The impact of IoT and Edge Computing Technology

Instead of sending data directly to the cloud and waiting for processing and storage, Edge Computing processes data locally.

Large businesses and industry sectors are increasingly taking advantage of Edge Computing, alongside advancing IoT solutions, and the wider availability of 5G, to maximize their opportunities for quicker, safer, and more reliable digital information in real time.

Edge computing technology enables companies to make the most of their data, resulting in improved and more personalized consumer interactions, as well as favorable outcomes and financial benefit.

It’s no surprise that the global Edge Computing market is rapidly growing, with an expected financial increase of over 1000 percent in the next decade, thanks to technical advancements, the reduction of data travel time, all while increasing the safety and protection of the information recieved.

So, what are the top current use cases for Edge Computing?

 

Retail

Edge computing is enhancing retail by delivering a growing range of benefits for both retailers and customers.

According to recent studies, the retail and wholesale industries was projected to have 440 million IoT endpoints by the end of 2020. These IoT endpoints provide useful information about consumer behavior both online and in-store, such as which items consumers are purchasing or expressing interest in.

However, retailers will only benefit from digital data generated by IoT solutions if the data is processed fast enough for them to capitalize on it at the point of demand. This is where edge computing enters the image and is reaping benefits for the retail sector.

 

Supply Chain Ready for Growth

To optimize their supply and demand chains, businesses need real-time data and analytics. Edge computing combined with IoT data will provide substantial optimization, paving the way for faster and more responsive systems.

Real-time data can minimize supply chain friction, resulting in increased customer satisfaction, higher margins, and lower operating costs.

When a product’s supply is limited, companies need urgent information about the existing supply chain in order to satisfy demand. The sooner this visibility is achieved, the less likely the supply chain will be disrupted. Having this form of data readily available in today’s world, where immediacy is all, can mean the difference between gaining and losing market share.

 

Healthcare Operations

Wearables and other patient connected IoT devices have increased the amount of data produced in healthcare and life sciences by nearly 900 percent in the last two years. The growth of remote healthcare has proven to be extremely beneficial to many people, especially those who live in rural areas or who need to be monitored.

Edge computing has been shown to only further improve the real-time monitoring of patients using technologies and devices that can alert medical professionals to the unique needs of each particular case safely and efficiently.

The ability to track patients in real time isn’t the only benefit to the healthcare industry. The use of Edge Computing and IoT in healthcare logistics is also proving beneficial.

The term “healthcare logistics” refers to procedures such as temperature control, storage problems, and needed alerts for medical supplies.

For example, vaccines require effective management, tracking of delivery dates, temperature shifts, open hour records, and quantities left in opened vials in real-time to ensure the safety and optimisation of medical supplies. Inadequate controls results in wastage, impactful financial loss, and a lack of supply when required.

Effectively alerting healthcare partners when they are in danger of wastage has the potential of preventing financial difficulty within healthcare systems and optimises the supply for people who need them the most. A solution that has never been more prevalent as now, especially in a time of pandemic.

 

Manufacturing Industries

Industrial manufacturing is another industry where Edge Computing is expected to play a significant role. With hundreds of pieces of heavy machinery with many moving parts, being able to see what’s going on in real time is crucial.

Companies may increase employee efficiency and minimize time spent attempting to find a problem or reallocate resources by implementing predictive maintenance that eliminates downtime and recognizing how computers are used. As adoption expands across the world, this will revolutionize manufacturing.

The Edge isn’t a novel concept. As it expands and evolves, along with technologies like 5G and AI/ML developments, we’ll see a multitude of new ways in which Edge Computing allows companies in every industry, in every corner of the globe, to better serve their customers.

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