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Internet of Things (IoT)

Everything you need to know about the Internet of Things (IoT)- which is unravelling the true digital business potential

The world is becoming interconnected every day, from smart cities to businesses to appliances and trackers, everything is hyper-connected. IoT in brief is a huge network of devices and sensors combined with analytics and cloud services. The main purpose is of connecting and exchange of data with other systems and devices over the Internet. The Internet of things is flourishing by making sense of data and spreading across various sectors. Spending on hardware and software related to IoT is projected to grow rigorously.

As we see in the future, there will be a significant change in how we interact with digital spaces both at work and at home. The increased use of technologies at every place will lead to increased threats of security risks. Cybersecurity should be the core technology for businesses and institutes to protect themselves from malware and malicious cyber-attacks while millions of resources are working remotely.

For business, IoT is more than just establishing connections among devices and systems, it simplifies the process and opens opportunities in creating innovative products and services. As per Gartner, 61% of enterprises are transforming with new business lines and are delivering updated services to their customers with the help of their IoT business initiatives and capabilities. Organizations with a high level of awareness and expertise of IoT will achieve high rates of success in adoption.

IoT helps businesses beyond profit and revenue growth. Information technology and business partners must work together in aligning IoT projects with objectives to improve revenue and customer experience.

  • As large volumes of data flow, the IoT real-time information helps companies gain increased insight into the productivity and functioning of their processes, giving opportunities for innovation and growth.
  • IoT helps in understanding customers, anticipating their reactions, and gives insights in coming up with ways of serving them in a better way by enhancing their experience.
  • IoT is paving ways for new business lines. The IoT data can be shared across business partners, customers providing new paths to innovation.
  • Companies are adopting IoT and looking forward to higher efficiency, flexibility, and responsiveness. The adoption of IoT across various business lines will reduce operational costs and increases speed to market.

Along with the benefits, there are challenges too to adopt IoT. Technical challenges of connectivity, compatibility, interoperability, and cybersecurity are the other challenges faced by companies to embrace IoT. Also, the right talent required to implement the IoT is one of the challenges. The adoption of IoT solutions needs experience to achieve business goals a set metric to measure success. Making IoT solutions work on a bigger scale will involve a lot of integration middleware to attach edge devices with back-end software and computing infrastructure.

In the end, success in IoT comes when it adds value to its customers. Implementation is not easy, and it is not known for a quick and simple process, one should keep efforts to make it easier and deploy to achieve value. Those who can use their data and leverage insights to deliver services to customers in a fast, simple, and reliable can excel in the IoT.

Author: Tejaswini Kolli || Senior Analyst and Marketing Data Associate