Internet of things (IoT) is the system which is made up of electronic devices, computing devices, mechanical and digital machines, Objects all are interrelated to each other provided with identification no. And have the ability to transfer data through network without any help of any person. It uses embedded systems such as sensors, processors and software and hardware to collect and send the data.
It also uses Artificial Intelligence and machine learning to collect and release the data to a network for better efficiency and performance.
With the help of IoT which makes people live smart, and to control over the their lives, Smart devices are used in home automation.
Iot benefits for the companies:-
- To monitor business processes
- To save money and time
- To improve customer experience
- To enhance employee productivity
- To make better business decision
Machines and systems used in production are kept at different places than it create the problems in information flow, market responsiveness, decision making, using IoT it becomes easier to collect all the data at the same time by using digital devices.
Government of India launched Merchandise Exports from India Scheme (MEIS) to promote goods exports from the country.
IoT in Equipment failure:-
The traditional methods of manufacturing were lacking the real time notifications in case of machine failure but IoT allow company to use sensor level networks which detect failure quickly.
Maintenance of Machines:-
Maintenance is required for proper functioning of the manufacturing plant. Proper and regular maintenance is required to avoid any kind of accidents or companies deals with the emergencies in better way.
With the help of IoT more proactive model of maintenance can be introduced to the industry. It provide real time monitoring of the devices and machines to enable the firm to schedule the maintenance.
On 13th march 2020 Government approved discontinuation of MEIS Scheme by replacing it with remission of duties and taxes on exported products (rodtep) Scheme.
In Supply chain
Supply chain is important for any industry and IoT has great importance in supply chain. IoT in the manufacturing sector make sure the real time visibility in the goods manufacturing process. For example sensors used in the agricultural industry can determine the temperature, humidity required for crop production which can play great role in efficient production of crops. Knowing everything in advance can save millions of dollars in the big manufacturing company.
Under foreign trade policy of India license issued under EPCG Scheme to allow duty free import of capital goods.