Internet of Things

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Introducing IoT (Internet of Things)

As digitalisation is fast becoming a business priority for many organisations around the world, the term "Internet of Things" is beginning to be more pervasive in the context of industry. You may even have heard the phrase "IoT Industry" being thrown around. However, you may have been unable to fully grasp the importance it carries for so many organisations. Until now, that is.

IoT is essentially the use of Internet of Things technologies to enhance manufacturing and industrial processes. IoT Industry incorporates machine learning and big data technologies to harness the sensor data, machine-to-machine communication and automation technologies that have existed in industrial settings for years.

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"It essentially takes the technologies we’ve been using for so many years and makes them smarter."

OK, but what actually is IoT?

IoT brings together machines, advanced analytics and people at work. Effectively implemented, IoT creates a network of a multitude of devices connected by communications technologies (sensors). This results in systems that can monitor, collect, exchange, analyse, and deliver valuable insights like never before. This interconnectivity and interoperability results in insights which, in turn, drive smarter and faster business decisions for industrial organisations.

"The aerospace and transport and logistics industries are among many utilising ground breaking internet of things technologies."

How will IoT help my company?

IoT applications carry endless benefits for companies looking to join the digital age. In its early stages, the IoT market is growing rapidly. In fact, it is expected that by 2025, IoT will reach approximately $933.62 billion. The scope of cloud applications and scalability are two of the factors that will drive the additional growth across all industries.

The markets that benefit most from IoT technologies include retail, facilities management, manufacturing, healthcare, energy and power production, logistics and transportation, oil and gas, and agriculture. These industries mainly benefit from access to an efficient, affordable and easy way to maintain processes.

Other key benefits of IoT include better-connected facility and inventory management. As well as production flow monitoring, enhanced industrial safety and optimisation of logistics and the supply chain.

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Specific Uses

One aspect included in the Internet of Things is the use of sensors in manufacturing equipment. These sensors monitor the productivity and functionality of the equipment. They also enable condition-based maintenance alerts to be sent through to the control centre. IoT sensors monitor machines in real-time and send alerts when the equipment deviates from its prescribed parameters.

Facility Management

See within one easy to read live dashboard, your entire building, what’s working, what isn’t and what is about to go wrong (act before it’s too late)

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Energy Management

We use state-of-the-art products to provide accurate real-time metered consumption data - you can't control what you can't see!

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Production flow monitoring

Know the exact optimum performance of your production lines, see (in real-time) where inefficiencies are, to make real-time changes

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Enhanced safety

Monitor critical equipment (such as insulin fridges and generator back up) to significantly improve your risk register

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Optimisation of logistics

Have a full real-time view of your entire logistics. Speed, location, fuel usage etc - this data is readily available at your fingertips

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Predictive Maintenance

For a fraction of the cost of rip and replace, IoT tech will make your analogue legacy equipment, digital

What are the challenges of IoT?

Like any developing technology, IoT is not without its challenges. Some companies are facing some challenges in their efforts to adopt IoT technology. It can be hard to know where to start when working with developmental technology. Some of the most common challenges associated with IoT technology adoption include security vulnerabilities, the absence of IoT standards and the cost of implementing IoT solutions.

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Security vulnerabilities
Challenge #1

There is always going to be an extent of vulnerability regarding the internet, especially the technology itself. As IoT devices communicate automatically with each other, the absence of a secure and adequately encrypted network could open up several vulnerabilities.

This means that implementing IoT in your company must be accompanied by standalone security elements that enable adoption without a higher risk of hack attacks or data leaks. It’s essential to ensure that you have a robust security plan in place.

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Absence of IoT standards
Challenge #2

Another challenge presented in the adoption of IoT is the multitude of languages, protocols and standards, as well as the lack of agreement on which works best for individual layers of the IoT.

There is no single platform of standardisation that will ensure interoperability, scalability, connectivity and security of devices and networks. Different devices will often use different communication protocols, resulting in a lack of interoperability and an experience that’s far from seamless for customers.

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The cost of implementing IoT solutions
Challenge #3

With the adoption of any new technology, there is always an initial financial investment that needs to be made. Naturally, a large consideration for companies is the Return on Investment (RoI) they will get once implementing IoT into their business operations. RoIs of less than one month are being proven daily with IoT tech.

However, without a robust application that is right for your business, the cost of implementing IoT technology can often seem slightly overwhelming. However, it is important to know exactly which IoT solutions you need in your organisation. Enter MKL.