03 May IoT(Internet of Things) for Sustainable Business Growth
The Impact of IoT Technology in Building a Sustainable Business
IoT(Internet of Things) gained popularity in the corporate sector over the last decade with businesses of all kinds attaching it to improve their operations, increase productivity, and improve the customer experience. But IoT isn’t just about increasing profits!
The Internet of Things has changed the way we live and we work. It is now impacting our environment too. We even are able to reduce our energy consumption now by connecting devices and collecting data through IoT technology. And one of the most promising areas for IoT in sustainability is in the field of energy. Smart meters like energy meters made by PEL help us to track our energy usage and identify areas where we can save more. With so much price hike in the electricity bills, this helps us save our money. IoT-enabled thermostats can also help us to save energy as they can automatically adjust the temperature of our homes in our absence.
Even the transportation sector has catch up to IoT technology. IoT is being used to develop more efficient and environmentally friendly vehicles now. Farmers are also using IoT to improve agricultural practices. These are just a few examples of how IoT is being used to make our world in the last decade. Let’s have a look on some of the applications in this blog.
Energy management is one of the main ways that IoT may assist companies in becoming more sustainable. Businesses may measure their energy usage in real-time, find areas of waste, and improve their energy use by employing IoT-enabled sensors and devices.
IoT has completely changed how organizations handle energy, making it more sustainable and efficient. Companies may monitor and manage their energy use in real-time with the aid of IoT-enabled equipment. Businesses may find trends and inefficiencies through real-time data analysis, which can then be adjusted to save money and energy.
Based on occupancy and consumption trends, smart energy management systems may regulate lighting, heating, and cooling automatically. Smart thermostats, for instance, may change the temperature based on the time of day and the number of occupants. IoT-enabled sensors may also recognize when a space is empty, causing the system to cut off unneeded lights and modify the temperature appropriately.
According to a report published by the International Energy Agency, IoT-based energy management systems save up to 15% of energy. It helps in economic savings. And this decrease in energy use benefits the environment by lowering carbon emissions resulting in more sustainable environment.
Supply Chain Optimization
Using IoT to optimize the supply chain can also help firms become more sustainable. Firms can streamline their operations to cut down on waste. They can also track their products and inventories in real-time through live tracking IoT technology.
IoT sensors help track the position, temperature, and humidity of goods as they are being transported. This can save waste and prevent spoiling.
IoT-enabled supply chain management can save logistics costs by up to 30%, according to a paper by DHL and Cisco. Businesses may save a lot of money this way and lessen their environmental effect by cutting back on transportation-related carbon emissions.
IoT technology may also be utilized in a number of businesses to cut waste. Businesses can monitor their trash creation in real-time, pinpoint waste regions, and improve their waste management operations by employing IoT-enabled sensors and devices.
IoT sensors may be used, for instance, to track the amount of trash in trash cans and notify waste management workers when they need to be emptied. This can assist cut down on garbage pickups that aren’t essential, saving both time and money.
The Ellen MacArthur Foundation reported that IoT-enabled trash management can cut waste by up to 50%. By minimizing the quantity of garbage transported to landfills, this may help businesses save a lot of money while also having a smaller negative impact on the environment.
In our opinion, IoT has the power to alter how business runs. It also improves the sustainability of a business.
Businesses are essential to building a more sustainable future as long as environmental issues persist in the world. Businesses may employ IoT technology to improve their environmental responsibility while also increasing their competitiveness in a market that is undergoing fast change.
IoT technology integration may significantly increase resource efficiency, cost savings, and sustainability in corporate operations. Businesses can monitor and optimize their energy use, save waste, and lower their carbon impact by utilizing IoT sensors and devices.
Using IoT-enabled water management systems, Coca-Cola cut its water use by 27%, and Walmart saved $200 million by implementing energy-efficient measures using IoT sensors.
According to a McKinsey analysis, the use of IoT technology in commercial processes can reduce world GHG emissions by 1% by 2030. The survey also predicts that over the following ten years, IoT technology would enable enterprises to save operational expenses by up to $1.6 trillion.
In conclusion, integrating IoT technology into corporate operations not only helps the environment but may also significantly improve financial results. Businesses may reduce their carbon footprint and improve their sustainability, efficiency, and cost-effectiveness by utilizing IoT technologies.