It is estimated that by 2025, the impact of IoT (Internet of Things) devices to the global economy will be more than $11 trillion. Some industry experts anticipate that by 2025 there will be over 100 billion IoT devices connected across the globe. With such a massive share in the global economy, IoT is definitely getting a special place in digital transformation. On a technology side, IoT is about devices, sensors, IP networks, gateways, sensor arrays, and the list goes on. However, enterprises hope IoT for solving business related problems or creating new disruptions in the business models.
Users can look forward to achieving deep automation, analysis, and it also enables ease of integration within the system. Digital transformation enables industries such as manufacturing, Logistics, Retail, Automotive, and the likes to make best out of IoT Devices.
IoT: Tackling Challenges in Enterprises
There is a phenomenal opportunity presented by the IoT to enterprises and businesses can now deliver exceptional outcomes, enhance customer services, create new and tangible revenue schemes, improve product efficiency and so on. The boom in digital transformation helps enterprises to make things all the more efficient and intelligent. Let’s talk about some of the key features in this novel world of IoT that is rapidly changing the world.
Artificial Intelligence: This is one of the key features that help enterprises implement several solutions for their clientele. The value of insight from data collection and analysis is tremendous and IoT uses these insights to make things even more smarter. Take a retail outlet for example. If the aisle of orange juice has increased footfall and is running out faster than usual, the enhanced technology with the help of AI (Artificial Intelligence) will process the information and then order the set amount in the inventory. Artificial Intelligence helps enhance productivity, reduces manual efforts, and helps enterprises to focus on areas that need human interference.
Enhanced Connectivity: From the perspective of data and communication, connectivity leverages IoT. There is a huge amount of data added to network and connectivity as IoT grows. Our world is still keeping up with the digital transformation and the boom in IoT, but the core is all about connectivity. With the exceptional growth in the IoT devices, the network is no longer tied with the major service providers in the market. However, the network and connectivity can still be made practical on a small scale and at a less expensive cost. IoT makes it possible to create many of these small networks between the system devices.
Effective Use of Sensors: Real world integration is crucial for enterprises to operate efficiently. Use of sensors in IoT transform a standard passive network to completely different and real world integration. For example, the logistic companies can be on top of their game with effective use of sensors. Strategic use of sensors helps logistic companies to keep a tab on their fleet of vehicles and their exact location at any given time. Sensors provide real time data and that further helps the company to know the time required in delivery, the route, and drivers capabilities. This information helps the companies be more efficient in their services.
Technology Engagement: The shift to engagement in technology is made possible by IoT. There exists passive engagement in the connected technology. IoT helps to bring out a radical change for enterprises that have to create active content, create new products, and also create service engagements for businesses.
Custom Made Devices: Enterprises can make use of the shift from passive engagement to active engagement. Industries such as manufacturing can use small and custom built devices to help with delivering precision, versatility, and scalability in their production. This helps the industries not just save on the cost but also on the efforts in the long term.
The above key fee with atures with the help of IoT devices help enterprises plan and execute their strategy well in the digital transformation journey. If you are catching up on making the best use of IoT, the advantages discussed in the below section will help you in decision making.
Top Advantages of IoT
IoT helps every industry out there make the best out of digital technology, here are some of the top advantages that we’d like to sharyou.
Enhanced Customer Service :
Enhanced Customer Service Customer service is one of the most crucial but still a challenging feat for most businesses. Engagement with customers often remains passive due to the lack of accuracy in customer insights. IoT changes this with efficiency by enabling businesses with a richer and accurate customer engagement. This helps provide enhanced customer service in the long term.
Tap into a World of Resources
IoT helps businesses tap into a world of resources. Customer data and analysis helps businesses to tap into a world of resources. Apart from making significant changes to the technology, it also helps business achieve more functional data that can be further used to pan the future strategies.
Efficient Resource Management :
Real world information from IoT helps us identify flaws in the existing systems and enhance it further. The insights help businesses in effectively managing the resources.
Data Accuracy :
IoT breaks silos in data collection possible today with passive engagement. It helps businesses with data accuracy and this enables them develop and implement effective technology
Some of the Disadvantages
When we talk about IoT, we often look at the advantages. However, it is important to note that there are also certain disadvantages that we need to look at in order to get a complete picture.
IoT makes it possible to create a healthy ecosystem wherein devices connect with each other and communicate with each other. Although there are strict security measures being implemented in most cases, the users are still exposed to the attackers trying to get in their system.
Even without the active participation of the users, it is possible that the users substantial personal data is easily accessible for others.
There is a large set of new technologies and systems that are used in IoT, and this makes some users feel it is more complicated in terms of planning, maintenance, deployment, and so on.
A concern over whether or not the IoT systems will easily collaborate with the other systems holds many back from using them.
Some feel that since it looks complicated from outside, the compliance to technology may be equally difficult.
As we discussed above, IoT has made a rapid shift in how a technology is perceived and how the best is achieved from the same. Businesses with the view to tackle the real world challenges in the future need to ensure that they make the best of IoT today. IoT enables enterprises to do a lot more in terms of delivery, production, and maintenance of business. If you are looking for implementing IoT solutions, it will help to take professional help in this regard.
Codetru has emerged as a leader in IoT. The company has handled several complex integration and maintenance projects in the recent past. We have top notch talent with an exposure to the global community. Our team will closely examine your IoT requirements and will be happy to partner with you on your digital transformation journey.
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