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
With fifth-generation 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 IoT.
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 and inefficiencies.
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.