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The internet of things is continuously evolving and shaping both the industrial and consumer’s worlds. The revolutionary smart technology of IoT is beginning to find it’s way in every business there is, from retails, super markets, malls, restaurants, cafes to healthcare and warehouses. It would be considered as a missed strategy opportunity which easily qualifies as a long-term failure for companies who don’t innovate and invest in IoT services.
In addition to unlocking strategic value in its wake, IoT has, in tandem with several other emerging technologies, such as Artificial Intelligence (AI), Machine Learning (ML), Edge Computing and 5G.The year 2020 has hit all 4 components of IoT Model: Sensors, Networks (Communications), Analytics (Cloud), and Applications, with different degrees of impact. As seen in the graph below, IoT sensors market share worldwide is estimated to reach 42 billion U.S. dollars.
It has already been established that we can glean massive amounts of data using IoT to drive efficiencies across businesses and diverse industries. What is crucial is the question of what we actually do with this data and how we leverage it to our advantage?
As the focus shifts to better asset management and finding sustainable solutions for energy consumption, IoT is enabling mass-scale digital transformation and automation for asset-intensive enterprises for smart asset management. Once a system embraces IoT, all assets and devices will get connected to a cloud network that can then be analysed using AI.
It can be expected that in the coming months, businesses will need to automate their processes more and make data backed decisions. Before the crisis of covid-19, automation was in many cases seen as the enemy of our jobs as robots. Now, businesses are heading towards accelerating the recovery after the pandemic and protecting oneself from future pandemics. Along with sensing and accumulating real-time data, IoT systems are also capable of reviewing the situation and taking physical action.
Automated processes can make the job run smoother, and faster. Managers can automate their process using real-time data gathering from Linkers cloud to set a visitors goal or automate marketing campaigns through social media whenever the number of visitors is lower than the minimum set. Users can optimize staff when visitors suddenly increase more than expected. As for operations, managers can receive an automated notification by email ,SMS and phone call once a certain trigger occurs, for example a machine breakdown. Also, they can automate scheduling periodical maintenance tickets for multiple operational assets and assign it to the maintenance team or a third party.
Predictive maintenance is one of the most widely used applications of Industrial IoT. It prevents operational assets failure by monitoring production data to recognize patterns and estimate concerns before they happen and enables manufacturers to reduce service costs, enhance uptime and improves productionAccording to a survey, companies who outfitted their machinery and manufacturing equipment with IoT sensors saw a dramatic increase in their working efficiency. IoT sensors also helped in predicting if a machine was about to reach a dangerous working condition or were about to explode.
The healthcare segment to record higher investment and growth in 2020. IoT has already found its way in the healthcare sector, with numerous applications, such as telemedicine, connected imaging, inpatient monitoring, medication management, connected health, connected worker, connected ambulance, along with many others. The recent outbreak of the COVID-19 has led IoT healthcare solution providers to quickly render solutions for combatting the rising demand for high-quality services for protection against the virus. Applications such as telemedicine include remote patient monitoring, and interactive medicine, along with inpatient monitoring, is expected to gain traction during this time.
IoT offers numerous benefits to the retail sector and could reach 94$ billion U>S. dollar worth or more by 2025, from inventory management, equipment maintenance to enabling a better customer experience. IoT sensors increase the business value by tracking visitors count, outdoor traffic, improving marketing strategies and comparing marketing effectiveness across multiple branches.
Linkers Cx offers a similar service where businesses can monitor real-time visitors count, boost sales, and compare marketing effectiveness.
Data-driven marketing and real-time customer data for service, advertising and more. 51% of the world’s top global marketers expect that IoT will revolutionize the marketing landscape after 2020. Marketers across different industries can benefit from IoT sensors and service as follow:
The future of IoT looks bright and promising. Our lives are about to turn much easier and efficient whether we are talking about navigating around our cities, carrying out manufacturing processes or other operations at work, or turning our homes smarter.
The true value of IoT resides in the insights and automation that are enabled when you have automatic access to real-time data on everything that’s important to your business. It will become odd to not have real-time insight into every aspect of your organization. Data and insights will flow in the background, ever-present and yet unseen, until there’s a need for human input. It will facilitate data based decision making and strategies that benefits all stakeholders, and provide for a better experience be it in healthcare, hospitality or shopping.
IoT as a technology will definitely redefine the way business is done, and lead to greater profits and smoother operations for businesses as its adoption increases manifold in the coming years.