Over-hyped. Massive potential.
These are the two contrasting replies we get from business leaders when asked about Internet of Things.
For most companies where technology is a way of living, IoT is now a pet project. Developers and small huddles put their heads together around tiny devices embedded with sensors to build an IoT-enabled device that can do something awesome, something beyond the usual.
“A well-planned IoT product can turnaround business profits and efficiency.” offered Dinesh, Director of Mobility Solutions, Contus when asked for his take on the sensor-connected future of things.
Bangalore based 451 Research has found in its Enterprise: Internet of Things (IoT) Organizational Dynamics survey that at least 71% of enterprises are now capturing data to prep the business for IoT adoption.
Improve customer service, operating efficiency, operational cost reduction are some of the driving forces that are inspiring business towards IoT adoption.
IoT Maturity: The Flag-Off Point for a Business
Fact: Not all businesses are mature enough to adopt IoT.
It takes a relatively strong ground on processes, people and technology to adopt IoT as a business process or even a saleable product.
International Data Corporation (IDC), the premier market intelligence firm has laid down five stages of maturity for enterprises awaiting IoT adoption:
Stage 1: Ad hoc
Almost entirely disconnected organization where individuals or teams experiment with Iot projects. Features by lack of any IoT mandate or separate budget.
Stage 2: Opportunistic
The organization is trying to maximize the success and benefit achieved from pilot projects. Establishing rigid processes, tracking expenses, project management feature in this stage.
Stage 3: Repeatable
Business is using IoT as an integral part of operations to automate processes where manual intervention is costly, error-prone or tedious.
Stage 4: Managed
IoT becomes an integral part of corporate culture and process thus driving business agility and speed of delivery to market.
Stage 5: Optimized
Data and analytics are deployed to fine tune the performance of business processes. IoT becomes an accelerator for business digital transformation.
Where can you Business Adopt IoT?
From the above stages, you can identify where your business stands when it comes to IoT adoption.
Now the question arises as to where and what business process or customer touch point can be improved using IoT?
Here are 3 pivotal areas where IoT can be implemented by a business:
Remote Movement tracking
If your business uses anything that moves and sends out data, track it, measure it and monitor it using IoT.
For example: Vehicle fleets and manufacturing equipment.
Data is the main ingredient of IoT. The data collected from Things is what helps sharpen the performance and business utility.
How much fuel is the boiler consuming? Is the pressure levels maintained at optimum levels? Do motion controlled lighting contribute to power savings?
These are some questions that IoT data gathering can help a business answer.
When Apple introduced the iBeacon, the whole world went crazy with excitement. Most importantly, retailers as the technology provided a unique way to reach out to customers in their store vicinity easily without batting an eyelid.