The post explains the journey of IoT technology right from its evolution to the strategies being developed for generating revenue from IoT enabled devices. It also gives an insight into what can be expected from future IoT. Today, the digital industry has shifted to the new levels and standards of automation driven by IoT (Internet of Things).
Adopting IoT in business processes promises more efficiency, increased predictability, and cost-cutting, though its solutions can be difficult to implement, execute, and manage. To get the maximum benefits out of the IoT in place, you will need an assistive platform integrated with industry-specific experience.
Industrial IoT is combining human data with sensors collecting data for improving the operational efficiency for energy utilities, manufacturing, transportation, and other industries. Information technology and operational technology when collaborated with advanced analytics and artificial intelligence improves the safety and reliability of any process. It brings down the overall cost and eliminates the instance of downtime to a large extent.
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IoT Adoption Beyond IT
The concept of the Internet of Things varies from industry to industry. The adoption of IoT is growing in all the domains, be it the world of home appliances, oil and gas, utilities, telecommunications, human resources, healthcare or logistics. With every single innovation that strikes the market, the horizon of IoT is spreading irrepressibly.
In the coming era, more and more devices will be interconnected and this will incredibly change the world around us. Other industries such as construction, marketing and machinery are also investing in IoT at a faster pace. Since it is a result-oriented approach, industries won’t mind trying their luck to stay competitive in the market.
IoT Monetization Arena is Growing
IoT monetization, as the name suggests refers to the strategy to generate revenue from IoT enabled devices, solutions and services. With the use of IoT enabled products, the companies are able to gather significant data which is later processed to fetch numerous benefits such as expanding a new product line, cost cutting and improved efficiency of business operations.
IoT offers Unparalleled Opportunities
An inevitable transformation has been seen in various industrial processes with the evolution and advancement of IoT technology. IoT assets are securely connected to the business systems to deliver real time information and improve operations. The IoT services are aligned to assist various industries in implementing the technology into business.
Processes are streamlined to retrieve maximum benefits through predictive analysis, automation capabilities and informational dashboards. IoT’s industry standard protocols provide the capabilities to stream data ingestion.
Data is prioritized for filtration and lowering the cost in order to reduce latency. IoT devices are integrated with advanced security algorithms that identify malicious activities existing in the infrastructure and protect the connected products and assets from potential cyber threats.
Consistent Progression in IoT Lifecycle
Since the evolution of IoT technology, enormous progression is noticed right from sensing to control operations. IoT solutions are now designed using industry-specific approaches and standards. For example, with improvement in the sensors and sensing equipment, fleet owners can not only track the fleet but can also monitor the current performance and health of the fleet.
The opportunities are endless and it is difficult to enlist all the benefits of IoT. Though the technology is advancing at a faster pace, the overall infrastructure and sensors need to be improved to effectively handle the challenges of various industries. A refined infrastructure is required to successfully handle 3Vs (Volume, Variability, and Variety) of entire data generated from sensors integrated into the connected world of the future.
Advanced and upgraded computing tools and applications will be required to analyze and handle the huge velocity of data for getting insights into various business functions and processes. The IoT service provider experts can make it just easier by cutting down the complexities involved in this very approach.
IoT is a Competitive Approach…Smooth Sailing is Difficult, yet Important!
IoT is a vast ocean of opportunities, features and benefits; it is important to handle this approach in a smarter way. IoT technology is competitive and has been adopted in businesses worldwide; reduced cost of the sensors and devices may be responsible behind the overwhelming response.
The technology is becoming more and more affordable as WiFi and Bluetooth are available easily, everywhere. You can easily mount a sensor to gather data across various channels for analysis and interpretation. However, the challenge is that if it is possible to monitor the sensors from a remote location? Or is it possible to send updates to the sensing devices? This poses questions on the future of the IoT devices.
It is equally important to understand any security issues associated with IoT enabled devices and sensors. Are the sensors safe? Is it possible to dispose of the sensors securely as and when required? Does the sensor system completely secure and cost-effective?
These are several questions that need to be answered effectively and future IoT technology must be designed considering all these questions. IoT is in the early phase of connecting the world digitally. The world is moving towards digitalization and endless innovations will keep it going. Nothing can be compared to the digitally connected world and IoT will soon become the core of interconnectivity.