Wellbeing of the Internet of Things
Digital MarketingThe Internet of Things has progressed from the union of microelectromechanical systems, wireless technologies, microservices and the Internet. This convergence has helped break down the silo walls between operational technology and information technology, enabling unstructured machine-generated data to analyze the insights that drive improvements. IoT is simple: it’s about connecting devices over the Internet, allowing them to talk to us, to applications, and to each other.
In recent years there has been a lot of talk about the sensors, cameras and other devices that will be exponentially connected in the Internet of Things (IoT). And the enormous amount of potential revenue in terms of trillions of dollars of economic value that is believed to flow from it. While the future of IoT can be exciting, much of the industry’s messages have been passed over by people who don’t understand anything about IoT. And these people operate plants, companies and businesses and are also responsible for the implementation of IoT-based solutions. Investors are wondering to see the state and think what is really real and what is the advertised vision of the future of IoT-based industries in the near future.
In recent years, organizations around the world have begun to show interest in IoT technology. Conventional industrial organizations are managing to disrupt outdated manufacturing processes. Furthermore, the whole range of young innovative startups is redefining old notions and assumptions. It guarantees that the advantages of IoT technology will not take it too far away from the current scenario. It is being implemented now on the fly.
According to reports, by the end of the year, 2008 number of “things” were connected to the Internet than mere people as Internet users. And it is predicted that by the end of the year 2020, the count will increase a lot. The number of things directly connected to the Internet will reach approximately 50 billion. Overall earnings as a result of this rapid move are estimated to be around $ 19 trillion. The era will see huge cost savings from the IoT over the next decade.
The concept of connected homes will become a major factor in the Internet of Things. Academics say that by the end of 2019, companies can bring about 1.9 billion Internet-connected home devices to market. This will add around $ 490 billion to your revenue. Tech giants like Google and Samsung are already known players in the market. Google struck a deal to buy smart thermostat maker Nest Labs for $ 3.2 billion in 2015. And Samsung acquired IoT firm SmartThings for a deal worth $ 200 million.
Currently, we have very few smart devices that are used in our day to day. Many of the smart IoT devices are practically not used in our homes or phones. Most smart technologies and IoT devices are used in factories, corporations, and healthcare organizations. But, the study reveals that by the end of 2025, the value of global use of IoT technology will increase to $ 6.2 trillion. And the healthcare industry will share the highest percentage. The healthcare industry is estimated to contribute around $ 2.5 trillion and the manufacturing industry will earn approximately $ 2.3 trillion.
Wondering how these tech companies will get on the move and get started with the IoT push? The research says the fundamental idea should be to start with a small, defined project that improves competence and productivity in currently existing processes. Numerous organizations small and large have taken steps to break into the IoT trend and have been successful along the way.
Here are some tips that will be helpful in getting a business on the IoT path.
• Connected business
Think of the iconic American motorcycle manufacturer Harley Davidson. It is revealed that just by connecting the major operations and equipment in its production process on one of its networks, Harley-Davidson increased its productivity by approximately 80%. It has reduced its build-to-order cycle from 18 months to just two weeks, thus increasing its overall profit by almost 3% -4%.
• Remote access
An Indian dairy company began observing its ice cream parlor freezers from remote access and issued alerts during breakdowns such as power outages. The company analyzed and concluded that in one month it obtained a amortization and a return five times higher than its real investment in a period of 13 months.
• Predictive analysis
Telecommunications giant Cisco has used sensors and energy analysis software in its industrial plants and has reduced its energy consumption by between 15% and 20%.
• Predictive safeguard
Rio Tinto, a global mining company, uses sensors to observe the health of its vehicles, detect maintenance requirements early, before they become problems, and save $ 2 million per day if a breakdown is avoided .
The opportunities that IoT offers in various domains are:
• New business opportunities and sources of income
The IoT secures associated connected operations. For example, consider vertical 3D printing. These are customization and mass customization of all possible aspects of the business.
• New business models
IoT enables equipment manufacturing companies to employ service-oriented business models. Manufacturing companies like Fanuc, the Japanese industrial equipment manufacturer, can offer remote monitoring, analytics and predictive maintenance services at much lower costs and reduced uptime by collecting data from the devices that are installed at the customer site.
• New commercial structures
In most mainstream industries, consumers have generally opted for a single vendor for a complete end-to-end solution using proprietary, closed technologies. But today, IoT offers features like flexibility, cost effectiveness, and shorter time to market. And these benefits are driving a huge shift toward business models based on open technology. Consequently, each participant offers the best capabilities to enable a complete IoT solution for their potential consumers.
• New value propositions for consumers
IoT is helping companies offer new experiences that are too relevant to their customers. They are providing solutions much faster and more accurate than ever. Consider the increasing number of holiday gift orders being placed through online purchases only at an event like “Black Monday.” IoT is increasing the pace of the entire fulfillment process, from placing an order to completing delivery.
Connected robots and RFID tags in warehouses increase the speed of collecting and packing ordered items in a more precise way. Real-time preventative maintenance systems help delivery carts pack and run. Sensors like telematics sensors help track temperature and humidity throughout the process. Therefore, you can track your order at any time until it reaches your door, manage the delivery of the ordered products on time, and also make sure that the products reach you in perfect condition.
The bottom line
Adapting to technology or what we call the Internet of Things is not just a matter of money, thing or place. It’s a great transition from the traditional approach to life. The trend to modernize the world towards smart technology and the concept of IoT will provide scope for launching new products and new services on the market. The Internet of Things is predicted to be one of the biggest technology trends of all time. Technology will bring great scope and opportunities in the years to come.