With the dawn of trending technologies like the Internet of Things (IoT), the entire behavior of human interaction with objects and devices has revolutionized. Of course, things may have gone overboard with every other object being connected to the web as part of the IoT – but its benefits and usefulness have experts predicting more than half of new businesses to run on the Internet of Things by 2020
Clearly, IoT has compelled many business enterprises to either incorporate this technology into their ecosystem or develop practical IoT solutions, let’s say being a software development company.
Either way, the popularity of IoT connected devices has surged with Gartner predicting it to reach 26 billion by 2020, while Statista is predicting it to reach 31 billion. Moreover, IDC projected its market revenue to be nearly $7.1 trillion – which is massive.
Let’s dive into what exactly is the Internet of Things?
Internet of Things Explained
IoT can be explained as any physical item connected to the internet, allowing the exchange of data between the two. Taking the example of devices in the house, such as toasters, lights, microwaves, and such connected to your smartphone enabling you to control them from any place and at any time – the concept of ‘smart house’ which has been around since the IoT buzz.
Mathew Evans, IoT program head at techUK, explains the Internet of Things as, “Simply, the Internet of Things is made up of devices – from simple sensors to smartphones and wearables – connected together,”
These connected devices with an automated system produce data that can be later gathered and analyzed to make learned decisions. IoT helps consumers, businesses, and individuals from every sector to gather real-time data and insights to make better decisions ensuring optimal results.
At the base, the Internet of Things has simplified the main pain points of organizations, businesses, manufacturers, and more – in terms of productivity, management, supply chain, and customer service.
Impacts of the Internet of Things on Businesses
Let’s see how businesses can gain benefits from the Internet of Things (IoT).
At the core, a successful business is about its smooth processes, maintenance, customer satisfaction, and effective improvements, among other things. IoT helps in reducing the overall expenditure of productions by allowing the organizations to streamline their processes utilizing the analytical data received from sensors, thereby generating better revenue.
Here are the top benefits any organization reaps through the incorporation of the Internet of Things.
1) Increase in Business Opportunities
IoT opens better and more lucrative opportunities for businesses that tap into the potential of IoT developing advanced business models and services with the help of informative data it provides. Moreover, IoT driven innovations help optimize all business processes, ultimately increasing ROI. Further, this technology of interconnected devices enables businesses to develop positive customer relationships by providing them with practical solutions.
2) Amplified Productivity
Internet of Things has reduced the time on otherwise lengthy operations enhancing productivity levels of any business by a large margin. IoT’s real-time occurrences help a business stay on its feet, providing employees with in-time training, keep them informed reducing inefficiency, improves understanding with clients better, and reduces mismatch of skills.
Since productivity plays an integral role in keeping businesses ahead in their game – IoT integration helps increasing it.
3) Maximum Asset Usage
Since the Internet of Things is comprised of sensors, embedded systems, and connectivity incorporated within items, in this case, various assets of the company – it enables real-time tracking of these assets and provides with information regarding any maintenance work that might be required, allowing businesses to run their operations smoothly round the clock.
4) Enhanced Security and Safety
IoT services integrated with the surveillance system of the workplace allow effective real-time monitoring ensuring the safety of equipment and employees against any threat. Moreover, IoT encompassing multiple layers of security to protect data and privacy of so many connected devices, allows businesses to integrate IoT into their security system safely.
5) Optimization of Cost
With effective asset utilization, maximum productivity, and high customer/client retention rate – the costs of the entire operation as a whole is reduced considerably. IoT, allowing real-time diagnostics and predictive analytics give businesses a competitive edge in terms of cost optimization and savings.
6) Improved Customer Relations
Customer experience is the main driving force for all B2C businesses. IoT allows organizations to provide IoT optimized services, for example – smart trackers that help customers keep track of their shipment, packages, and whatnot. The list of services that can be provided to customers making their experience with your business or product seamless and easy will help you grow as a reliable organization – not to mention the word-of-mouth marketing that you get in return for great customer services.
7) Real-Time Analytics
By far, one of the most effective benefits of IoT is real-time analytics that helps businesses detect problems and resolve them immediately. Enterprise-ready IoT applications providing real-time analytics minimize the probability of undetected errors halting the processes of an organization altogether. This ensures smoother operations, under less time, and with enhanced productivity – ultimately saving operation cost, labor, and time.
Future of the Internet of Things: Predictions to Consider
The above seven key metrics concluded the benefits of the Internet of Things in business, but with billions of devices connected through the Internet of Things – what is its future? This is the big picture that needs a good look. Experts predicted what is to come for IoT:
Predictions#1: Artificial Intelligence Steps in to Help Manage Excessive Data
One IoT item alone generates a lot of data that is transferred over a network for further processing – and handling data produced by more than one device can be overwhelming, especially if this data concerns customers’ personal information.
This is where AI steps in to manage this data, learn about it, and adjust accordingly. Artificial Intelligence is considered the key to IoT breakthrough.
Prediction#2: 5G is the Savior of IoT
Savior? Well, with IoT devices potentially growing from 75 billion to 100 billion – there is a dire need for a faster network that can handle the load of countless connected devices. Currently, 4G networks can handle 5500 to 6000 NB-IoT devices on a single cell. 5G, on the other hand, will be capable of supporting one million devices on a single cell.
Prediction#3: Routers Will Become More Secure
IoT makes inanimate objects smart but introduces pathways for cybercriminals who can tap into these smart devices and items and place your and your data’s security in threat. This is where the router will play an essential role in IoT’s security dynamics and will become more secure by protecting the entry point of the internet into your home or organization.
With such bright prospects of IoT, businesses can maximize the benefits it provides them and gains the competitive edge they need in the market. With the incorporation of AI and the introduction of 5G networks – the sky is the limit.
Zubair is a digital enthusiast who loves to write on various trends, including Tech, Software Development, AI, and Personal Development. He is a passionate blogger and loves to read and write. He currently works at Unique Software Development, custom software development companies in Dallas that offers top-notch software development services to clients across the globe.