This is an age of Technological supremacy where the businessmen are trying to become all the more Tech savvy so as to utilize all the revolutionary innovations and improve their business strategy. IoT is one such factor which has the capacity to actually bring a severe change in the scenario and those who are able to scale that in their head will not waste their time hesitating.
If you are an enthusiastic businessman willing to incorporate smart systems in your trade to reap rewards but in search of certain examples to strengthen your belief, then this article will help you. Over here, you will get to know how this smart movement will enable various kinds of industries and businesses to boost up its management and marketing. Many industries have already embraced this system and are having a good time. Go through these and then decide for yourself, if you want to belong to this category or not.
A few points About IoT
Before delving into the impacts that this thing has on others, it is important to know what actually it stands for. IoT, as most of you know, is the abbreviated form of the Internet of Things.
This IoT is nothing but a network formed of physical objects and devices like home appliances, vehicles etc. that have embedded technology in form of sensors, electrons, actuators, software and others to communicate and collect data after interacting with the external environment or internal state. This communication helps to sense and sync the physical world with the computer-based system to improve the overall conditions. This paves ways for numerous opportunities, economic growth, and reduction in the exerting works of a human.
As each year is passing, IoT is becoming all the more popular. The idea is to extend the internet connection beyond the traditional devices like desktops, smartphones, laptops, tabs etc. to devices and everyday objects which you don’t really think are fit for internet interaction. However, with the technology embedded within them, these very ‘dumb’ devices will be able to contact via the internet and you will also be able to control and monitor their moves which will eventually let your business progress in the path it is required. And, this is indeed a very revolutionary idea that challenges the traditional beliefs.
As the estimation goes, by 2020, there will be near about 30 billion IoT devices and the international market value might surge up to $7.1 trillion in the same year. Thus, it can be said, IoT is the future and if you incorporate it at present, you will only be able to enjoy more profits.
Impact on Various Industries
The idea was for IoT to reach out to everyday devices and exactly such is the case. Quite a few industries have shown the courage to include this service in their respective domains and are very happy with the decision. This inclusion has transformed their business infrastructure and also cleared their vision. The names of some industries might come as a surprise for you, but this shows that what the network is capable of if utilized in its proper power.
This is an industry which is extremely crucial and sensitive and with the incorporation of IoT, the aim is not only to improve the business but also the conditions for treating a patient. If you can make room for IoT devices, then you will be able to handle the emergency situations is a better way. For example, if you connect your MRI or any other medical equipment with the internet, you will be able to assess the repairs required in no time, and this move can be a life saving one for the patient. Monitoring is of immense importance in hospitals. And this smart sensors connected with the devices will let hospital staff monitor the functioning of the same so that the doctors face no disruption during an important operation.
Agriculture / Farming
This particular industry is perhaps the oldest occupation of all the civilizations and this is still thriving in a great way. It has accepted quite a few modifications earlier but their liaison with IoT is extremely interesting. The farmers are using IoT in various ways to monitor the moves and requirements of each animal and plant individually. They are connecting sensors with tractors to know which the best time is to plant crops. They are also using drones and sensors to observe their daily work and survey lands. With this advanced equipment, they can have clear statistics about the produces and livestock and thus will be able to improve the production and satiate the demand of the ever increasing population.
This practice of precision farming using smart technologies will surely prepare all for a better future.
People have become ardent followers of online shopping but that doesn’t mean that a visit to a shopping mall or a supermarket has suffered a change. However, the application of IoT in the retail market will definitely hint towards a change, a beneficial one. The markets use Bluetooth beacons which interact with the customer’s mobile phones to know their locations and provide services depending on that. Once connected to the app, this will let the customer enjoy abundant information about that particular object and also personalized discounts. By this way, the store can also sense the needs of the customers and will manufacture those specific items which will lead to a reduction of wastage.
In the future, it is also expected that the stores will introduce headsets with virtual or augmented reality so that the customers can try out numerous outfits before selecting one. Some popular stores like Gap are even vouching for AR trial rooms with the estimation that by 2020, 10 billions of clothes might be connected to that room.
This industry adopted the IoT in the early days and has been carrying on a smooth business using their smart meters. These smart devices are devices with the capacity of tracking and recording the energy consumption in a better way and act as a connection between the consumer and the central system of the company. With these meters, the companies are able to process accurate bills, balance the demand and supply, and also get to know when the system of the consumer might require a repair.
Of all the others industries, the impact of IoT is the most on Manufacturing. Manufacturers of all sorts are using IoT applications in their respective industries to increase the sale and improve their efficiency. Using the IoT solutions, the companies are tracking the assets, collecting data and analytics and also helping in control room consolidation. They are placing sensors on equipment and devices to track the functionalities of the same and to allow automated recovery and proactive maintenance.
With this sensing, the manufacturers will get an idea, how they need to make their machines work more efficiently to increase the output. This is actually known as smart manufacturing and according to the statistics of The Atlantic, 67% of the manufacturing companies have initiated this smart factory move. And, it is expected that the international companies will invest a huge sum for IoT solutions, by 2020, the figure will be $70 billion.
With the passing days, even our buildings and homes are becoming smart, all thanks to the IoT solutions. The application of certain smart devices has actually changed the lookout of the people. The solutions that give birth to smart building, not only work to reduce the cost but also to offer tailor-made solutions for the people who are staying there. With devices like Amazon’s Echo, Kikset Smart locks, Apple TV, facial-recognition camera etc. comfort and security have reached new limits of high. And so, people are genuinely interested to witness this change.
This is another industry which is making the most use of the IoT solutions and in the best possible way. You will find the use of these sensors in both public transport systems and also in logistics with different intentions and varying results. Software and sensors are used in public transport to analyze the data recorded with which one can assess how safely the driver is driving or how can one drive in order to reduce fuel consumption or when repairs are needed. In the future, these solutions can come up with ways to avoid traffics and reduce the chances of accidents.
In case of logistics or supply-chains, the IoT sensors will have different roles to perform. You can club this with a scanning technology, RFID (Radio-frequency identification) to have a clear knowledge about the shipping vehicles and materials. These smart sensors verify the goods, i.e. foods and others and monitor conditions like pressure, humidity, temperature, moisture etc. which can affect the quality and procedure of delivery. This tracking helps to differentiate between the various delivery items, tag them properly and supervise them throughout to ensure the best delivery.
The above-mentioned industries are the top runners in the list that have used and are accustomed to IoT solutions. These industries with the proper knowledge have been able to improve and extend their business while providing better services to the people. However, these are not the only industries which can adopt the technology to bring the change. Industries like Hospitality, Financial Services, advertising etc. also have the capacity to embrace the idea and improve their services.
- The smart devices bring to the companies the data about consumer experience and expectation with which the companies can create ads at the right time which will attract the consumers. You can consider this as an extension of the retail industry, where the consumer can scan the item’s body to receive additional and personalized information or promotion codes.
- Using the smart devices and sensors, the insurance company and banks will be able to gather more knowledge about their client which will help them to make a decision and offer personalized services to the people as per their requirements. This will let these financial institutions calculate the risk in a precise manner and therefore will have enough time to act accordingly. Presently, the vending machine with connected devices act as smart cash points but in future, the technology will surely improve and let the customers enjoy additional services.
- The prime aim of the hospitality sector is to be hospitable with their guests. Now, hotels and restaurants can actually improve their service using the sensors and software and become smart. With facial recognition camera, they can know from beforehand who their customers are. Using the sensors, they can sense the needs of the guests and can provide them with the same, even before they ask for it. They can customize food and automate lightings and temperature as per the need of the people. This will improve the experience of the guests which will have a direct and positive impact on the growth of the sector.
It is mandatory to adapt and evolve according to the changing circumstances, in order to stay in the race. And, when you are having the chance to improve the quality of your lifestyle and living, you should not let go off the chance. Indeed the applications of the Internet of Things have spiced up all the industries and will do so in future too.
This technology lets you assess your limitations, drawbacks and also provides you with the means to improve the same. When you are having the luxury to know your faults and work on it to boost your working efficiency, you must go for it.
If you are a part of any one of the above-mentioned property and have not yet incorporated the IoT, then this is the high time to make this smart move. It will change your perspective and will let you be more productive. So, to have a better future, make the most of these present solutions!