IoT Predictions are the Power. Data Scientists Explain Their Value for Business Development
In this Article:
2.1. Business as a Whole
2.2. Utility Management
2.3. Supply Chain
2.5. Smart Facilities
The business environment is too dynamic and unpredictable. Companies should find patterns to eliminate vulnerabilities and become black, moving beyond the competition.
Together with Olha Muliava, Data Scientist at international energy company DTEK, and Halyna Muliava, Data Scientist at Ukrainian “unicorn” Reface, we discussed the role of IoT predictions for all businesses, including utility management, supply chain, mining, and real estate.
Scroll down to discover how predictions can make your business skyrocket.
Top 5 Reasons Companies Should Pay Attention to IoT Predictions
Business model enhancing - Business as a Whole
Halyna Muliava: Imagine how IoT is popular among end-users because of its convenience. Companies catch the ability to design IoT-based software and launch it as SaaS. Enterprises try to benefit from the collected data by selling it to global retail, telecom, and other partners. This way, businesses support each other. One entity provides data & predictions. The other one - applies them to ensure client-oriented offers and boost customer experience. Both companies grow and expand their B2B and B2C audience.
Acceleration of decision-making process - Utility Management
Olha Muliava: IoT predictions are a powerful tool for monitoring and management. For example, employees should receive up-to-date data on current processes and equipment conditions to ensure proper utility management. They need to consider all changes, risks of failure, and potential damages caused by them. Otherwise, it might cost lives, reputation, and resources.
It’s hard to answer how to receive such detailed statistics without accurate data models and the Internet of Things.
IoT forecasts help managers avoid a superficial audit of equipment, eliminate the risk of human error and define what to expect from the systems in the future. This way, employees can make decisions faster. It could be a timely response to equipment deviation, saving lives, and protecting property.
Prevention of downtime and disasters - Supply Chain
Halyna Muliava: Let’s discover how the Internet of Things predictions help supply chain operation. Vendors develop intelligent IoT systems that collect and analyze data from thousands of sensors. They define what storage conditions, conditions of roads and cars are satisfied. Based on statistics provided by data models, the software can predict when and how each IoT ecosystem element will break down. Because of this information, management can save employees from accidents and a company - from damages. IoT predictions here are a strong guarantee of downtime absence and quality shipping.
Ensuring employee safety - Mining
Olha Muliava: Yes. Let’s go back to employee safety. It’s comparatively easy to ensure it in manufacturing or retail. Meanwhile, the mining industry still looks for tools helping to protect the miners’ health and safety underground.
IoT systems can collect real-time data on atmospheric pressure, temperature, gas concentration, and employee health conditions, of course. The software allows companies to predict explosions, landslides, and potential deaths by warning miners of imminent danger.
Reducing energy & water consumption - Smart Facilities
Halyna Muliava: IoT predictions here are crucial. They support enterprises from different sides. First, forecasts allow discovering how many natural resources are needed in each period of the day or year to create convenient conditions for residents. Because of this monitoring, companies can control and frequently cut energy and water consumption where they are wasted.
What does it mean for construction and real estate companies?
First, a “green enterprise” status and satisfying non-financial report. It’s crucial for international business players and fast-growing companies.
Low tax burden. Some governments awarded enterprises for environmental awareness by reducing tax interest and providing incentives. These opportunities can cut expenses.
And last but not least is a timely awareness of natural disasters. It helps evacuate people and prepare a property for earthquakes, tsunamis, etc.
The Bottom Line
As seen, IoT predictions are the power. But the availability of such an approach is a consequence of the appropriate digital transformation and application of reliable tools.
Drop us a line to discover how you can create well-integrated IoT software with XME.fast code platform and use IoT predictions for your business flavour.