5 Areas Where IOT will Have the Maximum Impact
Posted on March 7, 2019
Many business owners believe they can let go of a trend, because it is not relevant to their vertical. If you believe IoT applications are not a part of your industry, think again.
By 2025, there will be over 75 billion IoT connected devices globally. IDC has forecasted that IoT spending will touch $1.2 trillion by 2025. One thing is clear – IoT is not a trend; it is a tectonic shift in the way we interact with devices.
The last time businesses were ignoring a trend, they ended up becoming obsolete; and the ones who became obsolete were giants – Blackberry and Nokia, who ignored the trend of smartphones.
Still thinking where will IoT create the maximum impact? Here are the 5 key areas that will get heavily impacted by IoT:
1. Household Goods: The biggest change that is expected will be in the way consumers interact with the very basic electronic devices in their very homes.
Alexa and Google Home have already created the demand for a virtual assistant. There are already lights, fans and ACs that can be controlled with voice commands. We already have smart fridges rolled out. The next wave of evolution will come in the form of automation.
The biggest change that Internet of Things applications will bring are hordes of data. Business can now monitor the micro level data on how are users interacting with their devices and smart devices which can share and update themselves will be able to provide more tailored experiences for the users.
2. Security: There is a common phrase in soccer – A team is as good as its weakest player. The exact though process applies to security.
Security as an industry has seen a good amount of innovation in the recent years. That said, there has always been some space for errors in the system and more often than not, these errors belong to one category – the human errors.
We all make honest mistakes but even the smallest of errors can cause security breaches. Look at Facebook and Google, companies which have spent billions of dollars into security and are still facing data breaches.
IoT application development that allows machines to interact, share data and adapt as per the required changes in situations will make networks that are not only secure but also ready for new challenges that hackers pose.
3. Retail Commerce: One of the biggest waves of innovation will hit retail commerce. Yes, there are business pundits telling that retail will be dead in some years – but they are the same people who predicted the man will be living on the moon by the end of this decade.
Retail will exist in the long run because there are certain products which need the physical touch and inspection before they are bought. No one is saying retail will exist in its current form; it will evolve and adapt.
IoT application design that helps retailers provide a more wholesome experience to the consumers will change the face of retail. Think about automated storage systems that are able to replenish the goods based on the demand forecasts or the bill-less retail environment where customers do not have to stand in ques to pay their bills and instead pay by getting their QR codes scanned in the alley where they picked the product itself.
4. Enterprise Technology: Enterprise technology is a broad term that usually entails CRM and ERP systems used by giant organizations to maintain a track of resources and projects.
IoT will give these organizations a great boost because now they can reduce the possibility of human error in data gathering and handling. Imagine this – a warehouse which is able to keep all the storage units working and adapts to the changes in the demand curve, because it is connected in real time with the point of sales software the company has adapted. Geo tagging, delivery systems and inventory replenishment are areas which have already started adapting IoT.
5. Construction, Oil and Other Heavy Industries: Practically any industry that includes heavy machinery and runs on a high risk of systemic failure, will have to adapt to IoT.
The bigger the operation is, the more data it will generate. The more data it generates, the greater it provides a possibility to automate the repeatable processes which help in cost cutting.
If you have a business that includes a lot of machinery and complex processes, some of which are recurring in nature – IoT will help you tremendously become a more agile and efficient organization. IoT is a simple system that helps your machines take the mundane operational decisions themselves, based on the data.
How Blockchain Will Be At The Core Of IoT Apps For Secure Payments
Posted on July 10, 2018
Internet of Things is peaking out of every nook and corner and standing in front of businesses. Some see it as just another buzzword and some see the opportunity. By any means, the ones who expect a lot from Internet of Things applications are greater in number. The Internet of Things services spending touched $273 billion on 2017 and is still growing as 2018 unfolds.
IoT is growing at a tremendous rate and so are the IoT applications. By 2020 itself, there will be 50 billion connected devices globally. This seems to be a really plausible number until you look at the expert’s take on these figures. Most of the experts at the centre of the IoT application design and IoT application development ecosystem, including giants like IBM, have been consistently highlighting the security risks that IoT will carry. This is a concern because although the technological development of IoT networks is lightning fast, the development of security solutions for the same is not running at an equal pace.
As per IBM, the top concerns regarding IoT systems and applications are going to be.
1. Devices lacking human monitoring will be vulnerable. Most of the devices around us today like smartphones, tablets and computers are operated as well as monitored by humans. That said, when it comes to generic devices such as a toaster with IoT application, the tech running it will not be monitored constantly by humans. This can make them vulnerable to hacking attacks.
2. The quality of software security shall decline over time. With every update, there is a possibility of a threat within the network since it will take yet another update to cover any newfound loopholes in the security. Hence, IoT applications will require constant and consistent updates throughout their lifetime because one leak in the system can make the entire system vulnerable.
3. Password protection will be the purview of the user. Most IoT devices come with default credentials; many users do not change these default credentials. Hence, these devices will remain compromised till they prompt the use to first change the default passwords and then start the usage.
4. Network arrangements will remain to be an issue. Most users are also habituated to keeping the network arrangement at its simplest or as per the given configuration of the devices’ guides. This also raises security red flags.
5. More data, more vulnerability. Finally, more data will increase the probability of data leakage points, hence increasing the vulnerability.
At the core of all of this is a possible solution which comes from a completely unrelated field of cryptocurrencies – the blockchain technology. Understanding blockchain is not difficult – blockchain is instantaneously encrypted database of public ledgers. Blockchain can solve most of the security issues with IoT. Here’s how:
a. The decentralized data storage functionality. The biggest problem with the traditional server storage system or the cloud storage system is that someday very soon it will be too filled to carry any data, after IoT applications run at their full throttle. Blockchain will actually help store the data publically in nearby devices using encryption, so even if one of the network servers goes down, it will not affect the functioning of the entire ecosystem.
b. Added layer of security. Blockchain ensures a two-way security process: One, it is consistently encrypted which ensures the data being exchanged cannot be randomly intercepted. Second, even if there are data breaches, it would be easier to track the precise point of leakage and fix it instantaneously.
c. Smart contracts. Finally, as demonstrated by Ethereum makers, smart contracts will help businesses become more efficient by reducing the human element in redundant processes and yet ensuring that the process furthers only after the agreed rules of the smart contract are taken care of.
Internet of Things: Every Reason Why Your Business Should Focus On IoT
Posted on May 28, 2018
Some technology writers have been trying to wave off IoT as yet another trend, a keyword for the year and what not! Internet of Things or IoT, got into popular media with extensive coverage from major technology research houses; eventually, when IoT did not reach out as extensively to the masses as it was supposed to, many popular blogs declared it yet another fad. If that is the narrative you have been following, you may need to reconsider.
IoT applications will be at the centre of all technology – both business and consumer facing. Here are the numbers to support that claim:
a. It is predicted that consumers, businesses and governments will put an aggregate of $6 trillion as an investment in IoT by 2020.
b. By 2020, over 30.7 billion devices will be connected globally.
This just shows, IoT is here to stay; that might be more of an understatement. IoT is here to revolutionize pretty much every aspect of consumption and businesses. That is the primary reason why you should be paying attention to IoT.
To put it in the simplest terms, IoT is a connection between devices over the internet in such a way that they exchange data and optimize their individual performance in accordance with that data. These devices interacting with each other may be your everyday appliances like your refrigerator, lights, microwave or more complex machinery like manufacturing equipment, warehouse technology or storage devices. If you still wonder where does IoT fit into your business, here are some foods for thought:
- If your business has anything to do with Warehousing, Manufacturing or Retail, your business will be transformed. The biggest impact Internet of Things applications are predicted to have is on the warehousing, manufacturing and retail industries.These industries shall be the first ones to massively adapt IoT because these are industries with great space for automation. Whether it comes to operations research for warehousing or display adjustments for retail, IoT can optimize all the processes on all the layers in these businesses. With technologies such as RFID tags and Big Data, businesses related to these key areas will see a great degree of automation in order placements, storage and process management.
- It does not matter if you are not in the technology business. Imagine this, you may say that you have a small business with supposing hundred clients. Now, these hundred clients place approximately one thousand orders annually for five thousand units from your product portfolio of twenty offerings available for mass customization – did you see it? There is already a huge amount of data being generated by your business. It doesn’t matter if you are in wholesaling, distribution or logistics – if you have more than a few variables that can impact your business processes, there is scope for IoT in your business.IoT simply allows devices to interact at points where humans cannot come and individually programme them to do so. Additionally, IoT leverages the data and analyses it at speeds unreachable for the human intellect.
- It does not matter even if you are a small business. Many people in business wonder whether IoT will have anything relevant to their business, if their business has a small scale and no integrated technology system. The advancements in cloud computing will only help catalyse the growth of IoT application development and make IoT accessible to all the businesses.IoT can have simplest of applications such as shutting down the lights in the office and locking the doors automatically, when everyone has left the office. At the same time, it can have complex end to end applications where right from detecting the ideal time and quantity of refilling to placing the order, to managing the inventory and its storage – IoT will handle everything. All you need is the right outsourcing partner who can help you with the ideal IoT applications design to fit your business needs.
With more data, IoT will only make your business more efficient!