IoT Is Not Just a Buzzword, It's a Solution to Businesses' Problems
Tue, April 20, 2021

IoT Is Not Just a Buzzword, It's a Solution to Businesses' Problems

Businesses should treat IoT as a solution to existing problems / Photo Credit: PowerUp (via Shutterstock)

 

Daniel Elizalde of IoT Business news, a platform dedicated to tackling IoT from a business perspective, says that IoT was deemed as a transformative tool that could usher new changes to how businesses operate, as well as how people’s lives would change. Unfortunately, these expectations were unfulfilled. In the manufacturing industry, what holds it back from adopting IoT is rooted in IoT-related projects failing in the proof-of-concept (POC) stage or “pilot-itis.” 

Businesses are tapping into AI, blockchain, and 5G to bridge the gaps in industrial IoT. It’s naive to think that these technologies will address all issues associated with “pilot-itis.” The thing is, the problem is not just technical, but also cultural. If businesses want to take IoT to the next level, they must stop treating it as a buzzword. Instead, it should be perceived as a “potential solution to a business’s problem.” 

Businesses need to veer away from treating IoT as the panacea to every problem. They should focus on how they can employ IoT to provide solutions “in a faster, cheaper and more efficient way.” To harness IoT’s potential, businesses must treat it as a tool and evaluate it like any other investment. Identifying pain points, finding out how an IoT solution could address a problem, modeling the scaling, deciding if the investment in the project is worth the payoff of the solution. 

For example, Grundfos, a Denmark-based water pump manufacturer, noted that their customers’ water pumps stopped working or malfunctioned. Customers would lose time and profit while waiting for their pumps to be repaired. Grundfos then installed IoT sensors to gather data and anticipate when the pumps would need maintenance. This way, customers could continue to use the pumps without losing time and profits.  

Overall, “IoT networks have the security, reliability, low latency and data capacity to solve critical needs,” as it is powered by 5G, Elizalde concluded. If businesses will focus on technology’s power to overcome challenges, it’s possible to get rid of “pilot-itis” for good.