The Internet of Things has the potential to provide business value that extends beyond operational cost savings. IoT ecosystem providers have a largely untapped opportunity to develop compelling IoT solutions that investigate how the ability to collect and analyse disparate data in real-time and across time might transform the business. These developments will take place within and across enterprises, providing opportunities for long-term value creation and even disruption for those who can see beyond the incremental.
The Internet of Things has the potential to provide business value that extends beyond operational cost savings. IoT ecosystem providers have a largely untapped opportunity to develop compelling IoT solutions that investigate how the ability to collect and analyse disparate data in real-time and across time might transform the business. These developments will take place within and across enterprises, providing opportunities for long-term value creation and even disruption for those who can see beyond the incremental.
This year, some experts predict that machines will generate more data than humans; with that expectation comes a renewed focus on the promise of IoT.
According to a recent survey, nearly 75% of executives said their companies were exploring or implementing some type of IoT solution, and executives believe that integrating IoT into the main business is necessary to remain competitive.
“Analysts anticipate significant growth for the entire IoT ecosystem, though estimates vary.
The Internet has always linked devices, but those devices have typically been computers mediated by humans. People have made the Internet dynamic by sharing pictures, creating ideas, uploading videos, crowdsourcing assets, and making decisions based on circulated data. Now that technology has progressed to the point where machines can make the Internet dynamic, the stage is set for IoT. In recent years, the improved cost performance of computing, storage, and bandwidth has enabled devices of all types—including smartphones, wearables, appliances, medical equipment, and vehicles—to connect to the Internet and each other in order to create, share, and analyse information without the need for human intervention.
Higher-speed networks, cloud storage and computing power, the proliferation of low-cost sensors and positioning devices, and advanced data analytics capabilities are enabling rapid advances that make a variety of scenarios for the future of IoT plausible.
Given the optimistic forecasts and large market figures, it is worth asking: where will the value in IoT come from? If the expected benefits to firm performance outweigh the costs and risks, enterprises are more likely to adopt a technology solution. Existing machine-to-machine (M2M) and extended network endpoints in IoT, as well as early-stage IoT solutions, provided some proof points, but have yet to unlock the full business value of IoT.
We at Moptra aim to leverage the power of IoT and build innovative solutions with our team of IoT Experts and project management expertise.
To learn more about our work in the IoT domain, get in touch with us.
