Internet of Things 101

The new uprising trend in the market is seamlessly communicating with devices, and IoT has been the frontrunner of this trend. The Fear of Missing Out (FOMO) factor is increasingly high across enterprises who are still traditionally native. But the reality is that the rules of the business game have been altered. Rewritten across the globe with technological innovation, digital transformation and connectivity. Spiralling it down to one word - The Internet of Things. IoT emerges as the protagonist across enterprises. 

Why is IoT important?

There's no dearth of data in today's internet era. But how would one extract value from it? How would one know if the data extracted still holds good for your decision? Enter IoT, whose foundation lies on data. IoT plays a pivotal role in data collection and analysis. Data from sensors, environment, motion detection, machinery, fuel consumption, maintenance and more, IoT is the powerhouse of data management. Connected devices, sensors, gateways, and assets generate a continuous stream of data that can be harnessed for informed decision-making. 

Businesses now want to stand out amidst their competition by transitioning from simple to smart. In a span of a few days, not months. Yet, some hold back and prolong the process of onboarding an IoT solution provider. With a common misconception that IoT is a luxury element. Little did they know that IoT is far from extravagance, it is now essential for daily operations. 

Benefits of IoT across Industries

IoT has evolved to become the bread and butter to all verticals. From manufacturing, facilities, commercial buildings, homes, energy, healthcare, logistics and more. 

Taking a leaf out of the IoT book:

• Smart Manufacturing: An industrialist with a manufacturing plant may find IoT useful to monitor the performance of machinery in real-time. The data collected from sensors allows operators to identify issues before they lead to costly breakdowns, optimize maintenance schedules, and streamline production processes. The magic - increased productivity and reduced downtime, which directly impacts production efficiency.
   
• Building Automation Systems: IoT-powered systems in Smart Buildings can control lighting, heating, and cooling based on occupancy, reducing energy consumption. This lowers utility bills and keeps the carbon footprints in control.
   
• Smart Farming: In agriculture, real-time data can be monitored on soil conditions, weather patterns, and crop health. This allows farmers to make timely decisions, optimize resource usage, and improve crop yields.
   
• Fleet Management: IoT largely enhances the accuracy of deliveries, reduces fuel consumption, optimises routes, and minimizes the risk of theft or damage with real time tracking and monitoring of vehicle fleet. With this level of operational efficiency, there are substantial cost savings and improved customer satisfaction.
   
• Healthcare: Wearable IoT devices can continuously monitor patients' vital signs and transmit data to healthcare providers. Thereby enabling early intervention, personalized care, and improved patient outcomes. 

IoT has evolved from a mere data visualisation tool to a life saver in a short span. Akin to oxygen for modern enterprises.

Unravelling the mystery of IoT

Not too long ago, the world was shaken apart with the concept of Internet. Connecting with peers and friends across the globe with the dial up model was quite the feat. Gmail, Yahoo messenger and Hotmail ruled the town with their innovative instant messaging platform. However, businesses watched this change from afar. But as enterprises watched technological innovation take the world by storm, they realized that the internet was the oxygen element fuelling this transformation. 

With Internet penetration, enterprises have whatever they are looking for at the click of a button - data, customers, market study and so on. But to make sense of it to take informed decisions, is where IoT comes in. It will slowly evolve into an oxygen element fuelling enterprises to think far ahead of their game.

Drawing an analogy here - Internet era : 2000 :: IoT: 2023.

Data driven decisions

IoT breathes life into data. Through a myriad of interconnected devices and sensors, enterprises gain a real-time understanding of their operations, customers, and market trends. This becomes the oxygen that fuels informed decision-making at every level of the organization. 

Process automation

Connected devices and smart systems automate routine tasks, streamline processes, and optimize resource utilization. This efficiency not only reduces costs but also frees up human capital for more strategic and creative endeavours.

Real-Time monitoring

Reacting late costs more. Capture every data point by the second to understand your assets truly and act instantly. Real-time monitoring is your first line of defense, enhancing the sustainability of critical operations. 

IoT Market Perspective

The Indian IoT market is expected to reach $9.28 billion by 2025.  A 2021 survey found that 10 IoT use cases have an adoption rate of 29%-34%. With a 34% adoption rate, remote asset monitoring is the top use case for IoT tech. Enterprises willing to adopt IoT must accept that ROI will take time. A strategic approach to IoT adoption, such as identifying the best use case that will yield results will help achieve the goal faster. 

With Internet bandwidth issues still persisting across companies, they might face local bandwidth issues in their operation facilities that hamper their ability to transmit data to the cloud. With the increasing number of IoT devices being connected, especially those that generate images and audio data, systems that combine an hybrid approach - on premise + cloud would work best for such scenarios.

In the smart home segment, while Alexa and Google Smart home devices penetrate the market, their best use case is still unknown to many. Playing music continues to be the maximum utility amongst users. While innovation continues to happen in the IoT sector, businesses must ensure to communicate the use case scenarios to the end user in a seamless manner.

Cost continues to be a daunting factor for businesses. Implementing IoT in stages, will help reduce the initial cost burden for enterprises that are looking to transform. 

As IoT continues to evolve, its role in the success and sustainability of enterprises will only become more critical. For any business that aims to thrive in the 21st century, IoT is not a luxury, it's a lifeline.