Welfare of the Internet of Things

The Internet of Things has come from bringing together microelectromechanical systems, wireless technologies, micro services and the Internet. This convergence has helped tear down the silo walls of operating technology and information technology, enabling unstructured machine-generated data to analyze the insights that create improvements. IoT is simple: it’s about connecting devices over the Internet so they can talk to us, the applications and to each other.

In the last few years, a lot has been talked about sensors, cameras and other devices that will be connected exponentially on the Internet of Things (IoT). And the huge amount of income potential in the form of trillions of dollars of economic value that is believed to come from it. Although the future of IoT may be exciting, yet much of the industry’s message has gone over the heads of people who do not understand anything about IoT. And these people run plants, businesses and businesses and are also responsible for the implementation of IoT-based solutions. Investors are wondering 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.

Over the past few years, organizations across the globe have begun to show interest in IoT technology. Conventional industrial organizations manage to change the outdated manufacturing processes. The entire gamut of young innovative startups is also redefining the old notions and assumptions. This ensures that the benefits of IoT technology do not keep it very far from the current scenario. It is now being implemented on the go.

According to reports, the number of “things” in 2008 at the end of the year was connected to the Internet than just people as users of the Internet. And it is expected that the number will be very high by the end of the year 2020. The number of things directly connected to the Internet will reach 50 billion. It is estimated that the total profits as a result of this rapid movement will be about $ 19 trillion. Time will see huge cost savings coming from IoT in the coming decade.

The concept of connected houses will become a major contributor to the Internet of Things. Researchers say that by the end of the year 2019, companies may bring about 1.9 billion home devices connected to the Internet. This will add about $ 490 billion to their revenue. The tech giants like Google and Samsung are already well-known players in the market. Google successfully signed a deal to buy smart thermostat manufacturer Nest Labs for $ 3.2 billion in 2015. And Samsung acquired IoT signed SmartThings for a deal worth $ 200 million.

Currently, we have very few smart devices that are used in our daily lives. Many of the IoT smart devices are not conveniently used in our homes or phones. Most of smart technologies and IoT devices are used in factories, businesses and healthcare organizations. But the study reveals that by the end of the year 2025, the value of global use of IoT technology will increase to as much as $ 6.2 trillion. And the health care system will share the highest percentage in it. It is estimated that the healthcare industry will contribute about $ 2.5 trillion and the manufacturing industry will earn $ 2.3 trillion approximately.

Are you wondering how these tech companies will go and get started on the IoT drive? Research says that the basic idea should be to start with a small and specific project that will enhance the competence and productivity of the current existing processes. Several small and large organizations have taken steps to enter the IoT trend and succeeded with the path.

Here are a few tips to help you lead a company for the IoT journey.

• Affiliated company

Consider iconic American motorcycle manufacturer Harley Davidson. It is revealed that only by connecting the largest operations and equipment in their production process on one of their networks did Harley-Davidson increase its productivity by approx. 80%. It has reduced its build-to-order cycle from its 18-month duration to just two weeks, increasing its overall profit by almost 3% -4%.

• Remote access

An Indian dairy company began to observe the freezers in their ice cream from remote access and gave warnings during breakdowns like power outages. The company analyzed and concluded that within one month it realized a repayment and a five times return on its actual investment over a period of 13 months.

• Predictable analysis

The telecom giant Cisco has used sensors and energy analysis software in its industrial plants, reducing its energy consumption by almost 15% to 20%.

• Predictable protection

Rio Tinto, a global mining company, employs sensors to monitor the condition of its vehicles, spot on-time maintenance requirements before it becomes a problem, and manages to save $ 2 million a day in the event of a breakdown.

Options offered by IoT across different domains are:

• New trading opportunities and revenue streams

IoT secures associated operations. For example, consider 3D printing vertically. These customize and mass customize every possible aspect of the business.

• New trading models

IoT enables equipment manufacturing companies to use service-oriented business models. Manufacturing companies such as Fanuc, the Japanese industrial equipment manufacturer, are able to offer remote monitoring, analysis and predictable maintenance services at much less cost and reduce uptime by collecting data from the devices installed on its customer site.

• New business structures

In most of the conventional industries, consumers have typically opted for a single vendor to get a complete end-to-end solution using closed, proprietary technologies. But today, IoT offers features like flexibility, cost efficiency and less time to market. And these benefits are driving a huge shift towards open technology business models. Therefore, every participant offers the best opportunities to enable a complete IoT solution for their potential consumers.

• Suggestions for new values ​​for consumers

IoT helps companies offer new, relevant experiences to their customers. They deliver much faster and more accurate solutions than ever before. Consider the ever-increasing number of holiday gift orders placed through online shopping just at an event like “Black Monday.” IoT speeds up the entire fulfillment process from order to delivery.

The connected robots and radio frequency identification tags in the storage room increase the speed of picking and packing the ordered items in a more accurate manner. The real-time preventative maintenance systems help delivery trucks get packed and get started. Sensors such as telematic sensors help track temperature and humidity throughout the process. Therefore, you are able to track your order at any time until it arrives outside the door, manage the delivery on time of your ordered items and also see that things arrive in perfect condition for you.

The bottom line

Adapting to technology or what we call the Internet of Things is not just a matter of money, things or place. It is a great transition from the traditional approach to life. The trend to modernize the world towards smart technology and the IoT concept brings the opportunities to launch new products and new services into the market. It is envisaged that the Internet of Things will be one of the biggest technology trends of all time. The technology will provide a great scope and opportunity in the coming years.