The Role of IoT in Transforming Conventional Business Models

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The Internet of Things (IoT) revolution has now created a digitalization era, which opens doors to all for better communication, marketing, conversion, and seamless collaboration through connected devices. IoT has now gained huge popularity in terms of its applications and embedment with smart products. Along with home automation technologies, significant growth in Industrial IoT is also creating many new avenues for conventional businesses to leverage the benefits of this technology. By using IoT effectively, these types of businesses can easily track, observe, count, evaluate, and identify opportunities and act smartly. The impact could be in the form of user behavior, coordination with retail companies, or the performance of machinery or human resources used in manufacturing environments.

Evolution of different IoT models

As we have seen, IoT can be counted as a structured and systematic innovation to help connect modern ideas to conventional businesses. It aids in the effective utilization of its resources and also makes those more tangible without the invention of manpower. IoT devices and tools can communicate either one way or both ways as per their usage. IoT-based systems can effectively collect, store, and analyze data which businesses can use for many competitive advantages. As per a report, the cumulative use of wearable devices, connected vehicles, smart cities, automated homes, and IoT-enabled industries is generating about $20 trillion worth of commercial market.

We may categorize the IoT devices in practice now into three broad categories as below.

  • Industrial IoT (IIoT)

Industrial IoT is the correlation between different physical objects, machines, applications, and systems. IIoT is focusing more on enhancing the safety of industrial operations, more effective utilization of machinery, improving productivity, and ensuring optimum return.

  • Consumer IoT

Consumer IoT focuses more on individuals to improve their quality of life. It connects machines to everyday physical objectives, infrastructure, and people. Consumer IoT work is based on IP-centered networks which transfer data seamlessly from individuals to machines and backward through a middleware of cloud-based platforms.

  • Machine-to-machine

This can also be considered as another version of IIoT; however, it largely focuses on interactions between different types of machines. These are primarily embedded systems that rely on communication through wired networks, cellular networks, or the internet, etc., in a point-to-point manner.

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IoT primarily insists on rethinking the ways as to how to create more value for the users and how to capture the optimum value of a given business. To achieve these goals effectively, IoT requires more innovation to blend various disciplines and models effectively by covering business, plan, network, application development, machines, and compact devices like wearables. These all are interrelated in classic IoT ecosystems and rely upon the data and performance of each other. As we can see, IoT is not a standalone technology but a multi-disciplinary system. A strong database backup is also necessary to support the IoT systems, which can be achieved through providers like Further, we will discuss some more examples of real-time IoT applications in conventional sectors.

  • Healthcare

As we can see, many of the hospitals are now implementing utilities like smart beds. The beds can automatically detect the movements and sleep patterns of the patients to send the data from time to time for assessment. These beds can also adjust automatically to ensure optimum pressure and support for better resting and getting up from the bed without another one’s assistant. There are also IoT-enabled embedded medical instruments that will help physicians to monitor patients effectively. With this, healthcare providers can decide when the patients need more attention and care. This way, hospitals can also optimally utilize their workforce to meet the primary goal of effective patient care.

  • Sports

Footballs now used for soccer games come with a small IoT embedded in them, which can record the speed of the ball, spiral rate, distance, efficiency, etc. This chip sends the data to the connected application in real-time, and the statistics can be viewed. This connected app can identify the scope for improvement during practice sessions and give actionable insights for advancement. Real-time analysis of such stats will empower the coaches to change game strategies in real-time.

  • Farming

Various types of sensors can be implemented at the farms, which will help monitor the crops and farming lifecycle. This data with interconnected analysis can give the farmers actionable suggestions to improve the crop yield and minimize any loss. The farmers can keep an eye on the entire farm from a central unit, which can even be done through a mobile app from anywhere. Also, with the use of sensors, mapping of the field, nutrient, and fertilization data, they can effectively plan nourishing and harvesting, etc., at the right time.

  • Automobile

We know that smart driverless cars are going to hit the roads soon. Vehicles can already connect without the involvement of the driver to share the vehicle data and statistics to a central console and make driving easier and more effective. Moreover, many dashboard apps give real-time inputs to the drivers in terms of live traffic info, travel reports, speech-assisted control operations, etc. It can even arrange for roadside assistance in emergencies with the assistance of connected devices.

  • Manufacturing

By connecting different operational information of varying silos from a multitude of machines and systems, IoT-enabled manufacturing systems can provide real-time visibility to operations and a precise picture of performance. IoT implementation in manufacturing also helps eliminate the complexity involved in predictive analysis and can timely provide actionable insights to the decision-makers. This can help to achieve a huge improvement in terms of productivity and quality. Enabling embedded systems and real-time monitoring will help minimize any downtime or possible failure of the pieces of machinery.

  • Home automation

You can now switch on or off your room air conditioner or home fridge from anywhere through IoT-connected systems. This will help improve your quality of life and ensure more energy efficiency and cost reduction. There are smart kitchens and connected devices which are already there in the marketing and gaining huge popularity.

To conclude, enterprises and individual consumers now largely recognize the add-on values of IoT and explore the innovative use of the same to gain a competitive edge. By effectively converting their traditional business approaches to smarter IoT assets, conventional enterprises can surely create smart strategies for success.

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