The Internet of Things (IoT) is an inherently vague buzzword. An IoT device can mean anything from an appliance in your smart home or your connected car to essentially any object into which some company has decided to put a chip and connect to the internet. our lives now generates data. Smart watches track each step we take and sense each beat of our heart. The smartphones
In actuality, consumer-facing devices are only one bucket under the larger IoT umbrella. The IoT has been around a lot longer than the term “IoT” has.
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Almost every aspect of in our pockets know our location at any moment, our hobbies, where we’re going on holiday, and what we’re considering buying.
The IoT market – which includes hardware, software, systems integration, and data and telecoms services – is expected to grow to $520 billion by 2021. That figure represents a more than 100 percent rise on the $235 billion spent in 2017.
Five key ways that the IoT is enabling successful digital transformation today.
In a shopping environment, IoT is all about reducing friction in the buying experience and helping customers to interact with products, often in a virtual or augmented reality environment, pre-purchase.
One of the benefits of these new insights is often a reduction in operational expenditure and downtime.
For example, the rapid emergence of digital twin technology – digital models of physical assets built from real-time data, either in pure data form or as explodable 3D representations – is a key competitive differentiator in industrial IoT applications.
By connecting a business’s key processes, leaders can more easily identify ways to boost efficiency and productivity.
4.Asset tracking & waste reduction
Closely linked to efficiency and productivity is the drive to reduce waste, to which IoT tracking is integral.
While the most obvious use cases for the IoT revolve around efficiency, productivity, and process monitoring, we’re increasingly seeing companies recognise the scope for it to provide them with information about their customers and how they use their products.
BY: Megha Birthare