The era of Internet of things (IoT)
The Age of the IoT is here
The IOT is mounting towards a new pinnacle of success. Within 2025, IOT will make a huge impact in the global economy, amounting to about 14% of the total value. At the moment, the IOT is only adopted by a handful of customers and is incapable of making a strong presence in the consumer space. According to McKinsey, “Within next few years, IOT will amount to $9.2 trillion, which is a great value in the global economy.”
With so much possibility at stake, businesses need to adopt this new innovation to stay ahead of the game.
Who will be benefited?
Every industry, household, and entity will be benefited by the internet of things. But, amongst all, the major performance of the IoT will be demonstrated in the Industrial Internet of Things (IIoT) platform. Industries will be able to breach the traditional boundaries and step into a new dimension of technology. Meaning, businesses can see improved results based on new business modules, accumulate customers through data-driven resources and make robust plans to achieve long-term goals.
From healthcare to transportation to manufacturing industries, everyone will have “intelligent assets” to achieve a new range of possibilities across multiple platforms. Everything including energy consumption, workflow, repair, and maintenance can be easily controlled by the help of the IoT and connected devices. If companies are willing to collaborate and work together, this will not only improve the performance of a single company but industry as a whole.
Understanding the Value of the IoT
Currently, the value of IoT is undermined by both consumers and manufacturers. Using the IoT as a daily application is not its primary intent. To get the best from the IoT, manufacturers have to gather the data accumulated by the IoT and use it to improve productivity. Otherwise, business owners might end up beating around the wrong bush.
For instance, if an IoT device is installed in the engine of a car, its job is more than just check the level of engine oil. The device analyzes important elements such as vibration level, spare parts maintenance, and temperature. The performance data can boost the efficiency of the engine, minimize the maintenance cost, and notify the owner when upgrades are required.
Make Things Happen
A majority of companies have already integrated connected devices to resolve work issues and transform the way things operate. Connected cars, smart vending machine, automatic telling machines, smart elevators etc are used in different companies. Soon all manual equipment in a workplace will be replaced by smart devices, and the day is not far away when we can say IoT is here to stay.
But, integrating and selecting the right IoT still remains a meticulous affair for many. Companies must realize the impact of this new spectrum of technology, evaluate them, and identify the process and people required for the operation. The main point is, businesses must create a roadmap to portray a clear vision of when, where and how these IoT will be used.
Invest smart, don’t follow others. Instead, analyze your needs and figure out what sort of IoT is required to streamline your business. As said, the machinery used for shoe production has no use in a bottle manufacturing company. Chances are, the IoT equipment used in other company might not work for you. If you follow other’s footprints without determining the need of your company, you might end up pouring buckets on money into the drain.