Anything that can be connected, will be connected.
The Internet of Things is also known by another name: Internet of Everything. We love this epithet, because it summarise the essence of this breakthrough technology with precision.
IoT is expected to add a value of 10-15 Trillion Dollars in the Global GDP. From everyday uses to large scale industry applications, IoT is expanding at an interesting speed. When coupled with Artificial Intelligence, it can bring in more value to the Global GDP on account of the cumulative potential of two largely disruptive technologies of the decade.
Before we jump into the applications of IoT, or the policies, ethics and threats imposed by IoT that’s been a hot topic in the business world, let’s clear up in simple words what Internet of Things is.
Let’s suppose you are getting ready for a party.
You set a reminder on your phone to be there by 7PM. You get on your car, and unfortunately, you get a flat tire. Your car, Your phone and your GPS are all connected to each other, and to the internet. They send each other signals, messages and feedback.
Yes, they talk. With each other, and with the internet. In a few minutes, you have an auto mechanic headed your way, your party schedule is pushed up in your phone, and your friends are sent a message that you will be a little late.
That, is a small scale example of what the Internet of Things is capable of doing. It works the same way by communicating with satellites, jet planes, delivery trucks, production machines, robots and even to sensors implanted in the human body!
The Internet of Things, in layman terms, connects everything that has an On/Off Switch with each other, and/or, with the internet.
Currently, the number of devices set up with IoT has topped 11 Billion – excluding computers and phones! Hence, it does not come as surprise that IoT brings with it many promises and hopes for businesses around the globe. We shortlisted 7 of the most impactful applications that IoT has brought over to businesses.
1. New Revenue
96% of Senior executives have planned to use IoT for their businesses in the next 3 years, and more than 30% believe that IoT has the potential to unlock new revenue from existing products or services. A large number of business leader believe that IoT will have a major impact in the next couple of years. Thus, it is expected that almost 41 Trillion Dollars of funding may be poured into IoT over the next 20 years for infrastructural upgrades. IoT has the power to unlock new revenue models from existing or sleeping products and processes, which is why it is celebrated by business leaders all over the world.
2. Data Generation
IoT is churning out a new cascade of data. Ever since its birth, and on the course of its growth, there will be 22 times more data traffic by the year 2020. Also, it is predicted that almost 40% of all data produced will be coming from connected sensors. With all this data, and more being produced, it will add great value in making informed business decisions and in framing strategies of competence.
3. Reduce Maintenance Costs
As it takes over, IoT will bring down a drastic fall of more than 25% in the maintenance cost that businesses are infested with, and a 35% reduction in downtime. Maintenance costs and Inventory management are a business’s biggest point of concern. IoT is capable of focussing on this point of pain, and dissolving all complications with ease.
4. Customer Service and Support
One of the sectors that will be inarguably benefited because of IoT, is Customer Service and Support. It will have the biggest and most unimaginable effects. It will improve customer experience and satisfaction while simultaneously easing out vendor efforts with minimal cost and resources.
5. Smoother Logistics
IoT has an infinite number of solutions to solutions and transportation. It can help create a bullet proof supply chain that has the biggest impact on the overall efficiency company. It can help bring out solutions to the warehouses, distribution centers and dispatch process of the supply chain.
6. Better User Experience
While talking about IoT, one cannot forget the magic it brings to the user experience. The universal accessibility, synchronised connectivity, and the speed of the IoT user experience makes it unparalleled. The technology has a cross functionality of design, which makes the users feel like they are connected to everything simultaneously – yet, with no disruptions.
7. Smarter Security
IoT not only smoothes out the operational aspects of an enterprise, but it also adds greta value to the security. The safety of the business can be improved by implementing IoT in it’s systems and processes. It is capable of providing real time insight to ensure that any breach or attack on the system is dealt with in a timely fashion. ‘
Irrespective of the scale, size and industry, IoT is a vital necessity for any business.
IoT possess the potential to revolutionise businesses and how they operate.
It’s Smart Management – for the present, from the future.