News & Events
IoT and Your Business (Part 1)
- August 19, 2017
- Posted by:
- Category: Technology
Have you been wondering what the whole IoT buzz going around is all about or how you can tap into the technology to improve or grow your business? In this article, you will be briefed on what IoT is and how it will improve your business; whatever level or type of business you run or your position in the business line; from manufacturing industry to logistics, retail services or utilities.
The best part? It’s clear this is just the beginning. Internet of Things (IoT) growth is happening fast, and businesses who take advantage now can benefit for years to come.
You can’t afford to miss out of this cool paradigm shift and this series will help you get a hold of how IoT can change help your business.
WHAT IS IoT
The Internet of Things, or IoT, has a pretty straightforward meaning: adding connectivity to hardware so it can send and receive information. Defining the Internet of Things this way, you can start seeing examples and applications of IoT all over the place.
The IoT allows objects to be sensed or controlled remotely across existing network infrastructure, creating opportunities for more direct integration of the physical world into computer-based systems, and resulting in improved efficiency, accuracy and economic benefit in addition to reduced human intervention.
A Glimpse at the Figures
Internet of Things is taking over the world. Every day, more and more objects have some sort of network connection: from home automation, to security cameras, from air quality sensors to connected cars, there isn’t a single aspect of our life that won’t be touched by IoT devices in the next decade
According to Link-Labs, just 0.06% of “things” that could be connected to the IoT have been integrated into the stack, i.e. merely 10 billion things out of the 1.5 trillion that exist globally are currently connected.
This number of connected devices will increase to 30.7 billion by 2020 and 75.4 billion by 2025 (IHS).
According to Sparklabs, an exponential increase from 2.5 billion in 2017 to 5.4 billion devices in 2020, of connected industrial sensors, connected manufacturing machines, in-store analysis devices and workspace management applications alone will be recorded.
The total spending worldwide in 2016, on the IoT throughout markets was $737 billion and according to IDC, this amount will reach $1.29trillion by 2020 signifying 15.6 percent of compound annual growth rate.
According to an infographic by AIG, it estimates that the IoT economic impact will reach $14.4 trillion by 2020, ushering in a “new economic age.”
According to CSG International, 4% of businesses have seen a return on their IoT investments
Companies that invest in IoT now are seeing a great return. And it looks like that spending will not slow down anytime soon. So as spending is increasing, so are the opportunities embedded in IoT technology.
How IoT can affect your business
All businesses can benefit from this technology regardless of what level your business is.
Imagine a device helping you with data capturing, reporting, maintenance, and even provide control over machinery or other equipment that would otherwise need to be operated onsite. These are what IoT can do for your Business.
This means you won’t have to worry yourself about some daunting and repetitive task. So you have enough energy and time to focus on other areas of your Business.
This technology can also provide great user experience and comfort for your customers or users.
You can actually have an IoT device that will monitor your equipment (in a manufacturing setting), your Inventory, warehouse or stores (In a retailing setting) to give you real-time or up-to-date information on various parameters or conditions in your factory or store. Parameters of equipment such as the operating conditions, temperatures, humidity, time of operation etc., also the state of your inventory, the number of items, bought, items sold and items remaining in a warehouse or on your shelves can be gotten and fed to you on your mobile device anywhere you are in the world! Isn’t that great?
Your Phone to Control All
The next logical step after getting notified when something’s wrong is being able to fix it from afar. All the data monitored or collected and fed to you can be controlled from a remote place. Which means by IoT technology, you can control your manufacturing equipment and parameters from a remote place, you can give permission to the device to make order of products for your warehouse or stores or add items to your shopping list.
Of course for many businesses, the value of the Internet of Things comes from reducing labor and/or automating tasks it can also be viewed from the point of the consumers or end users as making life convenient and comfortable. The innovative Internet of Things examples that cut costs and makes end user comfortable and happy gives the incredibly confidence about the future of IoT.
Incorporating IoT Devices into your Products
Whatever product or gadget you’re producing, incorporating IoT devices into it and making it more smarter, user friendly, autonomous would really be a great thing to venture into. Making stuffs smarter, from industrial equipment to home gadgets and medical devices. Collecting sensor data from these devices has the potential of to help us make smarter, more informed decisions in all aspects of our life.
These few real-life applications of the IoT should fill you with ideas, as the areas of its application are immense and large. You need to look into how Internet of Things services can fit into your business now, so that your business can grow alongside IoT.
Tech and The Dollar