Falling cost of the underlying technology is a key aspect that has contributed to the business adoption of IoT. It has been on a steady path of development and has reached its tipping point, thereby becoming a major part for the global business community. IoT is becoming excessively important and more than three quarters of the companies are using or exploring IoT globally in their businesses to some extent. Consumers and industrial scenarios have already connected many things and thus the biggest question that arises is the impact of IoT on businesses over the next three years. In North America, 35 percent of survey respondents expect that IoT will have leading impact on most markets and industries whereas 40 percent of respondents believe that it’s impact will be limited.
In the forthcoming era, IoT will have its major impact on customer service support, products or services as well as data management and analysis. It will change the businesses by unlocking new revenue from products and services, by inspiring new working practices or processes and by changing the existing business model and strategy. Learning from success or failures, seeking advice from third party experts, training of existing staff, hiring talent with IoT capabilities and sponsoring research to establish market size are some key steps that businesses are taking in order to increase IoT usage. The companies that are planning to make the transition to planning stage must neglect obstacles as lack of employee and senior management skills, immaturity of industry standards and the high cost of the required investment in IoT infrastructure.
Nearly 35 percent of respondents from survey believes that IoT will unlock new revenue opportunities for existing products or services. While 29 percent believes that it will inspire new business processes by changing our existing business strategy and will thereby spark a new wave of innovation in the form of custom mobility solutions. It will cater us to enter in new marketing strategies by lowering down the cost base, thereby encouraging greater investments in technology. This will expose us to greater competition, thereby leading to greater cooperation and product partnerships with our competitors.
Service providers deliver exclusive application in order to gain IoT acceptance among the general public. As in case of vehicle standards, it is offering the opportunity to create global standards for vehicle to vehicle and vehicle to infrastructure communication. Thus it helps in reducing accidents and traffic congestion. Automotive industry is also leading the effort to create unified IoT standards in order to make an intelligent transport system as reality.
So, IoT is being expected to bring revolution by improving internal operations of businesses by preparing a related stream of IoT products. In order to move businesses ahead with IoT, potential financial returns from its productization are the biggest incentives. IoT is expected to transform from factory automation, automated connectivity to wearable body sensors. So it is being accepted that there is a long way to go ahead with IoT.
By: Jimmy Parker
Posted: May 14, 2014, 1:48 am
For more than a decade, Mobile Programming LLC, a Certified Mobile Application Development Company, has been providing high-end custom mobility solutions to its clients. We strive hard to provide...