The internet is already crucial to our way of life, but thanks to the IoT it’s about to become even more important – and game-changing!
The IoT – or the Internet of Things to give it its full title – is a catch-all phrase for connected devices that share data. These include everything from smart speakers to kitchen appliances and even cars. We have dozens of these items in our home and work environments already and by 2025, it’s predicted there will be more than 25 billion connected IoT devices across the world.
That connectivity is now a key part of our lives, thanks to products like wearable technology, smart doorbells and your home thermostat. We’re more connected than ever before, and we have IoT solutions to thank.
As well as helping us in our day-to-day life, the IoT brings with it huge benefits for businesses. Here’s some of the benefits of IoT and how you can harness them for your business strategy.
What is IoT business development?
IoT business development allows companies to quickly build and create new business models and grow them at scale.
That digital growth is possible thanks to the benefits of IoT including low-cost computing, big data, easy cloud access, data-driven analytics and mobile technology.
So what that means in the real world is that whether you’re a start-up or a multinational business, companies can grow and develop at a faster rate than ever before.
But how can companies use IoT technology to develop their business strategies?
How do you create an IoT business strategy?
At its heart, the IoT is about data. The key question that businesses need to ask themselves is how they can get real-world value from IoT data?
Businesses can benefit by using the data to lower production costs and overheads, thereby streamlining the company. That data can then be used to hone and improve your business model by focusing on what customers need and want.
An IoT business strategy can also be devised by using data-driven insights to create an enhanced customer experience. That might be a personalised shopping recommendation, improved customer support or real-time updates delivered straight to smart device.
Ultimately, those IoT insights can drive growth and make your business more competitive as well as offer a better experience to the customer. From smart manufacturing and connected logistics to smart wearables and speakers, the IoT market is huge. And was worth an estimated £850 billion at the end of 2023.
What are 4 types of IoT?
There is a wide range of IoT applications. Here are some of the key IoT trends…
Smart Cities
Sensors across the city could link everything from optimising traffic lights, street lighting and waste management, to reducing the city’s water usage. Thanks to connected smart buildings, the IoT could bring real change to how we live our lives.
IoT meets AI
The real-world IoT possibilities are incredible – but factor in the rapidly evolving AI industry, and you have virtually limitless possibilities. Using IoT and AI together will help create intelligent machines that can simplify our lives (yes, we’re talking robot cleaners!) and increase productivity. In short, IoT and AI will help us do much, much more, freeing up humans.
Voice activated IoT
With over a quarter of the world’s online population already using voice search on their mobile, the voice-activated IoT is already big business. And with AI-powered virtual assistants becoming more powerful, voice interactions will increasingly be the norm in other industries including banking.
Self-driving cars
While we’ve been dreaming of flying cars for decades, self-driving cars have already arrived. The UK recently approved the Ford Mustang’s Mach-E model which can steer and accelerate across 2,300 miles of motorway using data taken from radars, cameras, road markings and other vehicles. And with more approvals set to come by 2025, expect hands-free driving to become quite common across the country.
The IoT is simply the next step on our connected digital journey. By carefully using the data shared between devices, we can enhance and improve our world, helping drive innovation and efficiency. And we’re all interested in learning more about the robot cleaners!
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