Because of the arrival
of more and more high-end connected devices, we are on the brink of a fresh period
of enterprise productivity. Experts forecast that over half of fresh businesses
will operate on IoT by next year, which will make these more automated than
before and will save these millions in enhanced productivity. However, with promises
such as these being talked about, several managers ask: in what can the
internet of things help my company work smarter?
There are many ways
in which it can help accomplish your goals, but a question to ask those
businesses that already use IoT is this: Are You Prepared?
What Is Going To Happen In the IoT Industry?
As per an estimate
by International Data Corporation, spending on IoT will reach up to about $1.2
trillion three years from now. With that in mind, it is predicted that $6
billion or so will go to the making the internet of things solutions, including
software development, system integration, device hardware, data storage,
connectivity and security. Those investments are also expected to produce $13
trillion six years from today.
Right through this
development phase, platforms that allow you to see incoming data, as well as to
exercise the ability to manage digital technologies, will keep being the glue
which holds IoT together. These platforms enable the internet of things to
achieve the transformation potential of it, allowing businesses to manage their
devices, analyze data and automate their workflows.
Concerns over Data Security Will Cause Regulation to Happen
There has been an
increase in the number of IoT devices, and this has meant that privacy and
security concerns are also increasing across the world. Last year, the EU
(European Union) put GDPR into practice. General Data Protection Regulation has
caused similar privacy and security initiatives in many countries. These procedures
will keep helping to protect the user data and regulate the way companies and
marketers can harness IoT devices as this market evolves. If you do not know,
IoT is an evolving market.
5G Will Increase the Extent of Internet of Things Possibilities
internet connection, the mix of responsiveness, reach and speed could just
unlock the complete capabilities of growing and developing technologies. This
will offer a significant boost to autonomous cars, virtual reality, drones and
The Forbes magazine
predicts 5G to officially be an internet of things enabler in the years to
come, which will help innovators get the tools that they require to solve previous
issues and create conveniences.
Forbes noted that,
“Manufacturers will [also] expand and redevelop their factories and warehouses
to support 5G networking, infrastructure, and security to create new 5G
products and remake and reimagine old ones.”
Because of this
extent of development, you will have to make sure that your business has a solid
strategy for adoption to make an internet of things ecosystem, which will work
securely and efficiently.
Connected Business Intelligence Will Thrive
Of late, the process
of investing money in the connecting of artificial intelligence and IoT has
been considerable. Microsoft recently announced their vision for both Intelligent
Edge computing and Intelligence Cloud computing. Together, these provide a
comprehensive solution which will allow devices to do AI tasks locally, yet stay
internet-connected for management functions and to provide real-time insights. This
creates a beneficial framework for discovering solutions to daily business problems
When IoT evolves,
we will likely start seeing the state of affairs for this technology develop
considerably beyond conventional use cases that we see nowadays. This could
mean intelligent buildings, smart cities, and intelligent task management, helping
the workforce to be more productive and society be much more efficient than
before. Therefore, we will keep seeing companies focus a lot more on storage
requirements and safeguarding as they make good use of every benefit of IoT.
Tips to Help Make Your Business Ready For an Internet of Things Future
The future looks
promising for IoT, but businesses should implement preparatory measures to make
the maximum use of this technology, and remain safe in doing that. Below are some
things you will have to think about when you implement IoT devices.
Appointing Specialists to Interpret Business-Related Data
IoT sensors offer a
limitless flow of information, which could give businesses insights into the
way to make efficiencies better. It is important to be able to convert this
data into normal language to get the maximum benefits through it.
However, it is a
huge task to organize large amounts of information derived out of IoT devices.
Companies should have data managers and analysts on staff who are tasked with
interpreting the data to respond to and take strategic calls based on that data.
Preparing for Data Storage Requirements
IoT devices often
gather lots of data, so you will have to find an appropriate storage location
for everything it collects. Investing in your local storage system is an
option. The other option is to rely on a cloud data storage provider. The
latter is likely to be a cost-effective option than the former.