Internet
of Things has progressed from coming together of
micro-electromechanical systems, wireless technologies, micro services
and the internet. This convergence has assisted in tearing the silo
walls amongst the operational technology and the information technology,
enabling unstructured machine-generated data for analyzing the insights
which drive improvements. The IoT is simple: it's all about connecting
devices via internet, allowing them to speak to us, to the applications,
and with each other.
In the last couple of years, much has been
talked about the sensors, cameras, and other devices that will be
connected exponentially in the Internet of Things (IoT). And, the huge
amount of income potential in terms of trillions of dollars of economic
value that is being thought to emerge from it. Though the future of the
IoT may be exciting, yet much of the industry messaging has gone above
the heads of people who do not understand a thing of the IoT. And, these
people operate plants, companies, and businesses and are also
accountable for the deployment of the IoT-based solutions. Investors
wonder to see the state and think what is actually real, and what is the
hyped-up vision of the IoT-based future of industries in the near
future.
During the last few years, organizations across the globe
have started showing interest in IoT technology. Conventional industrial
organizations are managing to alter the outdated processes of
manufacturing. Also, the whole gamut of young innovative startups are
redefining the old notions and assumptions. It ensures that the
advantages of IoT technology will not keep it much far from the current
scenario. It is being implemented now on the go.
According to
reports, by the end of the year, 2008 number of 'things' were connected
to the Internet than mere people as the users of Internet. And, it is
predicted that by the end of the year 2020, the count will go much high.
The number of things directly connected to the Internet will reach 50
billion approximately. It is estimated that the overall profits as a
result of this rapid move will be around $19 trillion. The era will see
huge cost savings coming from the IoT over the coming decade.
The
concept of connected homes will become a major contributor in the
Internet of Things. Scholars say that by the end of the year 2019,
companies may bring approximately 1.9 billion home devices connected to
the Internet into the market. This will add about $490 billion to their
revenues. The tech giants like Google and Samsung are already known
players in the market. Google successfully made a deal to buy smart
thermostat maker Nest Labs for $3.2 billion in 2015. And, Samsung
acquired the IoT firm SmartThings for a deal worth $200 million.
Currently,
we have very few smart devices being used in our day to day lives. Many
of the IoT smart devices are not being used practically in our homes or
phones. The majority of smart technologies and IoT devices are used in
factories, corporates, and health care organizations. But, the study
reveals that by the end of the year 2025, the worth of the global usage
of IoT technology will rise to as much as $6.2 trillion. And health care
industry will share the highest percentage in it. It is approximated
that Healthcare industry will contribute to around $2.5 trillion and
manufacture industry will make $2.3 trillion approximately.
Do you
wonder how these technology companies will board on the move and get
started on the IoT drive? Research says that the fundamental idea should
be to start with a small and definite project that will enhance the
competence and productivity in the currently existing processes.
Numerous small and big organizations have taken steps to walk into the
IoT trend and succeeded in the path.
Here are few tips that will be helpful to lead a company to the IoT journey.
• Connected business
Consider the iconic American motorcycle maker Harley Davidson. It is
revealed that only by connecting the major operations and equipment in
their production process on one of their networks, Harley-Davidson
raised its productivity by about 80%. It has reduced its build-to-order
cycle from the duration of 18 months to only two weeks, thereby growing
its overall profit by nearly 3%-4%.
• Remote access
An Indian dairy company started observing the freezers in its ice
cream stores from remote access, gave alerts during breakdowns like
power outages. The company analyzed and concluded that within a month's
time it realized a payback and a five times return on its actual
investment in a time period of 13 months.
• Predictive analysis
The telecom giant Cisco has employed sensors and energy analytics
software in its industrial plants and decreased its consumption of
energy by almost 15% to 20%.
• Predictive safeguarding
Rio Tinto, a global mining company, employs sensors to observe the
state of its vehicles, spot the maintenance requirements within time,
before it turns into problems, and manages to save $2 million per day in
case a breakdown is avoided.
Opportunities offered by the IoT across various domains, are:
• New trade opportunities and revenue streams
The IoT ensures connected operations associated. E.g. consider the
3D printing vertical. These are personalizing and mass customizing every
possible aspect of the business.
• New trade models
The IoT enables the equipment manufacturing businesses to employ
service-oriented business models. Manufacturing companies like Fanuc,
the Japanese industrial equipment maker, is able to offer remote
monitoring, analytics, and predictive maintenance services at much
lesser costs and lessened the uptime, by collecting data from the
devices that are installed at its customer site.
• New business structures
In most of the conventional industries, consumers have typically
opted for one single vendor to get a full end-to-end solution that uses
closed, proprietary technologies. But, today, the IoT offers the
features like flexibility, cost effectiveness, and lesser
time-to-market. And, these benefits are driving a tremendous shift
towards business models based on open technology. Consequently, every
participant offers the best capabilities to enable a complete IoT
solution for their potential consumers.
• New value propositions for consumers
The IoT is assisting companies to offer new over-relevant
experiences to their customers. They are providing much quicker and more
precise solutions than ever before. Consider the ever-rising numbers of
holiday gift orders placed over online shopping just on an event like
"Black Monday." The IoT is increasing the pace of the whole fulfillment
process, right from placing an order to making the delivery.
The
connected robots and Radio Frequency Identification tags in the stock
rooms increase the speed of picking and packing the ordered items in
more accurate manner. The real-time preventive maintenance systems help
the delivery carts to get packed and get running. The sensors like
Telematic sensors help in tracking the temperature and humidity during
the complete process. Hence, you are able to track your order anytime
till it arrives at your doorstep, manage the on-time delivery of your
ordered goods, and also see that the things arrive in perfect condition
to you.
The Bottom Line
Adapting oneself to technology or what we call as Internet of Things
is not just a matter of money, thing or place. It is a big transition
from the traditional approach to life. The trend to modernize the world
towards the smart technology and the IoT concept will bring in scope for
launching new products and new services in the market. It is predicted
that the Internet of Things will be one of the biggest technology trends
of all times. The technology will give huge scope and opportunity in
the coming years.
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