International. A report prepared by IoT Solutions World Congress, the most relevant event related to the Internet of Things for the industrial sector organized annually by Fira de Barcelona, shows that, in the increasingly accelerated process of expansion of systems and methodologies related to the Internet of Things in different industrial sectors, disruptive business models emerge that arise and multiply at the same speed.
However, experts warn that the implementation of an IoT network according to business models established in other sectors or companies will not be enough to extract value from the opportunities provided by cloud-based processes. "Taking advantage of IoT means that companies have to redefine their approaches to creating value and capturing it," the report says.
Similar to the process that follows the creation of value, the connection of an IoT system that takes advantage of the potential of the cloud and establishes an appropriate policy will monetize the value applied to the customer, says the IoT SWC study, in a process that will allow organizations to transfer new capabilities in the creation of new products more quickly, while establishing key control points in the value chain when it comes to reducing costs, registering patents and gaining brand strength.
10 industry sectors that already take advantage of IoT
The adoption of Internet of Things networks is resulting in large companies transforming the way they do business. A closer look at the industries currently leading growth through IoT and how different sectors of the economy have the potential to benefit from the innovations provided by sensor technology and data analytics, it is observed that virtually everyone can take advantage of the Internet of Things. which means that they will have to apply a large deployment of sensors connected to objects such as industrial machinery, office buildings and warehouse shelves.
From a global perspective, analysts agree that the manufacturing industry will invest around $140 billion in IoT solutions within the next 5 years. Of all the industrial sectors, manufacturing will be the first to implement IoT deployments in a massive way, where the most significant part of the investments will be taken by the sensor systems installed in the manufacturing plants.
Currently, 18% of the production chain industry has IoT deployments and, of these, at least a fifth use IoT to increase production and reduce costs. Through M2M communication, manufacturing companies will be able to make proactive decisions to improve the supply line, through preventive maintenance operations. In addition, M2M technologies will help reduce faulty production and downtime in the manufacturing chain.
17% of companies in the automotive sector currently use IoT platforms in the production chain of their vehicles. Volkswagen, for example, has implemented a system that keeps track of all the parts involved in the supply chain to know the exact location of each part at all times. It is expected that other industrial sectors such as transport and storage, being logistics companies, will make large investments in the automation of their warehouses and shipping systems to reach 112,000 million dollars in 2019. ICT is another of the industrial sectors that already takes advantage of IoT; a segment that expands its investments to accommodate new services to the increase in data volume and information analysis needs generated by IoT.
IoT will be especially disruptive in ecommerce, retail, and consumer goods
The Internet of Things ecosystem offers retailers opportunities in three critical areas: customer experience, supply chain and in building new sales channels. While IoT continues to linger in the minds of many as a phenomenon closer to science fiction, the rapid advances made in this sector exceed the levels of understanding of most. IoT offers retailers real opportunities to develop a vast ecosystem that connects the physical world with the virtual one, allowing bidirectionality, and interaction with consumers both in the establishment and outside it, being the smartphone the element that acts as a hub for interactions. Beacon locator technology is being used by retailers to interact directly with consumers at the time they enter the establishment.
On the other hand, the ecommerce sector has grown to such an extent that it already occupies almost 8% of the retail market. However, despite this great growth, there is still room for aggressive expansions, while IoT has the capacity to promote ecommerce companies to a higher level.
As in other sectors, IoT networks have the potential to transform industries related to the manufacture of consumer goods, in a process that has already begun to modify consumer behaviors when approaching establishments, and has also transformed the sales procedures of companies that manufacture mass consumption products. A growing number of manufacturers of footwear, textiles, food and beverage or technology, just to mention a few examples, employ IoT in their manufacturing processes and supply chain while looking for new ways that make them more competitive, while channeling their efforts into building more personalized user experiences.
IoT in the energy sector through utilities
It is clear that the energy sector needs to modernise its current supply infrastructure, but the truth is that it is impossible to carry out a reconstruction based on the same basis as the system; the solution is to rely on smart technologies to optimize infrastructures in order to improve the quality and security of energy supply at lower costs for consumers.
Together with technological innovation, and the entry of new energy sources and distributed generation on new smart grids, the development of renewable energies and the progressive integration of new modes of transport are transforming the sector, although it is true that, currently, the energy segment is subject to important changes both for reasons of regulatory environment and for the situation of liberalization and increasing competition.
Devices connected to IoT networks have higher levels of security and provide tools that provide unprecedented levels of control in supply operations through digital technologies; technologies that meet the most fundamental need of energy companies. Once it has reached the basic level in quality and security of supply, IoT can help energy companies address second and third level requirements.
The digital transformation of business through value services aimed at
onsumers will be present at IoT SWC 2016
On 25, 26 and 27 October 2016, Barcelona will host the second edition of the most important congress in the world dedicated to technologies and processes related to the Internet of Things for industrial application: IoT Solutions World Congress (IoT SWC) organized by Fira de Barcelona.
To know first-hand the impact of the latest advances in IoT oriented to the transport industry, energy distribution, healthcare, logistics applied to industrial processes, the business universe, the transformation of factories thanks to AI, the security of sensors and networks, or the latest advances in big data and data analytics, among other topics, this year's event will be attended by 120 global leaders from the main ICT companies, and the protagonists that set trends, also addressing cutting-edge technological solutions that are giving rise to the opening of a new era of economic growth and business competitiveness.
