“By 2021, 75% of enterprises launching IoT initiatives will adopt IoT-aligned strategic roadmaps, from a level of 10% in 2017.”
IoT’s promptly advancing technologies have steered in innovative disruptions at a high-speed. It has become the game changer of the digital world by moving trials to full deployments. Industries such as retail, healthcare, finance, manufacturing, or services saw the most impact while taking the advantage of benefits like business efficiency, productivity and drive business value for success.
Manufacturing industries have connected their manufacturing equipment and solutions to a cloud-based network that helps manufacturers to track or supervise the machine usage, and their performance. The potential of connected devices in the emerging technologies has led to more than 10 billion smart devices that are in use today, and it is expected to grow up to 24 billion by 2020.
The emerging Internet of Things technology is connecting retailers with consumers, doctors with patients, and engaging businesses to enhance their upshot and minimize costs. This has made the world more automated, smarter and exceptionally more convenient. This disruptive technology ‘Internet of Things’ is here to stay and not going to fade away anytime soon.
Gartner reported that smart homes and smart commercial buildings grew to represent 45% of total connected things in use in 2015, due to investment and service opportunity and the figure will rise up to 81% by 2020.
Technology is reshaping the world continuously and seeing the growth rate of the IoT technology it becomes vital for all the digital leaders to embrace the key IoT strategies. Enterprises who are still skeptical about it need to analyze the wave of innovation and disruption IoT has brought across industries. There is an immediate requirement to integrate IoT concepts in all their business operation strategies to benefit their enterprise.
Data has a major role in any business. It helps businesses to unmask the variability and propel digital leaders to optimize the enterprise performances. Therefore, each time a user interacts with the enterprise their data gets stored in the company’s database.
With the help of IoT connectivity, a business can enhance their reach by creating multiple advanced techniques to interact with their customers. Which means more access to users data. For example, retailers can easily track their consumer’s behavior, like their shopping style, their interests, the frequency of shopping, with the help of IoT connected devices. Every single customer’s activities are absorbed and monitored closely and retailers can start sending them recommendations. Therefore, IoT technology gives quick access to the data and provides opportunities to brand the product by targeting the right audience.
Internet of Things (IoT) has entirely modified the work approach of enterprises today. Keeping a track of the inventory was one daunting task before. IoT has served a huge comfort to the employees to manage the company’s checklist and keep it on track. The product management has now become automatic and effortless.
For example, in a store, if there is any item getting expired or shortage of any item. The smart tech easily identifies and sends a quick notification or a reminder to the store manager about the product status. Once the notification is received, an action is taken accordingly and notify the respective warehouses so that the stocks are delivered to the store quickly. This will help the store to run smoothly without running out on any items. In the next 5 years, IoT connected devices will mow down the human work and automate all the checklist management process, improve employee efficiency and allow them to focus more on other high priority tasks.
We have IoT enabled appliances which have built-in sensors that remind users to get groceries while coming back home and also controls, optimizes and automates temperature, lighting, security, and safety remotely by a phone, tablet, computer or a smartwatch within the home itself. Similarly, manufacturers can optimize their machine task without being physically present in the location. It saves a lot of time and cost as most of the work is automated. It has unlocked new opportunities for all the remote work by networking machinery. Employees are now able to connect and perform their tasks in a remote location by simply monitoring the devices from other parts of the world. This has helped businesses to increase the engagement with delightful employee experience and boost the company’s productivity.
With so many IoT devices available in the market today, customers have immense means of shopping. Now customers need not type in the exact and complete words to search a product. IoT offers a smart way of shopping and exploring products just by speaking few words, and they will be able to spot what they were looking for within minutes and place an order immediately.
Emerging technology has evoked competition among the enterprises whose delivery system is faster, secure and who is going to build customer loyalty. As mentioned before IoT gives smart access to consumers’ data and this data helps digital leaders to personalize their customer’s order and deliver the best customer experience.
It’s not always about how fast the work is done; it’s about doing more in less time. IoT connected data helps an organization to manage extensive business operations quickly with a significant amount of accuracy. Integrating IoT concept into the business processes will refine the business operations while fully optimizing the complete internal activities.
For example, Uber an American transport company introduced a user-friendly app that connects the rider. The app helps drivers to find an alternate route in case of huge traffic jam. How it’s benefiting Uber as a business? IoT smart connectivity tracked the demand with ease and based on the demand the prices are adjusted and so is the supply of drivers.
The research company Gartner predicted that “8.4 billion connected things will be in use worldwide in 2017 and will reach 20.4 billion by 2020.” Internet of Things (IoT) technology is going to take the future business to the next level by customizing and providing a personalized experience to the users. Internet of Things has modelled the devices to be smarter and upgrade the user’s interaction with their surroundings.