Friday, 17 Jan 2020 The Internet of Things is transforming business, both the ecosystem and the organizations that thrive within that ecosystem.For businesses and enterprises large, medium or small, the IoT is driving growth and transformation for businesses that have the innate agility to embrace this perceptive and deeply analytical technology. From the ground to the factory floor, the retail space to the commercial aviation skies, IoT is changing the way we do business and the way business will look and function in the very near future.
THE IMPACT OF IOT ON YOUR BUSINESS
Friday, 17 Jan 2020
The Internet of Things is transforming business, both the ecosystem and the organizations that thrive within that ecosystem.For businesses and enterprises large, medium or small, the IoT is driving growth and transformation for businesses that have the innate agility to embrace this perceptive and deeply analytical technology.
From the ground to the factory floor, the retail space to the commercial aviation skies, IoT is changing the way we do business and the way business will look and function in the very near future.
The Internet of Things (IoT) is, at its simplest definition, a system of interrelated computing devices, digital and mechanical machines, objects and people – a system over which data is transferred over a network without the need for human-to-human or human-to-computer interaction, thanks to unique identifiers assigned to devices and machines.
With the rapid development of multiple technologies, automation, machine learning, wireless sensor technologies, real-time analytics and other systems, and most importantly, the convergence of these technologies and systems, the definition of IoT has become broader and more flexible.
Perhaps one of the most ubiquitous instances – and perhaps the most easily understood – of the easy adoption of IoT is the introduction of smart home devices, such as lighting devices, thermostats, home security systems or kitchen appliances that bring home the concept of how the Internet of Things has revolutionized life as we know it.
As a consumer, it is exciting for a person to imagine the humble alarm clock having the capability of telling the user what the traffic conditions will be like that day, what weather to expect, or even to remind you what meetings you have that day.
If the IoT can do so much for the consumer, imagine what it could do for business.
The core principle all business owners must remember is, business relies on data. When a business operator knows what the customer wants, it is able to adjust, adapt and thrive, and not merely survive.
As IoT brings the ability for connection between billions of devices that are capable of communicating and sharing data -- and also analysing those massive piles of data -- this simply means business and enterprise leaders are better-informed and thus, aided with better decision-making.
The advantage of IoT over other technologies is the immediacy with which these massive amounts of data are collected, shared, analysed and distributed.
Speed, in this context, is the competitive advantage, and that advantage is brought by the interconnectedness of IoT.
Establishing a seamless connection where there is a smarter, faster way to connect and control your devices over a secure and trusted network is the advantage your business needs, from providers such as Celcom Business who are aware of what business needs to be better.
Smart business solutions suites such as Celcom Machine-to-Machine (M2M) Connected Services give the business owner full control, cost savings and real-time data usage monitoring – in short, improved operational efficiency.
According to business analysts, businesses will be the top adopter of IoT, followed by governments and then consumers. It is said that by next year, there will be 34 billion devices connected to the Internet, a gigantic jump from 10 billion in 2016.
Here, we explore in further detail the ways in which IoT engagement and adoption benefits your business.
1. Knowing Your Customer? No. Understand Your Customer Better
The retail industry is one of the most prominent sectors where the transformative effect of IoT will be seen and felt first.
For example, the use of cameras and other visual sensors bring greater shop-floor computer vision to understanding customer requirements and customer behaviour.
This form of visual analytics is reportedly being adopted by more than 40% of businesses in mature markets.
Capturing information on people and their movements or buying habits or even which areas of your business they gravitate to, is useful not just for retail but also for aviation and banking and finance.
2. Gains in productivity and efficiency
IoT enables business owners to examine and understand where their employees and workers are working, how they're working and whether processes can be improved, thanks to data streaming in from sensors or systems. Changes and anomalies can be detected without human inspection, and adjustments can be made without human intervention.
When we think about this in the context of the manufacturing floor (think automotive manufacturing) or even in a distribution warehouse (think Amazon), visual analytics can help improve processes and employee efficiency.
Secondly, IoT also brings with it the digitisation of processes. Digitisation has brought greater responsiveness and agility where delivery to customers is crucial to increase the speed to market.
Process digitisation may help to reduce costs, too -- what used to cost two heads to accomplish, may now require just one digitised machine-assistant. In turn, customer-facing enterprises become more agile in promise fulfilment.
3. Creating New Business with More Data
Companies and enterprises have been built around spin-off activities from IoT, such as preventive maintenance, asset tracking and product updates, for instance. There is a huge amount of real-time data flowing around operations because IoT allows such data to flow freely, and aside from the benefit of allowing operations and business intelligence managers to monitor process and product performance, this real-time data from sensors (e.g. on assembly lines) provides opportunities for innovation and growth.
These examples and instances demonstrate the multi-pronged benefits IoT can potentially bring to businesses agile enough to adopt it. The excitement surrounding IoT and its business impact can no longer be ignored or denied.
While the future of IoT is fuelled by optimism and buzz, there are, understandably, concerns over security and regulation, but these concerns neither detract from the exciting endless possibilities in which IoT is changing everyday life for all stakeholders -- consumers, customers, businesses and public sectors -- nor do they outweigh the benefits for sustained business and the possibility of future business.
Business intelligence shows a marked correlation between adopting IoT into an enterprise’s business transformation strategy and increased revenue. This is not the only driver for companies engaging and integrating IoT into business operations, but also the hope for a business where there is a happy mix of both technology and customer focus.