How innovative, high-speed connectivity will help businesses raise their game
- Companies with faster, more reliable internet access can boost efficiency and productivity through data analysis and greater automation
- Advanced connectivity in the fields of mobility, health care, manufacturing and retail predicted to boost global GDP up to US$2 trillion by 2030
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Advances in internet connectivity are not only changing ordinary people’s lives, but also how business is done. The Internet of Things (IoT) – the way computing devices embedded in everyday objects are interconnected via the internet, which enables them to share data – for one, has improved efficiency exponentially.
With everything connected, information can become more readily available, and many problems can be anticipated and resolved before they happen.
The Finnish engineering and service company, Kone, for example, uses IoT and sophisticated analytics technology to manage and monitor its 1.1 million lifts worldwide. Its computer system can flag up potential issues and ensure timely action is taken to solve them. It also ensures technicians are already equipped with useful diagnostic information when they arrive to carry out repairs, so they can fix problems more quickly.
Smart warehousing is another industry that is benefiting from sophisticated levels of IoT connectivity. By 2025, four million commercial robots will be working in 50,000 warehouses worldwide – a 12-fold increase compared with only 4,000 robot warehouses in use globally in 2018, research by Swedish information and communication technology provider Ericsson has found.
The study also showed that improved connectivity and automation of warehouse operations, including the use of autonomous forklifts and robots, and the analysis of data, could help improve efficiency and boost productivity through continuous tracking, route optimisation and enhanced communications.