $6.2 billion annually by 2025.
By means of a variety of sensors, companies will be able to collect various data that provides the opportunity to perform proactive customer service. By monitoring the customer’s products or production lines, the company can e.g. monitor and thereby in time report faulty in production machines and product before it breaks down.
Wireless sensors and IT infrastructures are at a very high level of maturity, which makes it interesting for today’s industries. With a relatively low investment, companies can today introduce IoT and sensors into products, production lines and systems.
The IoT solutions support all electronic products; everything from PCs, tablets and mobile phones. The sensors can be combined and e.g. collect the monitoring of temperature, vibration, pressure and humidity in one sensor.
Examples of the possibilities with Internet of Things
Wireless monitoring of production line
Companies with production lines can monitor their production via wireless sensors so alarms are provided when it e.g. has stopped or receives external influences that will cause production errors. This can be detected via e.g. temperature, vibration and pressure sensors, which are applied to the existing production equipment. In addition, data can also be retrieved from the PLCs that are already on-site to have a complete database for making decisions.
Handling and transportation of goods
Production companies with products that can be damaged during transport, can integrate intelligent sensors to inform about handling the condition of the products during the transport. By an online temperature and tilt sensor, the manufacturer or customer can obtain documentation of the equipment has not been subjected to any damage, incorrect temperature or the like before the product arrives. The sensor can be easily be removed and reused for the next shipment.
Wireless monitoring of production machines
Companies that manufacture production machines can through wireless sensors monitor the wear and tear of the machine over time. This can e.g. be detected continuously via temperature, vibration and humidity sensors, which are an integral part of the machines. With continuous electronic monitoring, the machine can be serviced before it breaks down. This avoids costly production stops.
Several sensor types developed by Xtel:
Several sensors can be combined in one solution.
- Temperatures in surrounding environment
- Temperature in specific locations up to 1250 degrees
- Pressure – Atmospheric
- Proximity (radio and capacitive)
- Operations time
- CO2 – Indoor climate
- Liquid level