IoT is laying the foundation for a whole new world where connectivity breeds innovation. Like any other technological advancement, IoT will also pay a major role in reinventing the way businesses are done, services are delivered and customers are engaged. As a result, it will also set the stage for businesses to achieve Digital Transformation (DX) – the modern day survival strategy.
Imagine this, every physical object that we see and use in our daily life generates some form of data. It could be temperature, velocity, pressure, vibration, etc., all these data if interpreted and analyzed can give penetrative insights about the object and why it performs the way it performs. Most importantly, the reason why it malfunctions when every other condition remains the same.
Businesses need a constant pulse on its operations. IoT delivers a near real-time basis data output on operations. It is a match made for each other. In fact, some even call IoT to be the Third Industrial Revolution where humans, machines and external environments will communicate with each other seamlessly.
By connecting all devices and operations under a common roof, businesses will be able to transform their productivity and service delivery. As a by product, there will also be a reduction of operational costs since the business will no longer be incurring losses due to manual errors and inaccuracies.
IoT as the Fuel for Digital Transformation
When Internet bandwidth, accessibility and mobile connectivity exploded with growth, businesses that adopted a lenient approach towards digitization ended up being broke. Majority of them were pushed to the last ranks of the race while companies that sprouted days ago started raking top market ranks.
Internet of Things can be rightly called a second chance for those enterprises which missed to tap into the Internet revolution. And combined with the growing trend of Digital Transformation is nothing but a catalyst for businesses to plunge straight into the heart of competition.
So, how exactly does IoT serve in Digital Transformation? To give a summary of the process, IoT – the sensor based world of connected devices can automate several business processes that are still stuck following legacy systems established in the pre-Internet era. In a way, businesses will not a paradigm shift where the business is not adopting technology, but technology is adopting the business.
Here is how IoT contributes to DX:
Actionable Data Analytics at its Helm
By 2020, Cisco estimates the world to be home to be about 5 Billion to 20 Billion connected devices.Even your home appliance like microwave oven, refrigerator, thermostat, garage doors, etc. will act and churn out data like your smartphone. These devices will create massive amounts of data which will feed data analytics thus shedding insights into how and why Things work and how they can be improvised.
For manufacturing concerns, power generating & distributing agencies and many others, this would set the stage to have an up close of how their equipments function and where losses can be plugged to maximize output. Predictive data analytics will also reveal proactively when a machine is bound to malfunction thus giving enough room to plan for repairs or downtimes accordingly.
Cloud Connectivity for Business Acceleration
Cloud is one of the building blocks of DX. It enables enterprises to quickly exchange, transfer and act on data on a real-time basis. Cloud connectivity offers businesses with multiple benefits like:
- Real-time connectivity
- Quick scalability
- Uninterrupted workflow
All these benefits in turn are essential prerequisites for digital transformation. Cloud connectivity also facilitates Things to connect with application software or other Things real-time thus accelerating business transformation.The entire ecosystem of IoT works on the cloud. They transmit, collect and decipher data that is passed through cloud servers.
Inventive Ways to Connect with Customers
Digital Transformation relies on connectivity, social, mobile and cloud to help businesses achieve their objectives. With IoT the range of reach expands farther into social and web networks where users spend more time. This opens up alternate ways to connect and interact with customers.
For instance, in the present, most of the customer service is reactive in nature. The customer initiates an action to fix something only when it breaks down or malfunctions. However, in the IoT world, devices can indicate well in advance when there could be a possible downtime thus helping to serve customers in a better fashion.
The Growing Momentum of Connected Cars
Connected cars are a classic example of how IoT can be leveraged for DX. Smart cars equipped with sensors and cloud connectivity will be able to share with manufacturers the vital stats of the car. Correlating them with driver behavior, manufacturers can determine what components of the car could be suffering maximum wear and tear and when they may have to be replaced to keep the car in top shape.
The same data can also be used by the vehicle owner to negotiate a beneficial insurance premium. Usage-based insurance is a concept that is being discussed around the world and might soon find itself in the real world soon.In fact, EY in its white paper has found that millennials are more inclined towards adopting a Usage Based Insurance model that relies on data generated by the car.
All this leads us to the conclusion that IoT Digital Transformation is the next big wave that enterprises must ride to steer ahead of competition.
What Lies Ahead?
“IoT + DX is a dream match. Together, they can accelerate the business growth and customer service models that modern businesses are striving hard to reach,” said Sriram Manoharan whose company Contus has tasted success by launching a good number of IoT applications under the brand name Contus Connect.
“We are being ushered into a future where technology and its fragments like wearables, connected cars and many others build business models that helps businesses to shun their past and embrace the bright future.”
“Going on, businesses will not be adopting technology, but they will be mainstream tech companies that render core industry services with a difference. IoT and its connectivity will make that possible. Along with that DX will also be implemented thus leveling the field for all businesses alike.”
For more information visit : http://www.contus.com/internet-of-things-app-development.php