IoT: Success Tool for Entrepreneurs
IoT: Success Tool for Entrepreneurs
If you are an owner of a budding startup or someone who loves to keep updated with new and upcoming technologies then IoT is a term that you might be hearing. IoT means Internet of Things; it is the network of physical objects which are embedded with electronics, software, network connectivity, and sensors which enable these objects to exchange data.
It should be noted that IoT and data go hand in hand; one cannot add value without the other. The success of the Internet of Thing completely depends on its data and how it has been analyzed to understand the meaningful information.
The ‘Things’ in the IoT refers to a variety of electronic devices that include heart monitoring implants, automobiles with built-in sensors, some field operation devices that helps firefighters and many more. These devices provide useful data with the help of available technologies and later allow the flow of data among these devices.
Growth of the Internet of Things
From pin to plane, IoT has made its way to the everyday life of a consumer. It is developing a new connection between man and machine that was once a dream for many.
How did IoT gain so much popularity in the last few years? What are the main reasons behind the growth of the Internet of Things? Well, four major reasons are boosting the Internet of Things industry:
- High mobile adoption
- Expanded internet connectivity
- Availability of low-cost sensors
- Keen interest from private and public sectors
Among the above-mentioned reasons, the availability of low-cost sensors might be the biggest reason for the massive growth of IoT. Coin sized BLE-powered sensors are now passing the power of computers to all consumer devices. From home appliances to jet planes, these BLE-powered sensors can attach themselves to any surface to capture and transmit data. This latest sensor can also become a part of human skin to monitor health metrics.
What value entrepreneurs can pull out from IoT?
Internet of Things can help small business owners to reach a wide market faster and engage with their customers in a different way. It also gives entrepreneurs an uncanny ability to remotely manage and monitor Internet-connected things, and the services that they offer to customers.
Here are some value-additions of Internet of Things:
- Business process transformation
Internet of Things will help businesses to bridge a crucial gap in real-time data collection from remote devices. It will reduce or even eliminate the manual error and economic toil required for accurate data collection. As a bonus, it also helps data to be broken down for meaningful interpretation.
- Data-driven revenue models
Analytics has replaced manual logs and spreadsheets. This is the age of business intelligence that depicts live business data in the form of dashboards. Imagine how efficient a business can be if we can collect and use real-time data from the connected devices? Analytics of IoT can allow a business to pull out new ways to generate revenue, cost reduction, enhanced customer services and also an edge over the competitor.
- Increase Business Opportunities
IoT opens the door for new business opportunities and helps companies benefit from new revenue streams developed by advanced business models and services. Products driven by IoT create strong business cases, decrease marketing time and also increase ROI. IoT has the potential to transform the way consumers and businesses approach the world by leveraging the scope of the IoT beyond connectivity.
- Enhanced Asset Utilization
IoT will improve tracking of assets like equipment, machinery, tools, etc. using sensors and connectivity, which helps organizations benefit from real-time insights. With the help of IoT, companies can now easily locate issues in the products and run preventive maintenance to enhance asset utilization.
- Efficient Processes
Being connected with a maximum number of devices to the internet, IoT allows businesses to be smarter with real-time operational data while reducing operating costs. The data which is collected from the factory floor, logistics networks and supply chain will help to reduce marketing time, inventory and downtime because of maintenance.
- Improved Safety and Security
When we combine the IoT technology with sensors and video cameras, it allows monitoring work to make sure the equipment is safe and protected against physical threats.
- Increased Productivity
To have a profitable and successful business you need to be productive. IoT offers timely training for employees, decreasing the chances of mismatched skills and enhance labour efficiency. All of this will increase company productivity.
Better use of assets enhanced productivity and smoothing of process can save a lot of expenditures. For example, real-time data and diagnostics can cut down the maintenance cost.
IoT is one of the top technologies which have the potential to do more in the coming future. Even after this amazing potential, companies should overcome few obstacles like data, lack of interoperable techs, privacy concerns, data management issues and skills to manage IoT’s growing complexity.