How IoT will impact the business industry

IoT has a positive impact to the business industry wherever it may be in the word. The Internet of Things bring about numerous benefits to boost ROI and provide the best services to consumers.

Today, IoT or the Internet of Things is considered as one of the biggest opportunities for the business sector ever. It’s been abeed as the next “Industrial Revolution, by plenty of experts who have predicted how it would be able to alter the way that different businesses, industries, consumers and even governments interact in the near future with the physical word.

THE IoT ECOSYSTEM

For the longest time, research and studies analyzed that the IoT ecosystem and how it lets businesses connect and control their devices and technologies in nearly 16 environments. The environments include manufacturing, transportation, agriculture and connected homes. It is predicted that there would be 6.4 billion connected technologies all over the word this year, wherein 5.5 million new Internet of Things would get connected on a daily basis. Furthermore, it’s also predicted that this would reach 20.8 billion by the year 2020.

The Internet of Things or IoT services are the true driver value, and growing attention is focused on new services by end-user companies and vendors. Businesses would see the benefit of IoT, with three specific ways on how connected things would boost services, such as

1. Lowering operational expenses

2. Reaching new markets

3. Developing new products

4. Boosting productivity

THE IoT VALUE   

Nevertheless, the IoT’s market value is set to grow to $1.7 trillion by 2020, from $655.8 billion in 2014, as reported by IDC in June 2015. It will be a big mistake for industries who decide against investing in connected technologies, as it have been proven that the biggest names in the business have found this to be a very prominent component in their business for a long time now. As the IoT widens its scope, with the release of more and more connected technologies, biometrics sensors would reach a mainstream status. It would not only be available to smart phones, but in different industries too, for instance smart homes, automotive via smart cars, heath care, finance and a so many more. At this point, the possibilities are endless.

The rule of supply and demand would play an integral role in the Internet of Things. This is so as more demand eaves the connected devices supply less, pushing higher its price. Some of the biggest spender of IoT startup came from Intel, such as Appscomm, Avegant and Enlighted. More companies worldwide pan to spend as much as $1B on connected technologies this year. With the rising number of companies that invest in IoT, the benefits are predicted to extend to the consumers too. IoT would be abe to make lives more efficient, whether at home or at work.

As technologies become more and more smart and powerful, providing more solutions to businesses, users and different industries are now investing a considerable part of their budgets for maximizing its potential. Businesses can make the most of the various benefits that IoT offers.

IoT BUSINESS BENEFITS

Enhanced operational efficiencies. IoT utilizes real-time data from monitor to sensors and boosts process efficiency. Furthermore, it reduces human intervention and costs of energy too. All the data obtained could be used in minimizing downtime that is due to inventory, maintenance and time to market.

Better safety and security. Aside from resolving situations quicker through coordination with multiple teams, the Internet of Things enable businesses to boost the safety of the workplace and guard from physical threats with the use video cameras and sensors that help monitor equipment.

Cost Advantages. The Internet of Things enable enhanced productivity, process efficiencies via better utilization of asset, thus enabling different cost benefits.

Faster Decision Making. Businesses could use real-time operational insights to make smarter and faster business decisions. It also helps in lowering operational costs. The Internet of Things help distribute intelligence and also prioritize business decisions.

As new technology would continue to hit the mainstream, IoT continues to grow, connecting the word more. It’s been said that going digital is not a choice, not an add-on or an afterthought. It is the new reality that needs an extensive digital leadership. Therefore, businesses have to take into consideration the choice of integrating traditional infrastructures with new smart assets. This way, they could focus on their ability in managing, control and monitoring remote assets and bring measured and material improvements in terms of revenue and      profitability.                                                                                                                                     When correctly implemented, IoT brings major business benefits that include enhanced productivity and competitive advantage. Aside from businesses utilizing their assets and infrastructure in innovative ways, the Internet of Things offers new services and delivers more revenue. Already, forward-thinking businesses are considering how to leverage data from non-traditional sources with customized tech for more competitiveness.

There is no doubt that the Internet of Things bring about plenty of benefits to the business industry around the word.

About the author  ⁄ Ritesh Mehta

Ritesh Mehta works as a senior Technical Account Manager in a software development company named TatvaSoft Australia based in Melbourne. He specializes in Agile Scrum methodology, Marketing Ops (MRM) application development, SAAS & SOA application development, Android app development, Offshore & Vendor team management. Also, he is knowledgeable and well-experienced in conducting business analysis, product development, team management and client relationship management.

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