Internet of Things (IoT) is a common buzzword nowadays. The Connected Enterprises is the future business model. The term ‘Internet of Things’ (IoT) describes the connected network – electronic devices, buildings, vehicles, insulation systems, etc. The objects are embedded with intelligence software, sensors and Internet, enabling 24/7 communication and successful completion of tasks, without any user input.
Internet of Things offers endless possibilities and opportunities to modern enterprises – ranging from a smart home to smart car or smart energy management systems. This revolutionary concept is bound to impact the industrial sector across the globe.
The connected enterprise is not something new. It was foreseen as early as the 1950s, how the modern gadgets will connect human lives harmoniously. However, it also poses a great challenge of delivering high levels of customer satisfaction. Offering a seamless customer experience is the need of the hour.
Digital transformation, the core objective of Fourth Industrial Revolution, will test the true potential of Internet of Things to transform business processes across different industry verticals.
It is here. Whilst emerging technologies of cloud, big data analytics, etc. are the core elements of IoT, enterprises need to transform their business models in order to leverage the benefits of this technology to create new service models and increase revenue generation.
IoT will revolutionize the day-to-day business operations. Relevant data insights and customer-centricity are key success factors. Equilibrium of expertise in providing customer experience and data science will help enterprises transform their customer journeys, increase brand loyalty, and achieve high levels of business efficiency.
Data insights from IoT hold great promise for talent development; IoT will actually help employees to learn, grow, and enhance their careers.
Rapid growth is anticipated in the areas of Intelligence Augmentation (IA) and Cognitive Analytics (AI) with the convergence of technologies like Big Data, IoT, and Machine Learning.
In this ecosystem, an entity has a mobile device, whether smartphone or tablet etc., to send a command or request for information over the connected network. The IoT device will analyze this information and display insights on the mobile device. The IoT device collects data from multiple locations which is stored in a remote server such as a cloud-based server.
Industry experts such as Gartner have predicted that by 2020, 34 billion devices ( up from 10 billion in the previous year), will be connected to the Internet, thereby creating new opportunities for enterprises to explore in the field of Internet of Things.
It is also estimated that $6 trillion will be raised in the period of five years. Enterprises adopting Internet of Things will improve bottom line operations in the following ways:
- Reduce operational costs
- Increase productivity
- Explore new markets/business expansion/ develop new products and services
IoT, also known as the next Industrial Revolution, has changed the way we live, work, entertain, engage, and travel. Even governments are adopting IoT for smart administration and governance. However, you must keep in mind the market barriers including security, privacy, implementation issues, and technological fragmentation.