Over the decades we have seen the birth of many new technologies and witnessed the advance of the internet and now another technological and cultural phenomenon unfold – what’s become known as the Internet of Things (IoT).
IoT is about forging connections and what has changed dramatically over time is how these connections are being forged and who and what is being connected.
All your devices can be connected with the other ones not only laptops, desktops, or smartphones but from doorbells to light bulbs. Everything is operated with the help of mobile/web application where devices are allowed to share the data with others.
Gartner has predicted that 20.4 Billion connected things will be in use by 2020.
What is the impact of IoT on business?
In the era of technology when things are changing in a rapid way, businesses are also running with pace to get the first position.
In the present scenario, the impact of the Internet of Things on business is huge. IoT has given the opportunity to drive the business efficiently by connecting the inert devices/sensors with the process and prospects to get valuable data over the internet.
Today, the vast potential of possibly the most exciting technological development in recent years, the IoT, is widely understood. We all know that this technology can inspire enhanced productivity and efficiency, and, ultimately, impact bottom lines for business the world over.
An example – from a humble single office telephone system, to an intuitive smart building, the scope of services provided by traditional telecoms firms has advanced massively alongside our technology.
With billions expected to be poured into this exciting technology in the next couple of years along, now is the time for businesses to help lay the foundations of our future smart cities.
Forbes predicts –
- B2B spending on IoT technologies, devices and services will reach $267B by 2020.
- B2B spending on IoT technologies, apps and solutions will reach €250B ($267B) by 2020.
- By 2020, 50% of IoT spending will be driven by discrete manufacturing, transportation and logistics, and utilities
- Spending on IoT applications is predicted to generate €60B ($64.1B) by 2020.
- IoT Analytics spending is predicted to generate €20B ($21.4B) by 2020.
- 40% of today’s IoT customers prefer to use traditional and well-established software companies for their IoT solutions.
Many business people see the benefit of utilising smart thermostats to deliver savings on their next bill but do they see it within the wider context of the online global network of devices that is continually interacting?
It is important to ask yourself this, and next time a client comes knocking, stop and think is what they think they want actually what they need? We need to help them cut through the jargon and understand their immediate requirements today so that we can better anticipate their needs tomorrow.
Maybe they won’t connect today, but like its predecessor, the internet, the IoT is here to stay.
It’s important for businesses to all recognise the long-term cost of failing to embrace these important new technologies and the long-term gain of staying connected.
To find out more about the IoT technology and to help future-proof your business, check out our Exchange Communications CEO Tom Sime’s vlog where he discusses the importance smart buildings – or contact our team today on 0800 008 7600 or visit www.exchangecommunications.co.uk