In the future, IoT services can detect and solve problems before they occur in homes, hospitals, offices, factories, sites and at sea. Industries ranging from utilities to healthcare, manufacturing to mining and more are investing in IoT at scale.
#Connected automation capabilities can help enterprises unlock the potential of their IoT projects while reducing costs. Every forward-thinking business is now looking to harness the vast potential of IoT. This technology promises to transform every industry with billions of “smart” IoT devices, from smart watches to engine sensors, or monitoring entire factories, allowing all devices to connect, collect and share data.
In the future, IoT services can detect and solve problems before they occur in homes, hospitals, offices, factories, in the field and at sea. Industries ranging from utilities to healthcare, manufacturing to mining and more are investing in IoT at scale. It is predicted that by 2029, the global IoT market value will reach US$2.6 trillion.
Enterprises are investing significant efforts in integrating their IoT device data with people, process and enterprise data. But there is a big problem. Investment and efforts in the Internet of Things have not yet brought the expected benefits. The promise of the Internet of Things has not been realized, with more than 70% of projects failing.
The overarching problem with IoT is that real-time, data-rich insights often cannot be easily integrated with legacy systems and outdated ways of working. Bringing human experience and AI insights into IoT-enabled processes at the required speed is also difficult across the enterprise.
Deploying IoT sensors gives operations experts access to large amounts of important data that can help prevent problems. But often, the data is not simply understood, the context of the data is not obvious, and it is not clear what “next best interaction” might solve the problem. Therefore, it is very difficult to make decisions quickly and turn those decisions into positive actions.
For example, it is not enough to obtain large amounts of sensor data that may indicate an impending failure of a production line machine. How about a simple summary of the data, revealing whether spare parts and technicians are immediately available, and what options are available to prevent costly disruptions in production?
Stopping production line shutdowns is just one example of the value of IoT, but there are hundreds more. IoT services in distribution can quickly detect supply chain disruptions, or IoT devices in healthcare can detect serious health issues. But failure to respond quickly enough to this insight means time, money and opportunities for intervention are missed, so adverse outcomes persist.
Traditional approaches to innovating in these complex environments, which often involve replacing core systems or creating new bespoke digital services from scratch, are hampered by complexity, cost, time and required staff investment. Addressing these constraints and delivering IoT, real-time, pre-emptive and preventive services across all industries is a huge opportunity. McKinsey suggests that solving interoperability challenges will triple the returns from IoT. Solving this problem is critical to unlocking the potential of IoT.
The good news is that connected automation now offers a low-cost, smarter capability that can solve these challenges. Connected Automation is an industry-first, code-less, highly secure software-as-a-service layer that IoT devices can easily connect to.
It intelligently orchestrates multi-vendor software bots, API mini-bots, artificial intelligence and employees, all working together in real-time as an augmented digital workforce. This is a highly efficient digital workforce that delivers high-speed, data-rich, end-to-end processes that enable IoT devices to instantly interact and work securely with physical and digital systems of all ages, sizes and complexity.
So, investing in IoT for the first time can realize its true potential without making huge investments in changing existing systems.
Connected automation can also easily bring the human experience into the end-to-end process initiated by the Internet of Things through intelligent automated problem handling. So when human judgment is required, handoffs occur through complex, intuitive digital user interfaces created by robots, all in real time.
During the IoT launch process, there is an immediate need for enhanced insights, AI or other intelligent tools for real-time upgrades in predictive analysis and problem-solving capabilities. Once a decision is made by a human or AI, action can be taken immediately without having to make major changes to existing systems or processes.
Crucially, the security vulnerabilities faced by the Internet of Things can also be solved in a "better than bank security" way. All end-to-end process data is triple-encrypted, accurate to each user and device, with tamper-proof blockchain and GDPR/PSD2 compliance.
Connected automation requires no coding or integration work and enhances the way IoT works in traditional and digital systems, regardless of their complexity. It can be natively integrated into all IoT services, including device software, analytics and existing core systems such as CRM, BPM, ERP and more. By expanding and extending the scope of all existing technology investments, ROI can be achieved within months and at only 10% of the cost of traditional digitalization and automation approaches.
Connected automation enables enterprises to finally deliver real-time, pre-emptive and preventive services that quickly and securely reduce risk, lower costs and increase productivity. Asset management, field service dispatch, predictive maintenance, remote monitoring, service portal, work orders and other use cases can now be executed. Here are three IoT transformation service scenarios:
For healthcare monitoring, IoT devices can drive early intervention, prompting a range of outcomes from a friendly call to an immediate ambulance.
Utility companies provide preventive maintenance for customers’ heating and appliances, and IoT devices immediately relay information about impending problems. Real-time integration with inventory systems enables parts ordering, field service systems for fixed scheduling, CRM systems for customer updates, and more.
For plant equipment monitoring, condition-based predictive maintenance means less maintenance and fewer plant shutdowns. Connected automation is already delivering significant benefits to the digitized processes of large telecommunications and utility companies, including more than 30% cost savings, 65% faster processing times, and significant improvements in employee and customer satisfaction.
Clearly, the potential for connected automation to better enable smarter IoT services across the private and public sectors is huge. However, the hype surrounding this technology will be inevitable. Avoid this minefield by requiring suppliers to demonstrate proof of value and achieve ROI in weeks rather than years. Truly connected automation technology providers will be willing to take action and demonstrate proven, real-world use cases that highlight the significant benefits achieved at lower cost and scale.
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