Home Blogs Why companies can’t afford missing the IoT bus?

Why companies can’t afford missing the IoT bus?

IoT
Image Courtesy: AT&T

Internet of Things (IoT) is a pioneering technology of the future that would transform the dimensions of the workplace and industrial process and establish new paradigms. IoT would enable a lot of evolving technologies and very quickly make a lot of current technologies outmoded. This is the main reason why companies including mega corporations and startups are eager to embrace the IoT revolution and are pouring money into IoT-related research. Companies understand the fact that the price of being left behind in the age of AI and IoT would be too overwhelming and thus are keen to incorporate AI, invest in its research and acquaint their manpower with it.

Let’s have a look at some of the main reasons that would provide an impetus for quick adoption of IoT as location factor becomes ubiquitous and is needed in multiple fields.

Location Technology

As location becomes one of the most important components of everything from targeted advertising to delivering services to navigation, the increasing reliance on location technology would provide an imperative for the adoption of IoT. Location technology would be essential in the case of interconnected devices.

Age of 4th Industrial Revolution

We have already moved past the third industrial revolution and are on the cusp of the fourth industrial revolution which will be dominated by the triad of AI, IoT and Big Data.

Competitiveness and cost optimization are among the main concerns for any organization. IoT would cater to these needs and ensure that innovativeness is maintained. As we enter the age of smart cities, IoT is emerging as the main driver of growth.

Due to innovations, it is now possible to check and analyze the status of machines in real time and to optimize their usage accordingly. In the future, most industries would rely on predictive maintenance.

Predictive maintenance can be enhanced by the use of IoT-powered sensors and the advanced algorithms that will considerably reduce both the time taken as well as the error margin. The utility of Predictive Maintenance would not be limited to only highly sophisticated machines but would also extend to common industrial machinery with time.

Smart City

Smart City is no more a mere fantasy but a collective endeavor whose fruition will be seen in the coming decades. Governments around the world are enthusiastic about smart city projects and are earmarking resources and roping in experts to make their cities smart and give a holistic living experience to the city-dwellers.

Apart from making an impact in the lives of the residents, improving physical infrastructure and keeping sustainability at its heart, smart cities would fundamentally alter a lot of things, ranging from the way traffic is managed in a city, devising new ways for increasing the safety of the people and reducing the cost of energy transmission. None of this would be possible without a robust IoT framework underlying the urban infrastructure. More data would be acquired to keep a track of the situations and thus no industry can miss on something that would be transforming not only themselves but everything around them as well.

Futuristic Buildings

The design and structure of the buildings of the past too would change to make them more resilient and less prone to natural or man-made disasters. Smart buildings would be the building blocks of a smart city. There would be an extensive network of sensors that will supervise everything inside homes and offices, be it ventilation, lightning or air-conditioning.

Companies keep a tab on their power consumption and with IoT it would be easy to set a threshold level and minimize over-consumption and wastage.

Overall Functioning

IoT would help in streamlining management capabilities and making the complex process simpler. It would also help in sifting through piles of cluttered data and winnow the wheat from the chaff using a powerful and super-efficient Big Data solution. Laying down protocols and leveraging solutions would be easier than never before and specific applications like threshold control would need to be activated just once.

There is going to be a manifold increase in the number of objects connected to IoT throughout the world, in the next 5 years. This will ensure that even if the companies do not have the exact model in their mind they wouldn’t shy away from gradually making a foray into IoT and adapting themselves to the inevitable big transition.

Also Read

How IoT enables logistics and supply chain management?