Digital transformation is a phrase meaning a lot of things to a lot of people. However, for it to have any true relevance to the channel, then it has to mean a chance to make money. Regardless of the buzz about the growth of IoT solutions, customers in vertical markets aren’t awash with spare cash to fund development and roll out of technology.
The industrialized internet of things market starts to gather pace and examples of agriculture, health and manufacturing are emerging as sectors wherein some projects have been deployed successfully.
The Internet of Things could Boost Business Reach
Marketers are under massive pressure to get everything right, such as the right message, right time, and right channel. It is difficult to not see the IoT and the Internet of Things concept as a golden deliverer. After all, the internet of things could boost the reach and timelines of marketing messages, leverage the internet to broadcast content to a connected devices network. The internet of everything plays a vital role in this scenario since it enables marketers to stay connected to buyers via smart products. Moreover, data sharing is not just one way.
Through the internet of everything, interconnected devices could talk to people, to apps and to each other. By gathering sensor data, marketers could acquire real-time insight to the way that buyers are using products, powerful information that marketers could use to shape ongoing dialogue with the customers.
Accelerating the Internet of Things Journey
Forbes stated that companies that implement IoT and IoT sensors initiatives would see a 27 percent revenue growth by 2018. As a tidal wave of internet of things use cases hits a business, information technology may struggle in supporting, managing and securing the workflows.
When Two Worlds Connect
Those who are in the information technology world likely would have heard or used the term convergence. Put simply it’s a combination of a couple of more technologies to one device. It is fusing the physical with the digital world and these two have collided already. Convergence examples come in smart products, which could stream data, usage and environment or more sophisticated smart operations wherein device connectivity and data analytics allow real-time, closed-loop digital thread to connect systems, people and equipment.
Developing Internet of Things Solution
Almost $6 trillion is expected to be spent on IoT solutions and IoT sensors in the next five years. There is widespread acceptance of the relevance of the internet of everything, but bringing it from concept to realty has challenges. Developing solutions for the internet of everything is challenging, particularly with companies looking to make money, save money or minimize risk inside their organizations. The following are six reasons why developing solutions for the internet of everything is complex.
- It’s a highly dispersed device environment. With devices everywhere, pulling them together with possibly varying protocols is extremely time consuming.
- Disparate technology frameworks. Analytics, connectivity, UI tools and augmented reality are difficult to bring together into a solution, unless an internet of things platform is in use, which integrates all the capabilities.
- Platform architectures that are constantly evolving. The internet of everything is changing fast and having a platform that could rapidly adapt these changes is better, rather attempting to do it manually.
- Velocity, volume and variety of internet of things data. Data from the internet of everything presents a lot of challenges to those who attempt to make raw data actionable. Most notable is the volume that is made, the velocity in which it is delivered and the different types of data.
- Repurposed legacy technology stacks. The repurposed legacy technology stacks are sold as for Internet of Things’ but aren’t built from the ground up for the internet of things that hinders development.
- Project requirements outweigh present resources as well as development tools. There are a lot of organizations that embark on an internet of everything journey but most do not have the time, money and resources to meet the business needs and realize the value.
The IoT Is Set to Change the Future of Business
The internet of everything is set to change the future of the business environment, as well as day-to-day life. To succeed in development initiatives and accelerate making innovative internet of everything apps, it is important to have the correct organizational structure in place, the right tech platform and solutions, as well as the support of a robust partner ecosystem.
Entrepreneurs and marketers love data, and with internet of things devices connecting consumers in new ways with more interactions, they would have bigger access to data than ever before. Smart devices could track and record consumer behavior patterns, and probably even learn from them, making smart product recommendations as well as customize searches in innovative, new ways.
The IoT is not all about speed, it also means getting more accomplished in less time. Aside from instant gratification, technological evolution also has the tendency to favor efficiency and productivity. The greatest and latest internet of everything developments likely would enable a business and workers to accomplish big-scale tasks faster and with great precision, which include data management and analysis. The intersection of the physical and virtual worlds through connected devices, will not only change how people live and work, but would also bring new opportunities for businesses. The intersection of personal worlds and the internet of everything is making new markets and a new economy.
These days, digital transformation is not just an option, it is not an add-on nor an afterthought. It is a new reality, which requires an extensive digital leadership. CIO’s should explore, adapt and embrace new digital realities. They should be fearless digital leaders. The internet of things would build tens of millions of new sensors and objects, devices would generate more real-time data than ever before.