Transformation Brought by IoT in Business Process

Over the past decade, IoT and data management have been continually evolving at an accelerated pace. New ways of acquiring and maintaining data have brought about new methods of bringing a better quality of life to many, and to use data for good. 

We are looking at deftly interweaving the volumetric flow of data in up-to-date ways that flexibly give privacy, convenience, security, transparency, compliance, and governance. Nowhere is this development better expressed than in real life of the Internet of Things.

What is IoT and How do we use it?

Internet of Things (IoT) is the interconnection of devices over the Internet. It allows devices to interact with us, with applications, and with other devices. It is a network of devices, vehicles, appliances, and others that are embedded with electronics, sensors, software, actuators, and connectivity; allowing them to connect and exchange data. In simple words, IoT devices share data in a wired or wireless network.

The Internet of Things sounds like a straightforward complete description of what it is simply the interconnectivity of smart devices, of which is it predicted there will be almost 50 billion by 2020. 

The most common example given for this is a smart fridge that can notify its owner when they are running out of milk at the same time they’re out shopping, but it contains far more than simply helpful household appliances, facilitating more complex systems like smart cities and virtual power plants.

The term IoT was coined in 1999 by Kevin Ashton (Father of IoT), who described IoT as: “If we had computers that knew everything there was to know about things using data they gathered without any help from us, we would be able to track and count everything, and greatly reduce waste, loss, and cost. We would know when things needed replacing, repairing or recalling, and whether they were fresh or past their best.”

The Internet of Things is already appearing more commonly in our homes in the form of smart meters for electricity, smart heating systems, and entertainment devices like the Amazon Echo and Google Home. 

Fitness devices like Fitbits also bring the IoT to our wrists to enable us to track our exercise routines, while smart cars are growing more common, even if self-driving cars remain a long way off.

Evolution of IoT in business:

The definition stated above itself showcases the endless possibilities that IoT inventions can provide the world; changing it right at the roots. The impact of IoT is observed mostly in the business world because not only has it changed the methods of different business processes, but also the way data is collected and exchanged. 

The business world is changing with the introduction of IoT in the following ways:

Greater Access to Data:

There has already been a discussion about smart devices tracking consumer behaviour. However, the use of IoT devices to collect data will increase. Smart devices can track how users use a product and, with AI, the technology can make product suggestions to consumers. 

Improved Customer Engagement:

The same technology that enables consumers to connect to smart devices in the home will allow companies to monitor those devices as well. In so much, this will be conducted the same way modern cars will alert the driver when a system is failing or the car is due for a service.

Customer service systems will be notified when home appliances need repairing or replacing. This will enable better customer services and provide new marketing opportunities. 

Working Remotely:

With access to multiple devices in the office and on the company floor, many more jobs will be able to be completed remotely. Remote workers are frequently more efficient and more cost-effective. So, the IoT could have a useful effect on most businesses ‘ bottom lines.

Increased Productivity:

Smart devices will enhance productivity in all types of businesses. The improved data analyses will streamline many responsibilities. Ultimately, this may direct to a reduction in headcount in some fields of business. 

Create New Consumer Demands:

As consumers grow more familiar with IoT technology, they will start to demand things that they don’t currently understand they want. Smart refrigerators generate grocery lists, for example, and these would have appeared pointless ten years ago. In the future, though, it will plausibly be a standard highlight of all refrigerators.

Improved Inventory Tracking, Management, and Security:

Tracing files and assets has, for a long period, been a major problem for business. The shipping industry now uses high-tech equipment to track and control the movement of shipping containers.

With the IoT, this type of technology will become accessible for even the smallest assets. This will free up operators from manual tasks like inventory checks. It will also decrease the theft of inventory and assets.

Shorter Buying Cycles:

The Internet of Things will also transform the way that consumers will buy products. The buying cycle is possibly to become shorter. The targeted advertising that the IoT will allow will speed up the buying decision-making method. Consumers will also demand a faster, more convenient service, too. 

From the verbal placing of an order by smart devices, like Amazon Echo, to receiving the products the same day they demand instant gratification will put new demands on businesses. Businesses will need to use smart technology so that they can fulfil consumer demands.

Does IoT work on Agriculture and Governmental Organizations?

Agriculture:

IoT enabled agriculture has benefited from implementing modern technological solutions to time tested knowledge. This has helped to bridge the gap between quality and production and quantity yield. 

Data ingested by collecting and sending information from the multiple sensors for real-time use or storage in a database assures swift action and less damage to the crops. 

IoT in agriculture utilises robots, remote sensors, drones, and computer imaging coupled with continuously improving machine learning and analytical tools for observing crops, surveying and mapping the fields and give necessary data to farmers for rational farm management plans to save both money and time. 

With seamless end to end intelligent operations and advanced business process execution, produce gets processed faster and reaches supermarkets in the fastest time possible.

Smart farming by the use of IoT technologies will help farmers to overcome generated wastes and enhance productivity. That can arise from the quantity of fertilizer that has been used to the number of journeys the farm vehicles have made.

So, smart farming is a hi-tech system of growing food that is clean and is sustainable for the crowds. It is the induction as well as the utilisation of modern ICT (Information and Communication Technologies) into agriculture.

Other than smart farming, the IoT devices in agriculture are:

1. Climate Conditions

2. Precision Farming

3. Smart Greenhouse

4. Smart Greenhouse

5. Agricultural Drones

Government organizations:

Integrating IoT in government operations will be a lengthy and effortful endeavour. However, the likely benefits far outweigh the initial friction. With greater propagation and penetration of IoT, governments can take a complete supervisory role, and ensure public welfare without error. Some of the applications of IoT in government sectors are:

1. National defence

2. Smart cities

3. City planning and control

4. Creating Jobs

5. Building an ecosystem for water safety

6. Responding quickly to emergencies

How will be the future of IoT in Business?

The increase in the availability of IoT smart technology will change business. It will give more intelligent data and automation, and it will change consumer expectations. From small time-saving devices to better product enhancements, IT is about to become an essential part of the product, rather than an afterthought. 

Consumers will require faster and ever-smarter devices. They will also necessitate faster and better services. It’s the smart companies that invest in IoT technology and custom applications that will be able to keep pace with these new demands.

“By 2025, it is expected that there will be more than 21 billion IoT devices. A quick look back reveals where IoT devices are going”.

According to Gartner: “In the year 2017, there were 8.4 billion IoT connected devices in the whole worldwide. While in the year 2018 it increased to 9.2 Billion. Fast-forward to 2020? It is expected that in the year 2020 the IoT connected devices worldwide would be 20.8 Billion”.

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