Every nascent industry needs to consider modern technology for leveraging competitive advantages in today’s business world. They can leverage the power of the latest technology like blockchain, internet of things (IoT), augmented reality, or any other to be the frontrunner in the businesses.
The business entrepreneurs have to make sure that they learn how this modern technology can benefit their business in the long run. There are various questions which businesses have to consider for knowing whether a particular technology is a perfect match for their business or not, these questions include:
- Which technology they must consider for their business?
- How can they leverage the benefits of a particular technology?
- In which areas of business they must consider involving modern technology initially?
- What will it cost to integrate technology?
There are many other questions that any of the individual businesses have to consider when it comes to learning any of the specific technology completely. One of the leading technologies which businesses can consider is the Internet of Things (IoT), this modern technology has much to offer to businesses if they consider it in the perfect manner. Hence business must definitely put the needed efforts to learn this advanced technology to take their businesses to the new level of success and to enjoy various benefits which are coming on their way.
IoT is Interacting in Various Business Areas: Explore Reasons that Justify the Statement
The internet of things has obtained huge popularity due to its compelling improvement over other all next-generation technology. Thus advanced technology has become the buzzword when it comes to market research. It possesses the susceptibility for innovation; therefore, if any of the businesses consider involving it into their business can grasp numerous opportunities that this advanced technology offers to them.
The number of short-range IoT devices in 2018 was forecasted to reach around 7.5 billion worldwide, this number is predicted to increase and reach to 17.8 billion by 2024. Analytics and internet of things (IoT) market are expected to reach around 520 billion U.S. dollars by 2021, the systems integration segment is accounted for around 116.1 billion U.S. dollars of the same in the number. (Source)
More and more business startups are opting for the internet of things based device and solution for their business so that they can carry out all the work of their business in a more systematic and accurate way. Advanced IoT connected devices provide them with quick access to access each and everything within a matter of seconds. Due to the high potential of this advanced technology, the global market for end-user solutions is forecasted to grow and reach around 212 billion U.S. dollars in size by 2019. The internet of things is one such technology that has reached 100 billion dollars in market revenue in 2017 and predicted to grow more and reach around 1.6 trillion by 2025. (Source)
Top Internet of Things (IoT) Based Application Examples which Changed the World
The latest IDC report shows that corporate spending on IoT is estimated to reach around $745 billion by 2020. Spending on this advance technology was forecasted to reach around $1 trillion by 2020. Both organizations, as well as individuals, are leveraging the benefit of the internet of things. They are using various IoT-based solutions that allow them to automate almost all their daily tasks, it also enables them to monitor and control the connected devices, this will result in enhancing convenience and efficiency in performing tasks.
Every individual thinks that the concept of IoT technology is quite simple, but the implications are not simple. This advanced technology is providing a revolutionary change in almost all business sectors like manufacturing, health care, and many other industries. Most of the businesses are opting for leveraging numerous competitive advantages in their business field.
Business startups are mainly focusing on increasing operational efficiency, they are automating their business tasks and making use of real-time data management to leverage competitive edge. This advanced technology empowers them to develop and grow their business by providing them with advanced and more effective approaches.
Businesses can develop IoT based applications to control and manage all the tasks of their business more systematically. New applications such as ubereats clone or any other can be developed using IoT technologies, this advanced technology will definitely allow businesses to implement and design more robust risk management strategies for their business than ever before. There is much other application available in the world which has been developed using the internet of technology, explore to know which are those:
IoT Sensors
IoT sensors possess digital sensors that can be connected with circuit boards such as Raspberry Pi 2 or any other more accurately than ever before. The circuit boards are programmed to track the range of data collected from the sensor devices like temperature, pressure, carbon monoxide, vibration, humidity, and much more.
IoT sensors distinguish from simple sensors in many ways, they can gather data in and can also send the data to the connected device at the same time. IoT sensors allow users to have seamless control over a large amount of data through automation, delivering actionable insights. Businesses can use this data for improving efficiency, reducing cost, predictive maintenance, and for performing the various tasks which can help them to boost their business productivity more accurately than ever before. Have a quick overview of the video to know how IoT sensor actually works
Video: (Source)
Tracking and Monitoring System
Most of the businesses these days are making use of advanced IoT powered solutions for tracking assets. These advanced IoT devices use radio frequency (RF) or GPS to monitor and track assets in real-time. This smart device can be used by businesses for verification of assets and long-range identification. Watch the video given below to know how the tracking and monitoring system actually works.
Video: (Source)
Effective Supply Chain
Supply chain managers are allowed to make improved predictions via rerouting algorithms and smart routing. They can use IoT connected devices to grasp instant after-the-incident facts about the packages through RFID and GPS signals, this can result in making a more effective decision than ever before.
Applications developed using IoT technology can help business entrepreneurs in mitigating uncertainty risks throughout the supply chain management. This allows businesses to make use of smart supply chain management programs, which improve profitability, minimize variance, reduce costs, and much more. Besides this advance, IoT powered devices can help businesses in various areas like inventory management, fleet management, scheduled maintenance, vendor relationship, and much more, this might result in improving business activities and performance to a great extent. Watch the video to know how the internet of things (IoT) is changing the supply chain.
Video: (Source)
Smart Barcode Readers
IoT barcode readers support AI-driven digital signal processing, which helps in managing inventory for retailers in a much accurate way. These advanced devices can help in optimizing numerous operations such as logistics, warehouse, retail, and many others. This advanced barcode reader uses a cloud data connection to connect with other IoT devices and systems. This connected bar code reader eases the managing process of inventory.
IoT barcode readers can be integrated into the shopping carts to manage and track it more accurately. These readers use AI-based sensors to track when any of the product is added or removed from the cart. This smart barcode readers help in transferring data by automating the transferring task. This can help businesses in offering improved checkout experience to the end number of customers at the same time and can save a huge amount of time for individual customers. Have an overview of the video to know how smart barcode readers are working.
Video: (Source)
Smart Healthcare System
IoT has introduced numerous systems for the healthcare industry. The advanced technology can be used by healthcare sectors for offering high-quality medical services through smart medical devices. IoT enabled smart devices are also well known as the Internet of Medical Things (IoMT), the technology that helps in supporting and monitoring the end number of data that can help them in making more efficient clinical decisions. Almost all the populace can access almost all the medical services with the help of IoT medical devices. Explore the video to know how this smart healthcare system works to provide the best experience to the patients.
Video: (Source)
Advanced IoT medical devices can help a doctor in real-time monitoring of individual patients remotely. This advanced device can easily measure and track the report for an emergency like heart failure, attack, asthma attack, etc., immediately to a physician, this can result in saving the life of the individual.
IoT devices can help patients and doctors to collect numerous data such as sugar levels, blood pressure, weight, and much more. This device stores all the data online, which can later be accessed from anywhere and at any time. IoT automates the complete workflow by allowing the provision of accurate and effective healthcare service to all the patients.
Internet of Things (IoT) for Business is More Powerful and Versatile
IoT has provided us with a lot of new things which have made our life much easier and quicker than ever before. Thanks to this developing technology due to which businesses can solve any of the problems within a matter of seconds. Besides this, it also helps businesses to make transactions, make purchases, take care of our health, and much more efficiently and accurately than ever before.
Credit: Data Science Central By: Manoj Rupareliya
