IoT development is widely in demand, with 60% of organizations heavily using IoT and 31% implementing some solutions.
Despite these numbers, many struggle to understand the full potential of IoT and how it impacts operations and bottom line.
So, First Things First, What is IoT?
IoT, or Internet of Things, refers to a network of connected devices and technology. Through this network, devices can communicate between themselves as well as the cloud.
A typical IoT system comprises at least the following components –
- Sensors/Devices – Sensors or devices are responsible for collecting data from their environments, user inputs, or usage patterns. At times, sensors can be bundled up or be part of a device. For instance, a phone has multiple sensors such as camera and GPS. At the same time, it isn’t a sensor as it performs many other actions.
- Connectivity – Sensors/devices need to communicate their data to the cloud; this is where connectivity comes in the picture. Cellular, Wi-Fi, Bluetooth, and other methods are chosen according to the specific IoT application.
- Data Processing – Once data reaches the cloud, it undergoes processing. This can be as simple as checking if temperature readings are within acceptable ranges. Alternatively, it can be as complex as identifying objects in video via computer vision.
- User Interface – After it’s been processed, information needs to be made useful to the end-user in some way. That’s where user interfaces come in the picture. These help them proactively check in on their IoT systems. Depending on the complexity of your solution, the interface may also enable users to perform actions that affect the system. On the other hand, some actions may be carried out automatically.
How IoT Development Can Transform Your Business
According to IDC, global IoT spending will hit $1.2 trillion in 2022.
Industry verticals such as healthcare, Industry 4.0, and energy have already made significant investments in IoT software development. Even construction, which is a late adopter, is expected to spend $16.8 billion come 2024.
So, what’s driving these segments to initiate IoT projects of their own?
For starters, adopting IoT technology gives them a competitive advantage. It provides better customer experience while fueling revenue and profit growth. However, IoT benefits go much deeper than these. Here are some of the ways businesses across all sectors plan to benefit from this technology.
Improved Decision Making
Data from IoT sensors and devices can help organizations make effective strategic and operational decisions. As a result, senior leadership teams get to identify critical questions that need answers. Meanwhile, all levels within the organization will easily practice data-driven decision making.
Enhanced Customer Service
IoT can help organizations with their customers in multiple ways. For starters, IoT enabled products provide insight into customers’ behaviors and preferences. This data can be further leveraged to make better business decisions and identify business opportunities.
Another way is to offer IoT devices as part of your innovative products and services. This will deliver new customer value propositions that can propel your business further.
Data generated from IoT devices will benefit operations also in several ways. It can be used to help in the automation of processes and improving their efficiency. Take for instance Rolls-Royce. The car manufacturer uses manufacturing data from its IoT devices for quality control purposes.
IoT can also enhance efficiency and productivity across your business. For instance, real-time operational insights can reduce inventory time, time to market, and maintenance downtime.
Employees too benefit from the integration of IoT as it can increase their productivity and add to competence. Analyzing their data provides insight into their need for training and troubleshooting. As a result, you can improve labor efficiency while reducing the mismatch of skills.
Better Workplace Safety
Regardless of the type of business you run, operational safety and compliance are important aspects you should ensure. Not only for the sake of your employees, but also to increase brand reputation and trust.
With smart devices integrated within the workplace environment, instances of human error will be fewer. This, in turn, increases the level of safety. Besides, the use of monitoring IoT devices can ensure the security of your premises as well as prevent theft and corporate espionage.
Improved Value of Your Business
All the data and insights courtesy of your IoT devices are quite valuable. That’s why initiatives such as Google’s Nest exist and make great profit selling data to interested parties.
Direct income aside, data is a critical business asset that can add to your company’s worth. Especially as it reduces costs by improving asset utilization, productivity, and process efficiencies.
How You Too Can Harness IoT for Your Business
There are many ways you can bring the benefits of IoT to your business. That too whether you hire IoT developers to transform your work processes or create a product you can monetize.
Connected Homes and Smart Cities
Property management and real estate companies have been at the forefront of adopting IoT. With the help of skilled developers, they can improve the efficiency and safety of housing units through solutions such as –
- Smart outlets to monitor electricity usage
- Smart thermostats to regulate temperatures
- Hydroponic systems for managing backyards and gardens
- IoT smoke detectors to prevent massive fires
- Home security systems like door locks and water leak detectors
Through these, companies can gain more control over their units’ safety. Moreover, they can use data and insights as part of their preventative maintenance.
Similarly, governments and contractors alike are benefiting from using IoT applications in the infrastructure and environment of smart cities. Some examples of IoT uses in this scenario include measuring air quality, utilizing smart lighting systems, and implementing efficient parking management.
Industrial IoT (IIoT)
Industrial IoT (IIoT) is a game changer for Industry 4.0. It entails the use of smart devices in different industry verticals to create business efficiencies. Let’s quickly go over some examples.
- For manufacturing companies, enterprise IoT can be used for predictive maintenance. By predicting machine failure before it happens, companies can avoid prolonged delays and downtime.
- Automobile manufacturers can use industrial sensors to generate 3D images of vehicle components. That way, they can speed up diagnostics and troubleshooting.
- IoT has been improving supply chain management for logistics and transport companies – from inventory management to fleet management and all the way to vendor relationships.
- Leaders in retail such as Amazon are using IoT to track, sort, and move different products.
- Almost all industries resort to IoT software development to help them improve worker safety. Solutions can be used to alert workers of a hazardous event or even rescue them after accidents.
Thinking About Venturing into IoT?
Whichever state you’re at, DPL can help you with your upcoming IoT project.
Our innovators will work with your ideas or assist you to come up with the next best thing in IoT. That way, you can achieve your goals, be they to optimize your business or add IoT offerings to your lineup.