4 Ways How IoT is Rewiring the World Works
There are few technologies in the world today that can have a trillion dollar impact on the global economy. The IoT (Internet of Things) is one of them. McKinsey, the global think tank, estimates that IoT will have an economic impact of between $ 4 trillion and $ 11 trillion by 2025 (Source).
The IoT brings organizations a whole new way of working in which it becomes easier to control, manage and monitor hardware located remotely. In addition, it can open up many business models and revenue channels that were previously inaccessible due to the lack of a suitable hardware and software solution. The IoT will also allow businesses to have a new pair of eyes to examine data for insightful business insights.
From healthcare to home automation and even connected manufacturing, the IoT is creating new ecosystems that will rewire the way we interact with IT equipment and real environments.
How IoT is rewiring the world as we know it
When it was first presented to the world, many called the IoT a hype that will die out over time. However, time and market performance have proven that IoT is not a hype but a solid technology with real world applications that can examine business processes.
It has become a technology that digitizes the physical world using penny-sized sensors. Yes, IoT helps with BLE (Bluetooth Low-Energy (BLE). BLE, also known as Bluetooth Smart, is an important protocol that turns ordinary IT equipment into smart equipment that can connect to cloud servers over the Internet to share data in real time. the process, it creates billions in revenue and impact profitability for several industries.
The impact of IoT on health
The most sensitive industry vertical in the world is undergoing upheaval with the IoT. For a long time, medical professionals and caregivers have relied on estimates of patient data, which has skewed treatment decisions and caused heavy losses for both parties. In addition, it has never been easy to get real-time information on large-scale patient health statistics in a large hospital.
With IoT, a new generation of wearable patient devices is entering the market that can solve health problems for all. The most basic version of this is the common fitness bands and trackers that most consumer markets have accepted with fervor. however, IoT in health will introduce highly advanced patient wearable devices that can track sensitive health statistics in real time, transmit data to cloud servers, which healthcare professionals can easily track through web and mobile applications.
Source: Embedded computing
The impact of IoT on manufacturing
Imagine that a manufacturing plant the size of a soccer ball becomes a data vomiting surface? The possibilities that this manufacturing data will create are immeasurable.
The biggest impact of IoT on manufacturing can be listed in two ways:
- It will transform the manufacturing process by helping staff perform predictive maintenance, better asset management and capacity utilization.
- This will create new business models similar to All As a Service in which third parties will help manufacturers manage their assets through IoT data analytics.
One of the main benefits that IoT will bring to manufacturing is predictive asset repair. Traditionally, manufacturing equipment is maintained on the basis of schedules prescribed by OEMs (Original Equipment Manufacturers). However, when the equipment failed unexpectedly, there were cases causing downtime and delays in repair and overhaul. The resulting losses were in the millions or even billions, depending on the scale of manufacturing operations.
For example, IoT sensors connected to an oil pipeline can collect data and upload it to cloud servers, which can be further analyzed to determine predictive results. A remote operator can broadcast the data to decide what type of preventive maintenance should be initiated to avoid downtime or improve asset utilization.
The impact of IoT on mobility
One of the biggest lifestyle improvements the IoT will bring to the world is smart cards. The recent impressive car models from Tesla, BW, Audi and others are computers with sophisticated software running on wheels. Under the hood, connected cars are powered by a mesh of IoT sensors.
These connected cars will have features that were previously considered science fiction or in the James Bond movies. Connected cars have the ability to sense their surroundings using a wide range of sensors including motion, display, light, weather, etc. Based on the sensor readings, the car can redirect to a shorter or less congested route, display the car’s vital statistics to the driver, take anti-collision action, etc.
For example, an IoT sensor can provide real-time fuel efficiency, battery life, and other vital vehicle diagnostics. In other words, IoT can bring a plethora of lifestyle and safe driving features to everyday commuting.
The impact of IoT on home automation
Homes, which have been primarily seen as the last priority for technological advancements, are given a higher priority in the IoT wave. An IoT app sleuth is created to revamp the home living experience. It starts with automation that will require residents to put in minimal effort to manage and control their devices.
One of the most popular use cases is home automation. Home automation will allow users to easily automate routine tasks in the home that previously required manual actions. This includes air conditioning for HVAC systems, access controls, lighting and heating controls, etc. The IoT will allow users to control their smart home devices such as lights, fans, air conditions and several other types of equipment online through cloud servers. This will increase the use of assets, reduce the waste of energy and also significantly improve the standard of living.
Source: Research portal
Unlocking the True Potential of the Internet of Things (IoT)
Although IoT is a technology that changes the world, unleashing its true potential requires critical thinking, proactive planning, and diligent implementation. Considering the wealth of IT expertise available in the world at this time, design an application for IoT is not a cumbersome process.
What will decide the success of an IoT application is the idea. IoT can automate everything; However, automating the right business process to a specific limit cannot unlock its true potential. For companies that rely too long on manual processes and analog workflows, IoT can infuse a digitalization that will increase their productivity and transform them into the modern digital age.
Without a doubt, the IoT opens up a vast world of connected devices. It can enhance man-to-machine and machine-to-machine collaboration, creating tangible business benefits.
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