With a lot of buzz going on about the Internet of Things, the question is not whether it will thrive or not, it is whether you’re ready for it or not. With the force with which the IoT evolution is currently brewing, many businesses will be digitally transformed, thus disrupting the current business models established in the 20th century.
According to a recent McKinsey report, linking the physical and digital worlds could generate up to $11.1 trillion a year in economic value by 2025. This is because the number of connected devices around the world is expected to increase from the current 4.9billion to about 25billion in 2020. This figure could swell if we factor that the connections will not be limited to machine-machine alone.
So what does this portend for business? It means companies will be able to produce smarter products, they’ll make smarter business decisions, it will create a change in business model, and it will provide improved consumer experience.
In general businesses are expected to benefit immensely from the IoT haul when it finally materializes. Here are 4 of such benefits.
1. You can build on existing technology
With Internet of Things, it would be easy to build on the infrastructure you already have in place, although these familiar devices and services will be used in new ways. This would help incorporate your devices and services in fresh ways so as to uncover new insights.
It would also help you build on existing systems to derive business value from them. Lastly, it would help to integrate existing business information with new machine-generated data to enhance decision making.
2. It’s easy and quick to get started
With new solutions that support common IoT setups, such as remote monitoring, bill management and data security, you can quickly move to broader IoT deployments. The Data2Go Cellular Airtime Connectivity can help you get started and scale up your business with ease no matter the size of your IoT project.
In a nutshell, it will be easy to move from a few devices to millions of assets globally as your project scales across your business.
3. You can leverage existing know-how
Since IoT isn’t an entirely new concept, it would be easy to leverage existing know-how. You should prepare for every IT professional within your company to become an expert on security.
With the influx of data comes a huge rise in opportunities for error, and you can afford no gaps if you want to stay ahead. This will require additional training and expense, but it will be worthwhile as you navigate the ups and downs of the IoT market.
4. It is profitable on the long run
Since IoT will pave way for the emergence of new business models, and the production of smarter products, it means businesses will be spending less to get more, hence a significant increase in ROI. The growth in the adoption of smartphones has seen the rise of app development by businesses to engage with, educate and market to more users.
Also, because every IoT compliant product would be designed with the aim of providing value to consumers, there’ll be an influx of resources into such projects. However, only products and services that offer utility in a cost-effective manner will eventually stand out from the rest.
It is clear that IoT portends a lot of benefit for business, but only businesses that are prepared to embrace it or are willing to embark upon that path will benefit most from it.