3 Effective IoT Practices to Get Ahead of the Competition
Learn more about these best IoT practices for getting ahead of the competition.
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Companies are investing in IoT at a rapid speed, with innovation occurring across industries. There are brands launching their own versions of smart delivery, wearables, and health monitoring devices. On a larger scale, companies are using IoT applications to gain logistics and supply chain advantages over their competitors. This has given rise to a new industry that focuses on IoT as the core platform.
What’s critical is the need for a strategic overview of the IoT market in general. Companies can create significant value when they leverage IoT from a strategic perspective. That’s what differentiates the market leaders from the industry. They understand the scope of IoT and how it can impact the overall business model.
The global IoT domain is said to double in the next few years, reaching $520 Billion by 2021. Researchers estimate that the data center and analytics domain will be the fastest growing space showing upwards of 50 percent growth CAGR. The rise of adoption of IoT can be attributed to the use cases available for IoT applications. From home automation to workflow optimization, IoT has overarching benefits that go beyond geographies.
What are some of the ways in which IoT applications can be leveraged to get ahead of the competition? While experts may complicate the subject area, there are three simple ways to use IoT applications that deliver positive ROI.
Integrating IoT With Current Business Processes
While cloud computing is ubiquitous, bringing large scale advantages across the board, there is a need for increased integration. Upwards of 50 billion connected devices are said to be present by next year, all requiring integration at the core technical level. Managers need to look at how IoT applications can be better integrated into systems for a greater competitive edge.
In the financial domain, IoT can be used for better asset maintenance and reporting. This can help alleviate much of the stress revolving asset valuation and lifespan. Companies can also gain leverage by creating IoT based payment mechanisms for stakeholders. Employees can use wristbands and ID cards for a more streamlined payment function, and customers can use chips that allow them to make transactions. This is especially advantageous if your business is in the events space or has a large number of employees working globally. It helps to streamline everything into one system.
For logistics firms, companies can mandate greater control over shipment and tracking. They can assign individual IoT devices to fleet or packages of higher value. They can then track real-time data that is transmitted using Wi-Fi or cellular network. This enables greater control over the entire process, giving you a greater edge when it comes to the competition. The logistics and supply chain spaces are dominated by companies that are working with IoT devices on a regular basis.
Focusing on Automation via IoT
IoT is a powerful tool to create new avenues of growth via automation. Automation is a critical component of any successful business that is looking to increase its competitive advantage in the marketplace. IoT is also able to provide a new ground in terms of automation capabilities. In other words, IoT can give rise to secondary applications that can leverage AI and machine learning technology as well. This adds a new layer of IoT success that is critical for competitive edge gathering.
One of the most important areas of impact that IoT provides is a reduction in operating cost. This means that automation can not only increase efficiency but provide cost reduction across the board. The cost reduction is directly passed on to the customers, which gives greater market share over time. The resulting efforts of automation via IoT create long-term business value for all participants in the marketplace. The competitive advantage becomes maximized when the scale comes into the picture. Automation, at scale, enables companies to deliver greater value for stakeholders involved. This has a long-term impact on businesses that operate under highly competitive environments.
IoT also enhances the efficiency of your automated systems. From a technological perspective, IoT enables all machines to be connected under one overarching system. In the healthcare domain, this means rapid prototyping and testing at scale for larger patient sets. In the infrastructure sphere, this includes creating higher yield products that bond better internally. The overall impact that IoT has is immense when compared to how automation is changing the sphere of the global economy.
Develop a More Secure IoT Ecosystem
The biggest challenge for the IoT industry right now is in the cybersecurity space. Companies are trying to make their systems more secure while scaling up operations across geographies, ensuring that the entire ecosystem is secure is critical. This is done through effective pen-testing and real-time analytics so that you’re able to receive the right information. You can also gain the right insights when you’re connected to all IoT devices and applications currently running.
The connection gateway, database, and end-point sensors should all be protected against common threats, including ransomware and crypto jacking. IoT applications need to be made more secure so that you can get maximum value out of your operations. The addition of cybersecurity also makes the overall IoT offering more competitive in the marketplace. Companies that dedicate more resources to cybersecurity are seen as more favorable to engage with long term.
Developing a more secure IoT ecosystem also ensures that future additions to applications are seamless. There are no barriers to adding new features and updating them across the board. A secure IoT application is a critical asset that should be well maintained over time. That’s why developing a more secure IoT ecosystem is important.
Key areas such as data processing, storage, and management should also be made more secure. This can be done by hiring key resources or outsourcing the security to a firm. Decision makers can also strengthen their development framework by enhancing their device management and network management capabilities. There should be a holistic approach when it comes to IoT application development and security to ensure effective utility and competitive advantages.
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