What powers IoT?
The term internet of things was coined in 1999 to promote RFID (Radio Frequency Identification) wireless technology. But the IoT we have today is an amalgamation of various principles and aspects of modern technology.
Low-power, affordable sensor technology – The cost of running IoT-enabled systems would skyrocket if the sensors consumed more power. The idea of having internet of things -powered automation is to reduce costs and simplify operations predominantly.
The cloud – the Internet and cloud storage have simplified the workings of IoT. It enables IoT devices to store large amounts of data on the cloud and share data with other systems over the Internet. The cloud and the Internet are to IoT as telephone lines are to landline phones.
Conversational AI – To enable seamless machine-to-machine communication in IoT systems, conversational AI has played a key role in enabling it.
Open standards and open-source technology – IoT is powerless if there is no interoperability amongst various systems and devices. To enable easy communication and efficient data transfer, all devices, systems, and software must be interoperable and easily connected. Open standards and open-source technology enable that.
All these modern technology superpowers come together and form the base that IoT systems thrive.
Unlocking the Power of internet of things for the Ultimate Business Value
The rapid rise in popularity of IoT is because companies worldwide have realized its potential and are capitalizing on its tremendous business value. IoT has shown promising progress in helping businesses with the following:
Connecting the physical business world to the digital world
Creating new business models and building various revenue streams
Deriving data insights from IoT for data-driven business decision making
Building and streamlining business processes
Driving efficiencies through automation in existing processes
Using wearables to monitor human health analytics deriving insights
Improving tracking and maintenance of physical assets
Creating new levels of efficiencies in manufacturing using machine monitoring and product-quality monitoring
All these business and industrial applications of the Internet of Things have elevated business offerings and services. Today, we have smart cities, smart warehouses, smart manufacturing plants, smart marketing, and smart everything.
But leveraging IoT for your business is not a short-term task. It is a long process that requires a huge budget and regular maintenance post-implementation. It is not a one-time implementation process but an ever-evolving one. Once you implement an IoT-enabled system for your business, you must keep iterating and upgrading it to ensure it fits your changing business needs.
Therefore, investing in IoT without expert advice might cost you a lot of time and resources with no visible outcome.
Many IoT Saas applications and IoT-as-a-service offerings in the market can help you deploy business-ready IoT solutions effectively.
Internet of Things Adoption Challenges
Tech leaders are already busy building applications and solutions leveraging IoT for various use cases across all industries. But having a business-ready application for IoT implementation is just half the battle won. After that comes the installation of sensors, onboarding those sensors on the application, and configuring the application to automate based on the data collected from the sensors. Once all this is done, and the system is up and running, you still have to ensure proper sensors and network connectivity maintenance.
On top of that, if your business requires a customized IoT SaaS platform, you will have to build it from scratch and then complete the onboarding and transition processes. Additionally, your team of developers needs to be more skilled to handle the intricacies of internet of things . In that case, your entire digital transformation initiative might fail.
Research by Cisco says that around 75% of IoT projects fail even before completion. This is because IoT systems have a lot of moving parts in them. Major challenges of IoT adoption are:
Security concerns
Choosing the right sensor technology
Sustaining the IoT system and maintenance long term
Lack of developers skilled with IoT and supporting technologies
Interoperability and connectivity issues
To combat all these challenges and implement a future-proof IoT solution for your business, you need to look for IoT experts who can build custom solutions for you just as you envision them. To help businesses with this approach to IoT, there are experts the offer IoT-as-a-service solutions.
