The past two decades saw a tremendous change the way we interact with each other and our devices through the internet. The Internet of Things (IoT) technology is going through a similar revolution at a much faster pace.
The number of intelligent systems and embedded devices will reach 25 billion by 2020. The global IoT market is expected to reach more than $4 trillion in the next 10 years.
This enormous growth was guided by a wide range of developments across other technologies. Apart from this, cheap computing power and data storage along with wide-bandwidth and mobility helped exploring the endless possibilities of applications.
The outcome of the recent IoT evolution is that every company regardless of industry, needs to consider applying IoT technologies. From efficiency improvement to cost avoidance there are many models how the IoT can be harnessed. Further to cost savings a properly set up IoT strategy can attract and engage new customers.
Potential of IoT
The possibilities of adopting IoT technology are endless. A typical mass consumer product in the market today are smart-watches. From monitoring your heart rate to reading emails they can do a lot of things. These tiny, internet-enabled, powerful computing devices are ground breaking and we have barely seen the potential of them.
The applications in manufacturing can be anything from a simple level-sensor in an oil tank to a complex system of computers where decision making is done without human interaction. Sensors track and share data of all kinds of applications which is used for optimisation and maintenance.
In health care there are large number of IoT devices monitoring clinical data and consumer health data. Consumer level devices are either stationary or wearable while clinical level technologies can be implantable as well. Proper data collection can make the doctors make better decisions and helps the patients to reduce of progression of their disease.
All these examples point out that the information creates value. Decisions based on tracking and analysing the data can lead businesses to understand how and where they can improve.
Creating an IoT Strategy
IoT with its information-based value creation requires an understanding of the marketplace and possible technologies. Plan your strategy in line with desired customer relationships, service/product quality. Address possible risks such as privacy, handling sensitive data or malicious modification. Implementing IoT strategy requires insight from all departments in the company. For example a complex IoT solution may affect the IT department in such a way that some of the systems needs to be re-structured. Before committing to a large scale IoT solution find a low risk area where the new technology can be tweaked and tested.
IoT is growing rapidly and falling behind the competition by ignoring the technologies can put your company at risk. IoT impacts customer behaviour and re-evaluates the value of information. Almost every company can capitalise from IoT solutions as we are entering a new level of the data world.