The term Internet of Things (IoT) has been generating more and more interest in the business world. This technological concept refers to the connectivity of devices to the Internet and among each other, their ability to generate data useful to organizations and the ability of users optimizing their daily activities in their devices.
The world of IoT is constantly expanding and forecasts are predicting that this trend will increase even more, as people's daily lives lead to a multiplicity of data being generated.
To better understand this trend, just do this quick exercise: how many objects do you use with an internet connection? Smartphone, tablet, desktop, wearable? And how often do you use them and what operations do you do with them? Apart from the ones that we carry daily, there are still others around us like Smart TVs, surveillance cameras, video game consoles, among many others. The number of connected devices increases by day, as well as the volume of data generated by them and, consequently, organizations hold much more data to work with.
Since 2008, the number of IoT devices has surpassed the world population. Data is becoming increasingly difficult to manage and in this sense, Analytics and Big Data solutions are gold because they enable the handling, management and interpretation of the growing volume of data provided by the Internet of Things.
The transformation provided by IoT
The preference for products with internet connectivity has come to stay and, as such, organizations need to realize and explore the different possibilities in the various sectors. From Health to Retail, IoT has revolutionized the way it operates in all areas, driving business and improving processes through the increased volume of data available for analysis.
The real power lies in data-centric IoT. Businesses need to understand how customers are using their IoT devices. Updating the understanding of customer use cases regularly will enable them to follow evolving security requirements and identify unmet needs. Determining the average level of cybersecurity maturity of their customers will help companies invest in the right solutions.
The growing concern on the part of companies around this technology has led to a significant investment in it and in Analytics and Big Data solutions, which allow the highest possible return on that investment. Whatever the use of IoT is for each organization, it is clear that investing in this technology will result in return through information analysis, turning that information into business insights.
Even organizations that are not directly connected to technology will have to prepare for this near future and seize the opportunities that this transformation will provide.
• Through all the information generated by IoT devices, organizations can effectively understand consumer behaviour. You will be able to recognize needs, motivations and behaviour patterns better than ever, providing better decision-making regarding product development, marketing actions and business action.
• Internet of Things will revolutionize the way companies manage the logistics of their operations. For example, the IoT devices have the ability to locate the SKUs through GPS and independently and automatically record the entries and exits of warehouse items in the most reliable way possible. Organizations that upgrade their logistics units to smart units will have a significant competitive advantage.
• The fourth industrial revolution or industry 4.0 is largely due to IoT. Fully connected machines allow, for example, employees to do their work remotely. Alongside this way of operating, the new manufacturing units are equipped with machines capable of communicating with each other, which makes them capable of managing their own workflow and correcting errors autonomously, thus increasing productivity and reducing downtime.
According to IDC forecasts, the Internet of Things market will grow 13.6% per year until 2022.
In an increasingly digital, advanced and extremely competitive world, technology represents an opportunity for companies to excel, and Analytics associated with the Internet of Things, delivers intelligence in everything connected, radically changing the way we make decisions and streamline business processes.