Are you ready for IoT? If until now, communication was a dialogue between people, nowadays in a connected world, it’s no longer limited to humans. Nowadays, information is shared between humans and devices, and sometimes even between machines and machines. It’s a world where the Internet of Things is changing the way we live and work.
At home, IoT is behind connected vehicles, remotely-accessed devices and other similar technology. At work, it’s behind the solutions that boost business’ efficiency. Even if we are using the IoT daily, tech specialists consider that its technology can be further upgraded and it can evolve to such an extent to automatize every aspect of our life. The Internet of Things technology is evolving continually and it has a major effect on activities like planning, management of infrastructure or design.
A decade ago if someone had told you that you will stay alone in your bedroom and you will tell a device called Alexa to order pizza, you would have thought they’ve lost their mind. But, nowadays, all of you consider something normal AI to assist you in your daily operations. It allows you to complete tasks that would seem impossible without the help of technology.
But what is the Internet of Things, more precisely?
The Internet of Things, or IoT as most of the people know it is a technology that connects billions of physical devices worldwide, the only condition for them to communicate is to be connected to the internet. Because the entire technology is based on devices collecting and sharing data, it’s simple to transform anything into a working part of the IoT. Devices that would be simple-minded, can nowadays acquire a new level of intelligence. When they are connected to the Internet of Things, they can communicate in real-time without the help of a user.
Many people take advantage of IoT at home, but it can also prove helpful for companies. IoT development and consulting services are based on connections that enhance data storage, cloud technology, networks, and even wireless communications. Because it enables the creation of data, it allows companies to handle and analyse enormous amounts of information across geographically different locations.
What can IoT do for businesses?
IoT comes with numerous benefits for companies but the best of them is that it enhances daily efficiency of operations. Its technology uses information collected from external and internal networks, social networks, traditional media and other sources. This generates data that helps both humans and devices to improve their behaviour.
When a company integrates the IoT technology into their processes, they gain valuable feedback about their operations’ functionality, and the clients’ experience. It can also streamline other business operations like the production phase and the supply-chain management one.
IoT solutions can process a great amount of data in a short period, something a human worker could never do. So, if companies adopt it, it can help them make smart financial decisions because it offers them real-time insights into their business. When the Internet of Things is used to connect accounting systems with enterprise resource planning, it can offer businesspeople a clear image of their company’s progress. It can also provide them insights on how to create their financial strategies.
The Internet of Things can offer invaluable benefits to the businesses that integrate it into their operations. A McKinsey study from 2015 stated that this technology could save businesses worldwide around $11 trillion annually by 2025. Other studies show that IoT solutions have the capacity to grow corporate revenue with around 20% by 2022. Nowadays, around 40% of business managers find the Internet of Things an essential part of their ventures. When businesses outsource web development services they want to collaborate with companies that create software for devices that can integrate IoT.
Do consumers have any advantages if they use the Internet of Things?
The Internet of Things promises people to make their homes, workplaces and devices smarter and chattier. Nowadays they can use smart speakers to entertain the public. Google Home and Amazon’s Echo are only some examples of IoT solutions that provide entertainment means. Alongside entertainment solutions, the Internet of Things also improves security.
People nowadays are in a constant search for ways to make their homes more secure. The IoT allows them to monitor their properties, see and talk to the people who visit their houses, without being home. A great way to protect their houses is to create the impression someone is at home. This is done with the help of smart lightbulbs. Alongside smart security systems, homeowners can also use smart thermostats to heat their houses before they arrive physically in the location.
Many of the solutions provided by the Internet of Things offer enhancements for personal privacy and overall lifestyle.
Why is the Internet of Things underutilized?
Even if the Internet of Things proves to be able to bring multiple improvements for both individuals and companies, many of them are not interested in using it. Many companies prefer to observe the IoT rather than to integrate it into their operations. Studies show that less than 4 companies are taking full advantages of IoT benefits. They have adopted it at full scale. The businesses that have implemented IoT solutions are working in a couple of industries. Most of them are leaders in the industrial manufacturing, telecommunications or retail.
It’s understandable that people are hesitant to use something they don’t fully get. As stated before, the Internet of Things is in its infancy. It needs plenty of upgrades and work to reach its full potential, and most of the people do not understand how it functions. Also, some of the companies that have decided to integrate the IoT in their operations have removed. This happened after they didn’t achieve the results they expected.
When not used properly, the Internet of Things doesn’t deliver results. To integrate it successfully in their processes they need to come up with a flawless integration strategy. They also need to come up with customised growing plans and need to run troubleshooting checks.
It’s recommended companies to use the IoT when they understand its potential and they are ready to modify their processes to include it.
Watch this space for updates in the Opinion category on Running Wolf’s Rant.