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How IoT can be a game changer for a modern engineering business

  • Highlights

  • Enhanced data generation with more devices

  • Ubiquitous applications of IoT

  • Predicts machinery breakdown

  • Refines business operations

McKinsey analysed 150 specific applications and came to the conclusion that the potential impact of IoT in 2025 was likely to be between USD 4 trillion and USD 11 trillion. The maximum impact was found in the engineering industry, especially in operative efficiency and predictive maintenance.

How can IoT make a difference to engineering businesses?

Internet of Things (IoT) is ubiquitous today. Every day a new application of this technology is found, and the possibilities for it are endless. With more devices connected to the internet, and with increasing internet usage, immense data is generated. This data can be used to improve products, services, and ultimately, customer experience.

What makes IoT invaluable to businesses is its incredible potential to learn and make decisions without human involvement.

1. Predicts machinery breakdown and product failure

IoT-enabled devices are connected to each other, and this increases their potential to capture Telemetry (long distance) data. IoT also helps identify when a product will fail or if it requires new parts. It can also predict any equipment or machinery breakdownand hence your engineering business can take preemptive measure for the same. It also automatically replaces any part or equipment, thus ensuring a smooth production process for your firm.

2. Refines business operations

Additionally, when IoT is used in conjunction with big data analysis, it can also help refine business operations. Engineering companies and other such service companies, in particular, can send their technicians to identify and monitor issues in their customer locations. This is especially useful for smaller companies as it bridges the demand supply gap, by integrating inventory management and customer relationship management.

3. Improves manufacturing processes

Another application of IoT is in designing and manufacturing. It can help improve the manufacturing processes, and allows engineers to follow their designs throughout its life cycle. This lets them know how their designs have worked in reality, and find methods to improve them.

4. Personalises solutions for clients

IoT also has the potential to predict consumer behaviour and needs. This can help engineering businesses come up with solutions for their clients in advance. For example, sensors can be installed on systems to provide real-time data on the functioning of the machines to help with this. Moreover, personalized one-to-one marketing would also be possible, using interactive displays that provide answers about consumer needs on a real-time basis.

Challenges of implementing IoT

One of the challenges of implementing this technology, is that it can be quite expensive. Moreover, proper implementation of the same requires new technology and a team of analysts. Professional Engineer Loans from Bajaj Finserv are a good way to pay for this,. These loans offer high loan amounts, quick disbursals and an easy loan application process. With special pre-approved offers you can get money in bank in 24 hours as your loan is already approved by us. To discover your offer, click here.

Another challenge is with regard to security and privacy. Since so much personal data is being collected and saved on a cloud platform, it increases the risk of cyber criminals and hackers accessing it. However, this can be solved by implementing the right cyber-security solutions. Click here to know what these solutions are.

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