The Internet of Things (IoT) will bring business changing innovations which define how companies manage physical assets and how customers interact with their favorite brands. The pace at which these changes are happening is staggering. A recent study conducted by McKinsey Global Institute identified the potential economic impact of The Internet of Things (loT) – it reported applications could reach $11.1 trillion per year, in 2025.
The widespread use of internet-connected devices, within the B2B sphere, especially, in exhibition theaters, has expanded the level of control companies have over their operations. The adoption of technology in these environments is fueled by a continuous drop in implementation costs, which ultimately justifies the investment to increase profits, reduce waste, and enhance operational efficiency.
Here are five operational efficiencies gained by leveraging the power of IoT:
1. Continuous Asset Monitoring
The Internet of Things (IoT) enables real-time visibility of asset performance so that deficiencies will be diagnosed promptly; therefore, underlying issues are handled immediately, or often prevented. Through the use of IoT solutions, movie theaters can recognize delays, slow-downs or trends which may affect revenue and identify inefficient processes that increase costs. Rather than depending on anecdotal information from several teams spread across different locations, management can obtain a real-time snapshot of what is going on across all exhibition rooms.
2. Easy Access to Historical Data and Performance
Data is stored, safely, in the cloud. This type of data-storage not only reduces implementation costs, by removing the need for purchasing and maintaining hardware but also adds mobility and a layer of unprecedented security. Cloud storage typically stores at least three copies of each piece of data, all in different places. To lose any vital information all three copies must disappear, precisely, at the same moment. Given company employees take-care with their login credentials; only they can access the files. If the need emerges to share data with other third parties, a company can provide read or write access to the information. There’s no need to make a copy of the file; no need to mail them a thumb drive.
3. Precise Demand Planning and Forecasting
Real-time data and the ability to store it over-time enables companies to create better forecasting models and adjust to demand curves appropriately. The Internet of Things (loT) enables companies to connect different spheres of their business into a centralized data hub to continually assess needs and identify operational problems. For Example, Movie Theaters, can take advantage of intelligent-stage lightening cinema bulb tracking to ensure replacements are always available just-in-time when the need to replace it emerges.
The same forecasting ability is utilized to assess how many employees are needed, at any given time, at the concession stand, as theater owners understand how many admissions were sold, for the time-period in question. The customer service experience can significantly benefit from insights made possible by the implementation of IoT intelligence.
4. Better Customer Service
The Internet of Things (IoT) enables companies to redesign the way they interact with other companies, as well as with customers. The supply chain process is rebuilt to maximize efficiency; additionally, IoT helps organizations reduce the amount of time from request to fulfillment. Currently, Movie theaters are able to service their projectors and other critical devices at a much faster pace, as they predict problems before they happen. Service orders can be automatically opened by the machine as soon as a part malfunctions.
On the consumer end, exhibition theaters experience a myriad of possibilities. From in-app purchases that range from admission to popcorn, they are all performed before the customer arrives at the theater. All this information is saved and stored to predict future consumer behavior and trends.
5. Improved Human and Machine Collaboration
Not surprising, the Internet of Things (IoT) is responsible for seamless collaboration between humans and machines. It is carving the path for stream-lined and heightened levels of productivity with improved worker happiness. When devices-talk-to-machines, exhibition rooms run for extended-periods-of-time with fewer breakdowns, which generates and increases revenue. In contrast, when machines-interact-with-humans, efficient processes are optimized, resource utilization rises, and this improves the viewer experience. By knowing how many guests pre-paid for popcorn, and the total number of guests at any specific show time, the concession stands employee can make a reasonable prediction on how much popcorn he/she needs to satisfy the demand. Additionally, by running fully integrated platforms/machines (e.g., machines-talking-to-machines) lends to fully automated processes – which enhance experiences and reduce costs.
The takeaway for movie theaters looking to explore IoT:
The operational efficiencies made possible by the Internet of Things (IoT), immediately, affect the bottom-line for movie theaters. Examining only the predictive maintenance programs made possible by IoT, the benefits identify a more proactive maintenance schedule which allows for upwards of an approximate 25%+/- cost reduction; thus, theater operations dramatically benefit from a preventative maintenance schedule. Without IoT, Exhibition Rooms operate in silos of information; therefore, it requires a larger team to track asynchronous pieces of data.
Indeed, the benefits of the Internet of Things (IoT) go far beyond a new system of maintenance; additionally, it is used to track consumer behavior to improve and further the movie-going experience. This vast amount of data, benchmark possibilities, as well as empower decision-makers to act quickly and make more informed profit-conscious decisions.