It is estimated that the number of devices connected to the Internet of Things (IoT) will quadruple before 2025 arrives, growing from 7.3million to over 27.5million. IoT is now not just commonplace in a modern market; it is integral to it. In fact, the Internet of Things has been dubbed the ‘next Industrial Revolution’ because of how significantly it impacts businesses and consumers. But, what is it? The Internet of Things is an ecosystem built on devices and things, combining sensing and signalling technologies to connect, collect, process, and transmit data to Cloud platforms. This allows for insight and action from companies, enabling them to analyse their data better – and make better business decisions. IoT is made up of connected smart devices, such as smartphones, tablets, computers, and even wearable technologies such as watches. It has become so commonplace, that many people, and indeed companies, do not even realise that they are using IoT in many of their operations.
The fault in this is that these companies do not know how to make the most of their digital investments and the insights they offer. Given how expansive the industry is becoming, there are also challenges to consider when implementing and maintaining IoT solutions, such as whether the investment is relevant to the company’s long and short term goals, and how capable an organisation is at maintaining and making the most of their digital technologies.
At the end of the day, however, businesses need to be making a conscious effort to Journey to IoT. It is now an essential part of making smarter decisions and offers improved energy, efficiency, convenience, automation, and security. It is innovating modern business in 4 key ways:
- With Data: Data drives the current word, and with IoT, becomes ever more powerful. We are dealing with more data than ever before, and companies must consider how to get the most out of it without becoming overwhelmed. Fortunately, IoT Solutions allow business leaders to monitor and manage their insights, helping the uncover innovative patterns faster and with more accuracy than ever before.
- Safety: The Internet of Things is driving safety in the workplace – not just cybersecurity. Cutting edge technologies, such as those used by Laing O’Rourke, are improving workplace wellbeing across the globe. From heat and stress monitoring to machine maintenance, and more – IoT is helping the people within a business, and not just the company itself.
- Automation: With devices centrally connected and controlled via a wireless infrastructure, IoT enables automation to improve corporate efficiency and productivity. This improves output and innovation within a company, allowing workers to focus on success without worrying about mundane tasks.
- Costs: The Internet of Things helps businesses save money by helping them save time. IoT helps with daily routines, making communication and collaboration more effective and improving efficiency and accuracy across the board. Companies with good IoT solutions in place are capable of optimising their energy and resources – and even respond better in the event of a cyber emergency.
There are many challenges associated with adopting the Internet of Things, but the benefits far outweigh these. IoT is innovating how we do business and will continue to innovate corporate journeys around the world.
If you are interested in finding out how to make the most of your digital investments, and ensuring your innovation puts you ahead of the competition, reach out to MOQdigital today.