Before seven to eight years, it might have seemed to be odd to stand in the room and call “Alexa” to order something online. But today, things have changed a lot. Many individuals are taking stride over the virtual assistance that AI ought to provide.
Internet of Things (IoT) has a strand behind these miserable changes. Answering the front door sitting back miles away has become easy. Feeding the dog has become easier with quicker taps on your smartphone. Just imagine how fast we are adapting the technological growth.
IoT has developed a reputation in the technological realm. It redefines the experience of ordinary consumers by simply sitting in one place. In the overall IoT iceberg, smart home devices’ contribution makes a small tip.
Explaining the recent iceberg – IoT
Over the past few years, IoT is the thing that has a great impact on understanding the potential of the individuals. IoT has not only impacted how we live but also on how we work. Both personal and professional life has got the hype with the intervention of IoT.
How does IoT benefit individuals in their daily routine? How will it impact on the individuals? There are a plethora of questions stacked up in the minds of the present generation. First, we have to understand a few things about IoT that matters a lot.
After the internet evolution, the outside world and individuals have become more connective than older. Thanks to the inexpensive and available internet! Factors including wi-fi features, technological affordability, smartphones have become sky-rocket to take IoT into the next level.
Going into detail,
IoT is used to connect physical hardware with an ON and OFF switch to the internet. In short, it is a pool of internet-connected devices that have been assigned as per their IP addresses. They ought to collect and transfer the data over a network. All these come under manual assistance. For example, an individual can ON and OFF the electrical appliances like AC through the IoT phenomenon.
IoT has made even impossible things to the reality that an individual can think about. According to Gartner’s analysis, around 8.4 billion IoT devices are in use in the year 2017 which is 31% greater than the year 2016. It is expected to reach 20.4 billion in the year 2020.
Another major question is, how IoT impacts you?
Smart technologies and the current generation have become conjoined due to its rich and varied benefits. Due to the adequate opportunities provided, the individuals can handle their personal and professional data flow to the cloud.
The current generation has been enjoying a sophisticated life due to IoT. how it would be when your alarm clock wakes you up at 7 am and notifies the coffee maker to start brewing the coffee for you? Splendid, right? This is what all the present individuals have been enjoying through technological changes. Life has become more comfortable and easier!! Hence, IoT helps in improving the efficiency applied to various things and reducing waste.
Since now, we have a great time in dealing with the impact on individuals. So, what’s now? How IoT show its benefits to the business? Interested in continuing further? Let us discuss IoT impact on businesses.
Has IoT become an efficiency booster for today’s corporates?
Of course, a huge YES!! The implication of IoT in the business sector is huge and noteworthy too. Understanding what IoT does for a business is more or less equal to understanding the whole IoT realm.
The main benefit of IoT lies in boosting up the day-to-day work efficiency. In order to empower the machines and optimize the behavior, IoT uses the data collected from the social networks, internal and external networks, and other media.
Well-integrated IoT technologies have been offering a company with quite useful leadership feedback. It helps in improving the company’s product functionality and user experience. In order to expand the benefits of IoT in businesses, many pieces of research have taken place.
According to the McKinsey study, by 2025 IoT will stand up in saving the global businesses up to $11 trillion in an annual year. In addition, the Forbes survey found that 45% of executives say that IoT has become a priority in many manufacturing ventures. The surveys prove to be an example as IoT has been moving further beyond its surface capabilities.
Many corporates have understood the impact and benefits of IoT. moreover, they have started implementing IoT in their progress of the action.
How IoT excites the current corporate world?
Are you the one who is waiting to know the answer? Without wasting time, let us jump into it.
Capgemini conducted a recent survey with senior executives present all over the world in 300 countries. As per the survey, there are many key takeaways. A few of the takeaways have been listed below.
Harley Davidson, an iconic motorcycle brand, has reduced its build to order cycle factor to 36. And, raised the overall profitability between 3% to 4%. All these take place due to the production shifting over to the IoT domain.
Rolls – Royce has been implemented IoT to increase the fuel efficiency in the jet engines. It also optimizes the flight paths and improves maintenance.
Futuristic concepts of IoT
To add the excitement of the entrepreneurs, IoT sprays them the beneficial futuristic concepts. Here on, there are the enlisted reasons why IoT is considered as the next big thing.
Everything comes under measure!!
With the help of IoT, physical devices including household appliances, construction equipment, vehicles, and other motors are transmitting the data to the cloud. Cloud-based apps and the tools will be useful to analyze the data. At times, the data can be translated and extracted for useful information.
The reason behind extracting the data is to fuel up better decisions and help the company to drive for better outcomes.
When IoT has pacing its path in the corporate world, the Big Data, on the contrary, has been making waves in the industry. It will be an impact on nearly every object used in the day to day transmission. Using the data, the individuals can smartly analyze the data in real-time.
A door to real-time metrics!!
As we all are aware of the fact that IoT helps in analyzing and using the data for better decisions. At the same time, the analyzed data can also be used for real-time too. It means that the collected data can instantly make improvements. Through the metrics, it helps the corporate to predict problems beforehand and take actions. Constant monitoring helps in detecting major issues and mitigating them.
Sharing actionable data
IoT cloud stores the data that are ought to be shared among the co-workers, stakeholders, and the other parties. For example, wearable technology like watches helps in collecting health data and sharing it with doctors whenever necessary. When technology has been implied in other industries, the impact on the individuals will be huge.
When more people are in the loop, the ability to connect and share the data will become more possible. It also increases the possibility to bring diverse departments including accounting and HR to agree upon the decisions.
IoT enables communication gateway
When machines are highly interconnected, the interconnection between the individuals also tends to increase. Data collected from an individual can never be siloed in a particular industry. Instead, it can be used for diverse businesses and industries, and thereby fueling innovation.
Smart cars remain an example of interconnected IoT and the machine realm. Smart cars help in developing and improving smart cities. The possibilities are high when machines, people, and industries are interconnected. In the entrepreneurs’ point of view, IoT provides new opportunities for collaboration, partnerships, and outside insights to make business better.
IoT’s route map toward different industries
There is no single way to describe the benefits of IoT. IoT deviates from various angles thereby giving its potential in increasing the efficiency of the business realm. There are a plethora of companies that have been engaged in the IoT realm and are getting their benefits. Few industries that have a great impact due to IoT has been discussed here.
What survey says,
Recently, Forbes in coordination with Intel conducted a survey of 700 executives who have implemented IoT in their enterprise.
According to the survey, in IoT thinking, healthcare, financial services, and manufacturing remain the leaders. In comparison with the past three years, 47% and 42% of the executives are reporting growth in the fields of manufacturing and financial services respectively.
Apart from that, the survey also portraits the changes or the impact of IoT in different sectors. Let us see the sector growth due to the intervention of IoT in detail.
The mobile revolution is the main reason why individuals have turned their heads upon the IoT. in the survey, almost half of the communication company has IoT embedded in their process. In the communication realm, the most prominent IoT sources include audio devices, followed up by mobile phones. Across several enterprises, around 38% have implemented visual analytics across various parts.
IoT in the communication field can enhance customer experience in many ways. IoT enables the telecom companies to plan and monitor the maintenance in an effective manner. In addition, it optimizes the bandwidth and coverage of downloads. Thereby, it improves the customer experience by reducing the dropped calls.
In a nutshell, the IoT has a huge impact on the telecom industry. Every telecom company has been adapting to changing network usage and are providing services. In the upcoming years, IoT brings in adaptable changes including better cloud infrastructure, data monetization, and partnership with different platform providers.
In the energy sector, operations ought to be spread across remote locations. Obviously, it requires continuous monitoring. From half of the executives in the survey, 47% have either implemented IoT in selected functions or having extensive work relating IoT.
Additionally, camera-mounted drones can help companies to monitor the health and safety of the production fields. It also helps in spotting the anomalies before making it a threat to the concern.
Apart from the survey, another independent study by Inmarsat stated that the energy business is turning and making use of IoT to reduce waste emissions. It is no secret that IoT has been evolving in different sectors. Particularly, in the energy sector, IoT has been building a highly scalable infrastructure.
Along with the technological revolution like Nanotechnology and intelligent server management, IoT scope ought to get broadened in the energy sector.
As the financial services have to rely upon cameras, IoT has a huge change to uplift the sector. Due to IoT deployment in the financial realm, almost 58% of the survey respondents have some degree of capabilities. For financial companies, mobile has become the most endpoint thing including cameras and sensors.
Using IoT techniques, many companies have implemented and employing cameras and visual sensors. Those cameras and visual sensors have been connected to AI and analytic system. Now, the financial firm has been focused to provide and expand its connectivity toward the network with greater security.
In the healthcare sector, IoT has made its way not only at the bedside, but also in the waiting rooms, emergency rooms, and business offices. Enhancing the customer experience along with rich monitoring facilities are the key factors of IoT in the healthcare industry. Takeda stands as an important example of IoT in the healthcare industry.
The healthcare industry has various impacts due to the intervention of IoT. it has been enlisted below.
- remote monitoring
- Smart pills
- Diabetes management
- Blood pressure monitoring
- Smartwatches taking on depression
As every patient has been connected through IoT, the healthcare industry has seen many visible changes. With real-time monitoring, smart medical devices have been connected to the smartphone app. With the help of a smartphone app, the connected devices will help in building an increased communication between the patient and the doctor.
In a recent study by the Center of Connected Health Policy has flashed light upon a 50% reduction in the 30-day readmission rate. It is mainly because of remote patient monitoring on heart failure patients. Mainly, the IoT devices help in collecting and monitoring health data including blood sugar levels, weight, ECGs, etc.
Compared to the other industries, the manufacturing industry has been experiencing the greatest advantages of the IoT field. A deep interest in understanding and tracking the goods is all that the entrepreneurs need.
Around 51% of the executives strongly agree that IoT has been opening up with the new business lines. As discussed before, mobile phones and computer systems have become the main sources of IoT data.
IoT can be mentioned as the technological paradigm in the current environment. Using barcodes, the real-time tracking of the goods have undergone ease. At the same time, there are other benefits of IoT in the manufacturing realm.
- Enable multiple products on a single line assembly
- Minimize failure and accelerate the production process
- Tracks stock and customize production
- Equip machinery with self-healing capabilities
- Enable late-stage design changes
Every industry has the potential to get benefits with the help of IoT benefits. There are many executive studies that bring into flash regarding the different uses and benefits of IoT in diverse sectors.
Innovative IoT trends in the business year 2019
As per the recent fact, many individuals believe that the number of IoT devices outnumber the whole population in the earth. It has been going fortunately to success in a tremendous way. Though there are hidden threats faced by the entrepreneurs, the fascinating solution through IoT is time-saving.
With the help of below statistical representation, IoT entrepreneurs and the corporate companies can diversely understand the steady growth.
Companies like Amazon and Microsoft Azure have been indulged in the IoT primarily works on cloud computing. Due to the significant progress in the IoT security devices, the purchase and the sale of IoT devices have increased. On the same side, the revenue of the companies is hitting the sky.
Challenges in the IoT sector
Upcoming days has a scenario where tons of IoT devices are on the way to rock the technological realm. So, when there is a huge hike, there will always be challenges to face them down.
What are the challenges in IoT? Are they serious to think about?
If we go on talking about the driverless car, the device has the functionality to gather enormous amounts of data. In order to regularly process and transfer the data, there are Petabytes data. It helps in taking the right decision. When the technology and the security in the network of data perspective have increased, the challenges in IoT has been greatly managed. Due to the frequent data breach, many companies have increased their level of security indulged in IoT devices.
As the security and the alert regarding the companies have increased, the future and the scope of IoT devices have increased simultaneously.
Future of IoT devices
As IoT has traced back a lot with beneficial advancements, the fortune of IoT is very clear even after 25 years. There are top 3 themes that help us foresee the future of IoT.
Dependency over tech connections will increase
In the future, people will highly choose connectivity over security. The reason is new technology along with convenience will become a hectic task. Hence, people will make their rational decision on behalf of safety and security. When everyone gets addicted to the big IoT device, individuals may not able to cope up with it. Hence there will be a huge need in IoT tech connections.
No to Unplugging!!
In recent days, many individuals have been following the unplugging option. By 2025, unplugging to the internet will become difficult and there will be no term named as such. So, people can able to access the internet without any time lag. In that case, the need for a cloud platform ought to increase. The companies can gain more through the increased need and the necessity of technological platforms.
Increase in Internet users
Obviously, we are aware of the fact that the upcoming world has increased the number of internet users. Though there are many threats and security issues surrounding the technological realm, many solutions are thereby making it beneficial straight away. Smartphones, smart televisions, and other appliances will become a necessary requirement.
Reign of Smart cities will start over!!
Compared to today’s world, the number of people using the internet will be increased. Whole city will be indulged in using the internet in search of multiple tasks. Everyone will adapt to the techniques in order to become smart in the current technological world. It helps in saving energy, time, and money too. In the end, the cities will become more automatable, remotely manageable, and collect data easily whenever necessary.
AI will become a big thing
When IoT devices increases, the chance of AI in penetrating into the house will increase a lot. Starting from home bulbs to AC’s, thermostats, etc. all will have a connection with AI. even the voice control device might help in setting up daily tasks and allow them to keep your personal space more comfortable.
IoT has made the lives of human beings in a straightforward way. At the same time, the lives of many people have become more convenient due to the increased benefits of AI and IoT. Using IoT devices, the treat for security and safety ought to increase. Every industry including transportation, retail, and healthcare ought to experience many advancements due to the IoT reign.