The year 2020 is going to see many internet-enabled devices. It is assumed that by the end of this year, the number of IoT devices is going to reach above 10 billion.
IoT is a network of internet-enabled devices like computers and digital machines that have unique identifiers which can transfer data from one device to another without needing any human to computer interactions.
As the trend of IoT devices is growing, people are looking to see it as a new business area that is fresh and has a lot of potential.
Why IoT has a lot of business opportunity?
IoT segment covers everyday life, which is why business opportunities in this segment are endless. IoT connects different tech products to home platforms. IoT offers us an opportunity to solve the problems that humans were not able to solve. IoT has many scopes in various fields like healthcare, banking, and retail.
How is IoT going to affect the business?
IoT is basically an interconnected system of different appliances, vehicles, devices, and other electronic items. It is powered by software that uses actuators, connectivity, and sensors. It makes data sharing and analysis accurate and fats. IoT frees us from executing routine tasks, which is why it is assumed that some business operations will change a lot due to its integration in the processes.
Let’s look at the key aspects that have changed due to IoT innovations:
- Data collection and interpretation – Any company that works with data collects information from buyers, records their popular requirements, studies the manner people use the online platform, and investigates the efficacy of the promotional channels of the businesses. IoT allows a marketer to pass such a data processing job to software that automatically collects and interprets the data. This makes the user experience easy and seamless.
- Inventory tracking – IoT can take away the wok burden of inventory managers. It can manage the storage units, measure the resources of the company, check if the hardware is in place, and make the requests to the suppliers in advance. It doesn’t matter if you are in healthcare, web development, or retail; you can use IoT to make your business processes easy. The best part about IoT is that it is fool-proof and makes no human-error.
- Long gone office concepts – IoT has given rise to the no-office concept. Now employees can interact with different teams using many digital devices. It’s now easy to monitor the performance of an employee and know what is happening in the company even when you are outside the physical office. This saves money on renting properties and hiring people only residing in nearby areas.
- Automated efficiency and productivity – IoT can benefit the niches that are far from the IT world. You can easily connect your devices and optimize them to work automatically. You can calculate the drawbacks of the workflow and look for the reasons why customer service is slowing down. IoT has the potential to raise the efficiency of your company many folds with no extra investments. It can enhance the quality of your product and un-burden the staff so that they can engage in creative tasks.
Security and IoT
Most IoT business ideas include the function of data processing. IoT has revolutionized our ability to collect, analyze, and store the data. There is a remarkable increase in web-connected devices, which has also resulted in data growth.
However, it has its downsides too. Access to company and personal data increases the vulnerabilities of hacker attacks. To solve the problem of security of data, data encryption technology, and international privacy policy rules were developed. However, cybercrimes are still making IoT enabled devices into their crime instruments.
Another important issue is the growing demand for IoT in the global market. In order to get success, you have to be agile and quicker than your competitors, which is putting the field of IoT in huge demand. Therefore, the developers are bringing raw products having security drawbacks. With substandard quality standards, IoT can prove to be a social catastrophe.
Among various companies, choose the best IoT company in India so that you can get the reliable and hack-proof IoT solution. If possible, hire .Net developers India to design the IoT solutions for businesses like finances, supply management, and CRM as it allows the use of multiple languages and interfaces easily with Microsoft and Windows.
IoT in different sectors
IoT in Banking – IoT development has affected the banking sector significantly. IoT empowered banks to offer their customers with customized solutions. IoT automation has turned banks into an easy to use tool to manage the finances for those who dislike the complexities associated with the banking procedures.
IoT in agriculture – IoT solutions are also very popular in agribusiness. Nowadays, various sensors are used to determine the ideal condition of the crops. These sensors are located in the soil where they keep measure the composition, temperature, and moisture in the soil, which can be very helpful in the development of the crops. They can automatically activate the irrigation, harvesting, and disinfectant programs.
IoT in Healthcare – The Healthcare sector has seen the major changes after the introduction of the IoT. It has made patient monitoring easy. Monitoring sensors can show and record the patients’ vital signs like blood pressure, pulse rate, temperature, etc. It has also made accounting systems, patient recording system, and other systems reasonable.
IoT Manufacturing – IoT can help the owner in linking the operational technology and IT, which can automate various business processes, including management of the resources and monitoring of the product quality. The use of smart sensors in manufacturing is cost-effective and time-saving. A variety of devices can monitor the production process along with transportation, which can help the companies in enhancing product quality.
Conclusion
IoT has made customer service more personalized, financial transactions easier, and medical and professional areas more inclusive. Looking at the various benefits that IoT offers, we can say that technology has already started to shape our environment.
Karan Dubal – Co founder of RUSHKAR is a technology expert. He is managing App Developers India. Having 9+ years of experience in industry makes him irreplaceable asset of RUSHKAR.