#benefitsofiot

If you combine both IoT and Blockchain networks (running with smart contracts), what you'll get is an entire ecosystem which can perform operations all by itself with no need of human interference. 

Save upto 60% of development cost and also get team of experienced blockchain web developers, state of the art infrastructure and latest technology development. 

The Internet of things - a concept that has captured the imagination of many and the aim of building an ecosystem of devices, sensors and smart actionable data is a long-awaited innovation that is promising to take off.

What does it promise? What does this mean for our lives in business?

Well firstly the industry analyst predictions are staggering:

Gartner forecasts that by 2020 the IoT will have grown to over 26 billion devices, with an industry value of around $8.9 trillion

Cisco reckons 50 billion by 2050, with a value of $14.4 trillion by 2023.

Some of technology’s biggest players have already sought a lead in this potential goldmine – the latest example being Google’s £2 billion acquisition of Nest Labs, which produces a thermostat capable of learning user behaviour by analysing things like temperature, humidity, activity and light levels. The application for the IoT is almost limitless.

The result could transform the way we live our lives, at a proliferated rate of what the internet and smartphones have already achieved. Objects will no longer just be objects, they will effectively have brains. They will know about you, about your habits and your needs and they will customise themselves to know exactly when and how you want to use them.

However, we believe that the enterprise sector will leverage IoT sooner than end consumers.

Indeed, it is estimated that the size of the enterprise IoT market will account for 39% of the roughly 23 billion active IoT devices expected by the year 2019. It will be the largest of the three main IoT markets including enterprise, home, and government1.

That is because ubiquitous Internet connectivity and devices present organisations with tremendous opportunity to create innovative products and services, drive down operational costs and serve up additional revenue streams.

 IoT is already heralding transformation across industries, and it will bring about even more significant change in the coming years with the evolution of standards. IoT can help organisations utilise their business infrastructure and assets in innovative ways to offer new services and deliver additional revenue. Moreover, deriving meaningful information from the huge volumes of data that IoT produces can improve decision–making and enable proactive, pre­dictive insights. 

Compelling Benefits of IoT

 IoT offers compelling business benefits and value that organisations cannot afford to ignoreincluding cost savings, improved revenues and opportunities to innovate.

Efficient processes

Organisations can use real-time operational insights to make smarter business decisions and reduce operating costs. They can use real-time data from sensors and actuators to monitor and improve process efficiency and reduce energy costs. 

Improved productivity

Productivity is a critical parameter that affects the profitability of any organisation. IoT can improve organisational productivity through greater business process automation, directly from sensors to smart alerts and actionable notifications. It also allows to minimise errors due to human intervention and improve information reliability.

Improved asset utilisation

With improved tracking of assets (machinery, equipment, tools, etc.) using sensors and connectivity, businesses can benefit from real-time insights and visibility into their assets and supply chains. For instance, they could more easily locate assets and run preventive maintenance on critical pieces of infrastructure and machin­ery to improve throughput and utilisation.

Better decision making through smart data

Deriving smart actionable and meaningful information from the huge volumes of data that IoT produces can improve timely decision–making and enable proactive and pre­dictive insights.

Significant cost savings

Costs can be reduced through improved asset utilisation, process efficiencies and productivity. Customers and organisations can benefit from improved asset utilisation (e.g. smart meters that eliminate manual meter readings) and service improvements (e.g. remote monitoring of patients in clinical settings).

Looking Ahead

By mastering and honing their ability to create and manage IoT applications, industry leaders are establishing new thresholds of performance and delivering highly personalised customer experi­ences, products and services, while achieving high efficiency levels.

Organisations can only expect to witness faster transformation and dis­ruption of their traditional business models given the rate at which digital technologies, devices, connectivity and networks are evolving.

Clearly, the winners will be companies that weave IoT into the fabric of their business to compete with new entrants to keep growing their business.

  1 Business Intelligence report, January 2014.

The Author