The Internet of Things (IoT) is increasingly being adopted by companies of all sizes as a way of getting ahead of the competition and boosting operational efficiency. So much so that by 2025, there will be approximately 27 billion connected IoT devices.
This shift towards more connectivity means more changes in all sectors, including logistics, transportation, warehousing and healthcare. And the biggest catalyst in all of this is the unprecedented access to valuable data. According to McKinsey, companies that use data-driven B2B sales-growth engines have a major advantage and increases of 15-25% EBITDA.
IoT also enables the improvement of products and services, as well as increased employee productivity. For the logistics industry, predictive maintenance, supply chain management, and workplace safety will give IoT adopters a great advantage.
But what does this mean for you? Is your company ready to adopt IoT? What are the current barriers to IoT adoption? Let’s find out.
As the technology is still evolving, you must first understand the current barriers to IoT adoption and what companies are doing to minimise them.
Clearly, none of these barriers are impossible to overcome. They’ll also be less of an issue as technology advances and demand increases. But how do you know that your company is ready to adopt IoT?
If you’re still unsure about adopting IoT, here are a few major signs that can help you make the best decision:
Around 80-90% of organisational data is unstructured and too complex for common data solutions. At the same time, each department has its own way of storing and using information. This creates data silos, which makes it difficult to create an overview of all of the organisational data.
IoT can not only help break data silos, but it also collects a vast amount of unstructured data. So, the real challenge here is knowing how to store and analyse it. Even more important is not to let it go to waste.
Consequently, it’s best to have a plan for data based on measurable goals and use an IoT solution to keep track of important metrics.
For example, a transportation company uses a fleet management system to identify the best routes for its vehicles. However, it doesn’t help anyone if drivers can’t access real-time recommendations based on traffic data.
The real value is in finding actionable insights, so you’ll also want to use data to improve performance and decision-making. You can also use it to improve customer experience and anticipate errors.
With millions or even billions of data points collected daily, it’s impossible to process them manually. Companies need an automated analytics solution. A common use case is real-time analytics, which uses tools like Apache Kafka to build real-time streaming data pipelines.
You can benefit from:
There’s never been a better time to detect trends and take advantage of opportunities.
Do you know how your products are used? Do you know the difficulties that clients have when interacting with them? What would they need in order to succeed with your product?
The business world is constantly changing. IoT helps companies identify trends that lead to innovative services and products.
Collecting this data is usually a tedious process that involves a lot of research. Instead, implementing IoT helps you find opportunities to innovate. A great example is having an automotive solution that collects rich datasets about hybrid electric cars. This allows drivers to see how much fuel they have saved or when they use the most conventional fuel. As the demand for hybrid cars rises, so will the solutions needed to enrich the driving experience.
In conclusion, IoT data gives you insights into new revenue streams, client experience improvements and even the creation of new products.
IoT can help eliminate repetitive tasks. With a cloud-based IoT solution, there is no need for tedious data crunching. IoT can also handle heavy workloads, so your team members can focus on management and planning tasks.
However, you will need people who can take ownership of IoT implementation, even if you start small and scale up from there. An IoT team needs to handle UX/UI, data analytics, machine learning, and security, among many other important skills. They have to be familiar with programming languages such as Python, Java, and C++, which are often used for IoT projects. Also, they should be comfortable working with platforms such as Thingsboard.
That’s why many organisations prefer to work with a software development company that already has many IoT projects under its belt and has helped many clients leverage their data.
Are you ready to take your business to the next level? We build custom IoT solutions that drive growth and efficiency, enabling you to act on valuable data in real-time and stay ahead of your competitors.
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