How Businesses can Manage IoT Data to Succeed?
Internet of Things (IoT) is a network of physical objects - devices, vehicles, buildings and other things; made intelligent with software, sensors, electronics and network connectivity that allow these objects to accumulate and exchange data.
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Technology is the backbone of our generation. With initiatives like Digital India transformation, technology is seeping into every bit of our day to day to life. It has now become imperative for us to innovate, use gadgets and devices that enable us to do things efficiently irrespective of our geographical location or other demographics. Internet of Things or IoT is one such initiative which enables us to achieve this.
Internet of Things (IoT) is a network of physical objects - devices, vehicles, buildings and other things; made intelligent with software, sensors, electronics and network connectivity that allow these objects to accumulate and exchange data. IoT enabled end devices sense events, relay them to computing entities in the network in near real time and enable these computing entities to take intelligent decisions. Usage of IoT is likely to disrupt the way many organizations do business today. IoT connects machines, networks and even humans to sensors and controls the sensor data with the aid of analytic tools and predictive technology, thus, automatically enhancing the functions of machines and entire business systems.
IoT has become an integral part of various business verticals such as smart buildings, retail, automotive industry, energy, healthcare and safety. IoT enabled devices provide round the clock, near real-time information and facilitate smooth communication which is utilized at the operational level for various purposes. The relevant stakeholders are able to remotely sense and control the objects which are called ‘things’ across the existing network infrastructure creating possible opportunities for a more direct synthesis of the real tangible world into computer-based systems resulting in improved accuracy, readiness and economic benefit. It is softening the margins between the physical and the virtual objects constructing new market segments and business models.
The IoT market is expected to grow to $ 566 billion connecting 8.7 billion devices by 2020 across South-East Asia, The Indian IoT market is set to grow to $15 billion by 2020 from the current $5.6 billion, as per a report by NASSCOM. An estimated CAGR of 40% indicates a rapid growth in this sector which means that we may be able to control and monitor every single device within our homes from our Smartphone’s and wearable remotely very fast. The focus of IoT is on infrastructure in the future which is expected to be entirely automation-ready, energy efficient, secure and offer an advanced way of living. According to estimates by the McKinsey Global Institute, IoT will have a total economic impact of up to $11 trillion by 2025.
Since the adoption of IoT as a technology is still in gestation phase in India, the organizations are facing challenges on how to use the army of devices installed effectively. People with brilliant use cases in domains like healthcare, security, and logistics amongst others need a way so that they can join this combat fast and focus more on the use cases rather than the underlying infrastructure. This means that there is a key role to play by IoT companies that are building underlying platforms for these enterprises. From a mindset perspective, IoT is still largely a technological discussion on raising questions such as, “How do we get this product connected?”, rather than a business reasoning on “what value connecting a device brings to us and our customers?. Companies are misusing their time and resources on the very first step in the IoT exploration and not paying enough attention on ways they can achieve long-term ROI benefits.
More connected devices mean more data and hence a humungous need is arising to systemize and analyze this data. The data is collected with the best of intentions and in huge volume, but is often inadequately documented and arranged in the systems. It is not an easy task to gather data from different sources for further analysis. Hence, there is inadequacy of proper tools to manage IoT data, if companies cleanly organize their data; it enables them to extract the real business value from it. It is believed that the challenge of sifting through IoT data can be overcome with prescriptive analytics. What makes prescriptive analytics a good partner for IoT is that it can translate collected data into simple plain language to the right person in real-time. It collects data, finds relevant patterns and recommendations for improvements, and delivers the information to the required person; at the right time in simple appropriate understandable language communicating key insights in near real time. Prescriptive analysis will be big game changer for the companies focusing on the underlying platform rather than the use case itself.
A lot of unique markets are emerging due to the role IoT can play in making things possible which are much above sensing information data and transmitting over an internet connection. Child wellness and security is an important yet unexplored part of the society which needs to come to light. It is one such market where companies are leveraging the full potential of IoT as a technology. Products and services in this area will have immense socio-economic impact. IoT has an important role to play in the lives of children and parents, it has succeeded in providing improved connected devices for monitoring child whereabouts, their health statistics thereby, helping to reassure today’s concerned parents that the kids are safe.
As far as IoT users are concerned, they should look beyond connectivity when thinking about IoT, they must understand its essence to inculcate it in their lifestyle and to appreciate the true power of it.
IoT is a thriving and expanding industry. Clubbed with artificial intelligence IoT will be the next big thing like the internet and smartphones.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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