The Internet of Things revolution is already here. Just as IoT has changed technology substantially, similarly, it has also brought in changes in consumer expectation.
The smartphones have brought in significant changes in user behavior as well as customer expectation in the course of last few years and we can expect that the wearable technology as well as connected devices can change interaction substantially.
According to a report, by 2025, there will be an array of data-spouting devices that are connected to the internet. IoT is often referred to as the next Industrial Revolution and it is safe to assume that it will alter the very way the businesses, governments, and the consumers interact with the physical world.
As you know, the IoT is a group of sensors that are attached to an array of ‘things’. The internet connections can be both wired as well as wireless. According to a report, “Today, over 50% of IoT activity is centered in manufacturing, transportation, smart city, and consumer applications, but within five years all industries will have rolled out IoT initiatives.”
According to a report from Business Insider, businesses will be the top adopter of the Internet of Things solutions. Businesses are expected to use IoT solutions for
- Lowering the operating costs
- Develop product offerings
- Enhancing productivity
Let us now take a look at the ways IoT will cast an impact on business.
Data Offering
The IoT will enhance the amount of data available for analysis. This means that the companies need not think about the ways they are collecting or analyzing information. As the enterprises will be able to gather more data than before, they will be motivated to consider better analysis strategies. They will also be forcing themselves to learn as well as adapt to the new forms of data intelligence.
With the data generated by the Internet of Things, the strategists and the data analysts are required to assume new roles.
Customer Experience
It is quite clear that IoT will offer significantly more data to businesses. Customizing marketing strategy using the in-depth data that is made available by the Internet of Things is yet another advantage.
By 2030, an array of additional devices will be connected to physical things. The list includes TVs, cars, refrigerators, wireless video cameras and even washing machines. People hate to have service issues and getting in touch with the company for support can be a real hassle at times.
The Internet of Things will warn the users before a trouble takes place.
Here are some more areas where IoT can prove helpful
- Allowing the disabled or the elderly lead an independent life
- Making use of remote application for prevention of overutilization of the resources like electricity and water
- Avoid being stranded in roadsides
- Controlling the temperature in bigger devices
Manufacturing
The Internet of Things can bring down the cost in manufacturing business through reduction of wastage, and fuel consumption.
Technologies based on IoT have the ability to improve visibility in manufacturing. It is enabling ‘smart manufacturing’. This is chiefly concerned with creating an environment where all available details right from the plant floor to the supply chain is made visible followed by turning them into actionable insights.
IoT makes space for reducing maintenance charges as well as the downtime. Moreover, it is also making the enterprises a safer place for the employees.
Security Challenges
More data as well as more connected devices offer more opportunities for the hackers and the cyber criminals to launch an attack. Businesses of all sizes must take the security risks in consideration.
It is better to think again of the conventional modes of network security before deployment of IoT. Since there are several firewalls that are unable to control the IoT traffic the way they do with other types of network flow, it is better to consider a different approach. Remember that information that is transmitted through IoT is valuable and can prove damaging to your business if a robust monitoring strategy is not used to keep things in check.
Though the customers are chiefly interested in the mobiles and the mobile enabled devices today, it is better to take a step forward with IoT making the services and products relevant to the customers.