IoT, or the Internet of Things, is the power behind digital transformation. The applications and interconnectivity of devices could encourage a more efficient and costly way of running things, therefore, it is no wonder that Business Insider predicts that business spending will reach $6 trillion dollars by 2020.
What is IoT?
Iot refers to internet connected devices that allow for applications and interconnectivity across devices, letting them talk to us and each other. The introduction of IoT devices into businesses and society will enhance productivity and efficiency, improve real-time decision making, solve critical problems and create new innovative services and experiences.
Whilst recent initiatives are heavily influenced by the capabilities of IoT, IoT products have been around for longer than you may expect. It was back in 1989 that the first IoT device was debuted in the form of a… toaster. The toaster could be turned on and off online and, whist this isn’t the most impressive use of interconnectivity, the toaster represented the beginnings of a shift towards internet automation.
Industry 4.0 is built upon the capabilities of IoT. Cyber physical systems are amongst the connected devices operating efficiently based on big data collected by IoT. Computer systems with machine learning algorithms control robotics within production lines with little input from humans. The machine learning, automation and data exchange between devices have enabled a safer, more efficient way of manufacturing.
Manufacturing and industry 4.0 demonstrate how IoT tech will revolutionise working methods across all industries.
IoT connectivity enables companies to deliver end-to-end solutions utilising decades of innovation and expertise. Energy companies can use these data resources to streamline implementation of new, pre-validated energy sources.
As well as sourcing new energy, IoT devices will contribute towards are reduction in energy demands. One of the most recognisable examples of IoT is the smart meter. Its automated use and collected data enable users to become more energy efficient, controlling their usage through smartphones. Smart meters allow for more accurate, real-time readings giving customers a better understanding of their usage.
IoT could also assist energy companies predict and mitigate impending problems to avoid unexpected failures impacting the level of services available to customers.
IoT is completely transforming what we expect from our vehicles. Business Insider forecasts that by 2020, 75 percent of new cars will come with built-in IoT connectivity. Nowadays, the capabilities of a car stretch further than carrying you from point A to B, vehicles are equipped with the same functions as your smart phone or tablet. Whilst this results in a more enjoyable experience for the user, connected cars could contribute to safer roads.
Connected cars are able to log and track your journeys and driving performance. Drivers can easily access information about their speed, fuel consumption, distance travelled etc., this can then be used to maximise safety and efficiency on the road. Not only this, if you break down or are involved in an accident, they car will notify the appropriate resources using your GPS location.
The healthcare industry is another vertical that will rapidly alter to accommodate for IoT. The access to artificial intelligence and big data could drastically improve healthcare services. ACT, an organization representing over 5,000 mobile technology companies, is forecasting a $117 billion connected healthcare market by 2020.
One of the most anticipated prospects of IoT use within healthcare is the assistance it can offer within the diagnosis and treatment of a patient, and the creation of drugs. IoT devices will provide medical professionals with up-to-date, real-time information that will assist in informing decisions on the diagnosis or treatment of an illness.
5. Smart Cities
IoT is supporting the development of solutions presented by emerging technologies like artificial intelligence and big data, and will no doubt will enable further innovation. IoT is supporting the move towards smart initiatives, like smart homes and cities. Barcelona has $37 million a year thanks to the smart lighting and the city’s IoT initiative has created 47,000 new jobs. Smart cities encompass all the above elements and more into one smart initiative.
What about Security?
The question of cyber security is drastically slowing down the shift in favour of IoT, and it’s not hard to understand why. A recent survey by digital security company, Gemalto, indicated that a whopping 96% of organisations and 90% of consumers lack confidence in IoT security. As more devices connect, companies face increased fragmentation, interoperability, and security challenges. A security breach on a single device could compromise the entire security of a business.
Our handy guide will advise you on the best ways to ensure your devices are protected from a cyber attack.
B60 specialises in emerging technology and we want to help improve your business through the implemention of IoT and other digital solutions. Get in touch with us to discuss how to improve your digital strategy today!