Why I should invest in IoT


Let’s have a look at the statement by John Chambers, former Cisco CEO — “500 billion things will be connected to the Internet by the year 2025. “ This summarizes the scope of connected devices in coming years.
Here’s another statement by Raj Talluri, Qualcomm senior vice president of product management — “I don’t think anyone really knows yet how big it’s (IoT) going to get because the possibilities are really endless,”
Many businesses will likely upgrade their equipment in coming years and install “smart” machines and devices that can be hooked up to the Internet.

Act or Perish :
Your competitor is already cutting its food-service inspection process in half, responding to customer queries in a fraction of the time, enabling online grocery shopping with one-hour delivery and doing many advanced things with IoT. You consider yourself ready to compete with these advancements? If the answer is no, you are in trouble even though you might not have realised it yet.
Businesses all over the world are already taking advantage of the Internet of Things by connecting their devices to create new insights from data that help them transform. It’s time to create an Internet of Things strategy so your business can lead, instead of fighting to catch up. So don’t waste a second, remember time is crucial in this technology led world.

Get Your (Idle) IT Assets’ Ass to Move :

You already got some IT assets in place ? Great..start with them and build upon them. You can add few more devices,connect them to the cloud, and enable them to talk to each other, your employees and your customers. Transform your business by utilising the data those devices will generate with the help of business intelligence tools to have deeper insight into what your customers and employees want and need.

Small Changes, Big Impact :
The Internet of Things starts with identifying processes that matter most to you, then going on making small changes that will have a big impact. Connecting devices to each other and enabling them for communication will automate major processes and save time and cost while improving the efficiency at the same time.
The IoT doesn’t have to be overwhelming — a few key improvements can make a big difference in overall system. Connecting devices and systems will also help you shave hours off critical operational processes. Spend less time pulling reports, and more time creating new services and products based on insights provided by your smart devices.

See (Already Existing) Patterns :
Every piece of data collected from your devices is a clue to the products and experiences your customers are looking for. Visualise emerging patterns and predict behaviour to anticipate trends and give your customers what they want, before they even know they want it. Consider your smart devices as a data mine that is continuously generating valuable data. There are tools and techniques to help you identify patterns and derive actionable conclusions. Businesses can collect more and more specific feedback on how products or equipments are used, where are they placed, who is using them and even what your users might want in the future.

Earn More Bucks :
Connecting devices, data and people with each other will improve the speed of your processes and provide you fresh insights, resulting in new business opportunities. Automating manual process frees up your time to concentrate more on critical aspects of business without sacrificing the quality. This itself is a huge benefit that IoT offers. The Internet of Things doesn’t just offer greater efficiency — it also opens new doors to plenty of business opportunities and revenue streams that businesses can seize upon. IoT has the potential to change the way organisations connect with consumers, and, in turn, businesses will need new devices and services that help them navigate this changing, ultra-connected landscape. Above and beyond all this, Internet of Things also has a potential of changing the whole business model for some businesses.

Improve Agility :
Data insights can help you respond more quickly to your competition, customer’s demands and volatile market conditions. Collecting and analyzing data gives you quick insight into trends, so you can change your production activity, fine-tune your strategy or find alternatives that save you cost and time. Internet of Things help you spend less time wondering and more time taking action. So if you are aiming for a long haul, you must catch up with latest trends and technologies.

Make Your Products (Much) Smarter :
In the past, we were happy with our phones being able to make phone calls. Today, we expect a lot more from this small device which we carry in our pocket. So, while it might seem strange or unnecessary at first glance to have a smart cup, an internet-enabled bulb, or a smart yoga mat, these are just the first forays into the world of the Internet of Things.
Only time will tell which will stick and which will go, but the point is that businesses will have the opportunity — and eventually, the urgency — to make “smarter,” more useful, more connected solutions.

Based on these pointers alone, we can conclude that to not be invested in IoT is a very big (and potentially costly) mistake.
So identify technology trends in your industry, identify partners which fit your needs and get on the IoT wave. Ride on it before it washes you away.

Source: https://theiotmagazine.com/why-i-should-invest-in-iot-fb9e8db188f2

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