What is IoT technology?
Internet of Things, or IoT, indicates physical devices around the world that connect to the internet. These billions of devices both collect and share data. Since its inception in the late 1980’s data processes have become a part of our daily norm. The price of these processors, along with wireless networks, are fairly low. That’s why it is now possible to turn just about anything into an IoT device. With the rapid level of growth digital intelligence is experiencing it’s no surprise the influx created devices that are able to communicate without human involvement.
Just about any physical object can be converted into an IoT device, as long as it can be connected to the internet. A light bulb, television, alarm system, and motion sensor baby monitor, can all be monitored and controlled using a smartphone app—This is called an IoT device. The list doesn’t stop there, who would have thought in a million years about operating a children’s toy from a smartphone, robotic companionship or a self-operating vehicle? The biggest scale of them all, smart cities. These are regions filled with sensors. The sensors will help city officials understand and control the environment.
Not to be confused, the term IoT simply means a device communicating without human action — the device in question generally wouldn’t have an internet connection. For this reason, PC’s, MAC’s and other computing devices wouldn’t be considered an IoT device, neither would a smartphone. However, a smartwatch or fitness band may fit the bill. The million-dollar question at hand, how big is the world of IoT —huge. Statistics show that the world has more connected devices than humans. It’s calculated that around 8.4 billion IoT devices were in use in 2017 (that’s a 31% increase from the previous year) and will most likely reach upward of 20.4 billion by 2020. Total economic spending on IoT endpoints and services reached an astounding $2 trillion in 2017 and that number is on the slate to rise. Out of 8.4 billion devices, more than half were products like Smart TVs and Smart Speakers. The most-used enterprise devices were smart electric meters and commercial security cameras.
What does IoT mean for businesses?
IoT has the ability to revolutionize the way we do business. Organizations now have access to more information about their products, services, and internal systems, in addition to increased ability to make changes if needed. Through the use of remote scanners and similar devices retail, warehousing and manufacturers now have the ability to efficiently track and manage inventory. Working efficiently permits time for other essential business tasks.
Other ways IoT impacts the business world:
Revenue Increase
An advancement of business models and services can greatly open doors to new business opportunities. New business opportunities equate to increased revenues. IoT devices create new ways for customers to interact. Tracking and recording consumer behaviors will allow companies to make recommendations and create other innovative ways to drive traffic. Utilizing data-based insights will enhance the effectiveness of advertising, isolate a target audience and stay on track with every phase of the buying cycle.
Asset Utilization
The buying cycle has sped up a bit through the use of IoT devices. Customers now have new forms of research and purchasing options, as well as the ability to utilize words or phrases to find what they are looking for and demand a speedier delivery process. Fortunately for business owners, using sensors and connectivity devices can ultimately enhance the tracking of assets (equipment, machinery, tools, computers). Real-time insights will help organizations locate issues and take preventive measures that will improve asset utilization.
Improved Efficiency & Productivity
Staying connected will maximize the organization’s ability to work smarter. It’s not rocket science, productivity plays a key role in the profitability of any business. Using real-time insight will reduce operational cost. The data collected from each IoT device will reduce maintenance downtime and business marketing. IoT offers much eLearning options for employees. Logging training attendance sessions is as simple as utilizing an internet-enabled room, app or wearable device. These tools will improve labor efficiency while increasing organizational productivity.
Safety & Security
Security is key to any business. Having IoT integrated sensors and cameras will provide ultimate control. Not only will business owners have the ability to monitor almost anything, they can also view the findings at any time, from anywhere, so long as they have internet access, amplifying the ability to address issues promptly.
Save Money
Saving money is at the top of every business owners’ list. Making improvements in asset utilization, productivity and other efficiencies will do just that.
IoT is slated to change the way that we communicate, purchase and keep track of things as we know it. Even though IoT offers great value, the opposing factors should not be overlooked. Organizations may face challenges such as information management issues, lack of advanced technologies, security, and overall privacy concerns. For these reasons and more business owners should utilize a professional IoT service provider or technology company such as Confianz Global, located just 15 minutes from Charlotte, NC, and 3 hours from Raleigh, NC to overcome these challenges and increase their bottom line.
