Influence of IoT Maturity Model in New Digital Era
IoT has come a long way.
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The Internet of Things (IoT) is a network of devices that can sense, accumulate, and transfer data over the Internet without human intervention. IoT systems typically consist of correlated devices, digital machines, and other objects that transfer data without human-to-human or human-to-computer intervention.
IoT offers advanced connectivity to various devices, systems, and services, including various elements like sensors for monitoring, networks for transferring data, and the cloud for storing data.
Maturity in IoT
In the world of connectivity, and as IoT is moving towards a path of maturity, it is very important to assess the power of this growing technology and everything it has to offer.
This new level of maturity provides organizations with a goal-oriented path that they can use to measure progress and achieve goals. It is all about setting a tried-and-tested pattern with a goal to be fulfilled for sustainable business growth.
Here are the four stages of IoT and the changes it can bring to an organization:
Level 1: Data Generation and Ingestion
Organizations need to begin with projects that can generate and collect data via IoT. This can utilize various devices that capture data and utilize gateways to transmit data. Organizations use ingestion pipelines to absorb and store data.
Data generation is the key building block of IoT; the first level of maturity is all about data collection. The hardest part is to handle devices that securely capture and transmit data since it’s hard to maintain security. Also, one must manage devices in the field by solving connectivity issues and building a pipeline that serves many devices.
Level 2: First Analytics (Supervised)
Once the data is generated, companies try to drive specific value from hypotheses based on current business theories. Some find ways to develop a concept where they use the extracted data while others explore the data to work around the concept of utilizing that data.
Companies adopt analytics technology to extract data and business value from it. These are manual efforts done by functional experts or data analysts. At this stage, the initial value of the data is extracted.
Level 3: Deep Learning (Unsupervised)
During level 3, the organization recognizes that data is much more valuable than manual analysis and starts investing in the technology that can automatically extract insights from the data. This is where they choose to invest in deep learning, machine learning, and streaming analytics.
The value of data in level 2 is extracted from experts while in level 3 it is extracted from sophisticated algorithms and models. Data is now independent from the manual work of data analysts. It can here be analyzed in more different ways in lesser time, due to sophisticated algorithms.
Level 4: Autonomous Decision Making
The organization uses models generated from level 3 to make autonomous decisions. Insights derived from deep learning are used as input for pattern analysis, managing reports and in decision making. The output of deep learning is used to trigger autonomous operational actions.
IoT Maturity in the New Digital Era
It proved challenging for the market to accept new IoT technology as the gap between the technological aspects of operations and excepted long term benefits was larger. There was a doubt about the performance of IoT in meeting up with the challenges that will bring transformation in the industry.
Eventually, as the digital infrastructures have been developed, IoT technology has significantly progressed. The IoT maturity journey has shown phenomenal growth in the industry and the global market. It has also accelerated the economic growth with increased efficiency, profitability and enhanced outcomes.
Although IoT maturity stages are regional and market-specific, the goal and characteristics are common. The first stage of IoT maturity is basic data collection moving forward with data analysis and integration to achieve effective business value. IoT being profitable will help businesses grow with a good return on their investment.
IoT Study Reveals Increasing Maturity
95 percent of IoT adaptors are seeing a good return on their investment.
As the global leader of Internet of Things infrastructure with nearly 81 million connections, Vodafone surveyed 1,758 businesses across the globe. Among the top-line results: 34 percent of businesses now use IoT technology, with 70 percent of them already beyond the pilot stage.
(Source: Vodafone’s latest IoT Barometer study)
Stefano Gastaut, CEO of IoT at Vodafone Business believes “IoT is central to business success in an increasingly digitized world.”
With 72 percent of adopters saying digital transformation is impossible without it, the good news is that IoT platforms make the technology easier to deploy for businesses of all sizes and NB-IoT and 5G will improve services and potential. In this climate, companies need to be considering not if but how they will implement IoT, and they must also be fully committed to the technology to realize the strongest benefit.
(Source: Vodafone’s latest IoT Barometer study)
In the digitalized world IoT is growing tremendously and is adding value to businesses. Mostly, all the industries have adopted IoT with its amazing characteristics. IoT basically involves connecting objects using the Internet without human intervention. IoT maturity levels are used to measure the growth of IoT in various industries.
Businesses are investing more in IoT as they are gaining the confidence needed to build more advanced solutions. IoT solutions are more efficient with reduced cost. The demand for IoT has increased in this digitalized world of technology and many industries and entrepreneurs have adopted it for their business growth.
Published at DZone with permission of Ankita Shrimali. See the original article here.
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