IoT, or the internet of things, refers to the network of physical objects that communicate with one another wirelessly. This usually happens through the internet, but can be done over Bluetooth as well. The purpose of these objects is to transmit data and be controlled remotely. IoT devices have sensors and software installed to facilitate the flow of data and remote control. With potential for wide application, from usage at homes to industrial settings, IoT improves efficiency and quality of life.
IoT comes with a broad range of products; one common example would be smart homes. Through one’s smartphone, it can easily be known whether the AC or lights are turned on or off, and can be adjusted remotely. Another example would be in industrial environments such as smart farming. IoT devices on farms can inform management of a wide variety of metrics including weather, soil composition, and activity of livestock.
By automating numerous forms of data collection, IoT has proven to be useful in saving time and costs not having to manually record data as well as improving decision-making to minimize business interruptions. One field where adopting this technology has seen success is in construction. According to one study by the McKinsey Global Institute, companies that adopt IoT for worksites could save over $160 billion per year globally and that number is expected to rise to $930 billion per year by 2025.
An issue with data collected from sensors is how to manage large quantities of it effectively. The same aforementioned McKinsey study also gives an example of how oil rigs have about 30,000 sensors, but only 1% of the data is used, usually for anomaly detection rather than prediction or optimization which have great value and potential. Sitearound provides one such platform. Its cloud-based construction management and IoT-supported software allows for external devices to seamlessly transmit data to it from anywhere in the world. The most relevant data is then automatically displayed on a neat interface allowing users to easily stay informed and make decisions accordingly.
While also being able to connect with various external sensors to receive data for better management, Sitearound is also closely compatible with its partner platform Sentenance. Sentenance provides more than 200 types of sensors to businesses from power metering for manufacturing to water leak monitoring for department stores and hotels, and many more. This makes Sitearound the only platform provider to offer both software and hardware solutions in the fields of construction management and facility management.
IoT’s presence is expanding and its economic value in improving business processes for more efficiency and better cost-saving is understated. Businesses that adopt IoT have the advantage of making business decisions backed by data. Being able to view data on a neat interface also allows teams to respond quickly to changes to prevent delay and stick to budgets. IoT, and technology more broadly, are constantly transforming every industry. Solution providers like Sitearound and Sentenance can help in this regard as well as many others.