IOT- Internet Of Things
Technology is accelerating…
Internet of things, simply, is the connection of every object on earth. But what does this connection mean as far as your business is concerned?
The very essence of IOT is ‘transforming things into connected services’. According to Jehangir Mohammed of CISCO. This transformation entails three applications pointed out, a new business model, a new technology, and a new role for IOT.
The transformation is so amazing in terms of end users value that it is inevitably going to change the economic model for the customers.
IOT for business is the journey from an unconnected product to a connected service.
- IOT is replacing a product with a relationship. As a business, you are looking forward to maintain a relationship that has the potential to last for a lifetime if you do it right.
- The operation of the company will become tremendously automated. Automation is going to pervade just about any and every business.
- You get to continuously delight your customer over and over again. And each time you delight your customer, there are better chances for revenue generation. It becomes a repeated recurring income.
IOT touches everything
Businesses are moving, whether you are a part of the process or not. Whether you own a store that you want to optimize or a manufacturing plant having machinery that needs to connect with each other, or even handling your back-end operations. All of this depends hugely on secure data delivery and service management in order to monetize your application of IOT. There are a few fundamental capabilities that the decision-makers of a business need to have. One of them is the need to personalize the customer experience. Customers have really come to expect a personalized experience in just about everything. Whether it be a retail, a consumer store or any higher luxury. Internet of things makes it possible for you and your business a large amount of your customers, a consistently personalized experience.
By 2020, 1 million new things will be connected every day to the internet. And all of these things will be things that impact your business very rapidly. What we are in a way doing is move from a component based thought process to a system based thought process. We should look forward to…
Smart Products
Internet Of Everything is the new wave and people will want to join in because literally ‘everything’ and ‘anything’ can be made to connect with the Internet. From the moment you wake up till the moment you go back to sleep. Everything can be connected to every other thing. Products that can communicate, interact, get things done on time based on your consumers usual preference. If your business is set in it s traditions way and deems inflexible to be connected and be a part of the new wave, then it most probably will be run out of competition very soon.
Smarter Services
It is true that the IOT revolution is not about the products per say, rather it is about what facility the wireless sensors embedded in the product provide your customers. As mentioned earlier in the article, IOT is about capturing a consumer relationship and working on it, hopefully for as long as possible. As we move into the the future we all dreamed of, the consumers in your market are going to expect seamless connectivity with the thing around them and of the all the things with each other.
Smarter world
We expect IOT to not only bring about a change in the way you would chose to do your business, but to bring about a complete shift in the way ‘things’ are expected behave. Like today, to have an unconnected desktop seems obsolete, very soon, the need to manually drive a car will become absolutely obsolete. Here, what we mean to say is that not only will your markets change, but also your business models will make dramatic changes. IOT they say, will be the 4th industrial revolution, and if such is the case, you and your business better be prepared to be revolutionized.
