Nowadays every aspect of our lives creates data. Take the smartwatches. They track each step that we take and senses each beat of our heart. Even the smartphone that we have in our pocket will find out our location in an instance. Not only that, it will even track down our hobbies, the frequent places we go for holidaying and what we often end up purchasing.
Here, some of these insights will benefit the customer and some will even benefit the product developer too. So, it is not surprising to know that we are emerging into the era of IoT technology (Internet Of Things). And for the most part, it benefits everyone, where it aids in our day-to-day lives and keeping ourselves connected to things and individuals who are important for us.
Technology And Business
In the same way, using technology in the business world is not that different. Internet of things applications have the ability to record as well as transfer data which monitors significant processes, providing the latest insights, boosting efficiency and allowing firms to make informed decisions. Here the best part is that such advanced tech will inform organizations on what is really occurring rather than the assumption or hope of what happens.
Also, the reams of the data collected are nothing but the grist to the mill for the AI system as well as analysis. Most importantly, they can identify patterns of use or behavior which were hidden previously.
Sectors Benefiting From AI
There are various sectors that can benefit from IoT technology like transportation, manufacturing, banks, retail, logistic, agriculture, oil and gas, defense, utilities, healthcare, etc. In the coming years, there is a high probability that IoT benefits for business will provide the highest amount of business opportunities. Most importantly, market drivers like expanded and low-cost network connectivity, high mobile adoption, large investment, and low-cost sensors are the major catalyst for faster adoption and IoT growth.
Most importantly, data has been one of the keys for businesses, and this has made Big Data one of the major growing phenomenon which can aid the IoT storm. In addition, Big Data will assist in integrating digital capabilities that can secure the growth of business and give capabilities to have a good understanding of the complex data patterns for any business. These are the ones that are supplemented by the IoT, which can allow businesses to convert the data into good insights.
Impact Of Internet Of Things Applications On Business
There are three major impacts IoT will have on businesses –
1) Allowing Businesses To Develop Smarter Products
Already consumers are demanding for products which can sync as well as connect seamlessly from their homes. Not only that, they could monitor medical records, utilize environmental resources better, provide better-personalized safety and wearables.
Netflix, one of the famous companies that provide online video streaming services had no interest in IoT. Recently, they came up with a smart solution for their users, which was called “The Switch”. This is a wireless button that is powered by a microcontroller and infrared transmitter. This will sync with the connected devices like smartphones, television and Philips Hue wireless lightings.
Plus, this can be used for ordering food to power users using the Netflix marathon. Frankly, this shows how much important the adoption of IoT technology has become. Frankly, only time will tell which are the products that will be in the market, however, due to IoT the business will need to make better products, especially if they want to survive in the long term.
2) Making Business Decisions And Operations Smarter
Each device or service is connected to the Internet and these are connected to you. So, working remotely is a good possibility, thereby making the decision process efficient as well as faster. Just take an example of the manufacturing industry. Once the commodities reach the replenishment stage, a device will pass a trigger to the cloud. This will notify you, and you do have the option to re-order automatically without using any human interaction. As these mundane tasks get automated by IoT, the business will get more time to concentrate on their core strategies.
3) Modifications In The Business Model
By investing in the IoT, it will facilitate a huge expansion and create new as well as recurring revenue streams. All this at relatively low operating cost. Besides, that business will improve its operations as well as they will gain data insights for streamlining and getting higher automation. Frankly, this will reflect on the biggest productivity, where there will be more time for venturing into the latest product offerings and even the business diversifications.
Now for any kind of advancement, there are market drivers and even there will be some barriers too. With regard to the IoT benefits for business, it is not different. Also, there are increasing privacy and security concerns with regard to IoT. Besides these issues that are related to first-hand implementations and technical fragmentations, consumers are very much smart to have a good understanding of the advancement in the IoT.
Also, it is important for businesses to have in mind that digitally charged products will provide growth, survival, and other kinds of expansion possibilities with the existence of gigantic strategic values for developer communities. Most importantly, working together is the major need of the hour, that is more than ever, especially for service providers and producers to collaborate.
Here the key lies in experimenting in iterative and short cycles and even focus on the straightforward solutions. This is better than complex ones that would need robust foundations which one might need to fall back on.
So, The Future Of IoT Technology In Business
Irrespective of the future of the IoT, intelligent mechanisms will simply get intertwined into an individual’s life. Currently, there are many device manufacturers having fewer standards, who are working with a great ecosystem. Now the best strategy for the business is to take action, plan ahead and become active in the ecosystem. However, there should be clarity in the future roles they might have and how much benefit they can bring to the life of a consumer. Here, it is necessary to take into account the collaborative approach. Even experimentation and partnerships must be developed to create the path for growth and future of your organization.