By connecting all these objects, and adding sensors, we can give them a digital intelligence that otherwise would not be possible.
This allows them to exchange real-time information without the need for a human. By integrating the digital and physical worlds, the Internet of Things enhances the intelligence and responsiveness of the fabric that makes up our environment.
What Does Technology Services Mean?
Professional services that facilitate the use and adoption of technology are called Technology Services. Advanced Technology services combine the functions and processes of software, hardware and interconnected networks with telecommunications, electronics and telecommunications to provide technology-oriented solutions.
What Is Iot Adoption? How Does It Work?
IoT adoption depends on the organization and can be done in many different ways. The typical process will look like this:
- Phase 1 - Assessment Maturity. In general, the more advanced a company is in its digital transformation, the easier it will be to adopt IoT. IoT infrastructure depends on the ability to communicate data quickly, efficiently and flexibly among many systems. This is usually opposed by legacy architectures and silos.
- Phase 2 - Prioritizing use cases: IoT adoption, while necessary, is also challenging. Businesses must transform their most important, high-value operations in order to have the best chance of success. Rest of network and assets may be overhauled gradually.
- Phase 3 - Formulating IoT business models: As a business, you want to make investments in technology and processes that can boost your revenue. IoTs value proposition might not be clear depending on the make-up of your company processes. It can be in the form of direct sales to clients or it can enhance your existing offerings (increasing customer loyalty and lifetime value).
What Are The Components Of Iot? Iot Technology Stack
The sheer number of technology solutions and their diversity can make it difficult to navigate the IoT maze. For simplicitys sake, lets break the IoT stack down into four layers of technology that are involved in the Internet of Things.
The following are these:
Device Hardware
The "things" that make up the Internet of Things are devices. As an interface between the physical and digital worlds they can take on different shapes, sizes and levels of complexity, depending on what they need to do within the IoT deployment.
The addition of the required instrumentation, such as sensors and actuators, along with the software, can turn any material object into a connected device. This includes animals, humans, or even microscopic microphones. Sensors, actuators, or other telemetry equipment can be used as standalone smart devices.
Only the IoT application and its hardware requirements will limit this. (Size, easy deployment and management of devices, reliability, useful life, cost-effectiveness)
Device Software
It is this that makes connected devices "smart". Software is responsible to implement the communication with Cloud computing, collect data, integrate devices, as well as perform real-time data analyses within the IoT Network.
It is also device software which provides users with application-level capabilities to interact and visualize data.
Communication
After the IoT devices have been set up with their hardware and software, another layer is needed to provide them with a way and means to exchange information with the IoT community.
It is important to separate the communications layer from device hardware and software. Physical connectivity options (cellular satellite, LAN) and particular protocols that are utilized in various IoT contexts are both included in the communication layer.
The choice of the right communications solution is a crucial part in building an IoT technology stack. The chosen technology will affect not only how data is sent/received to/from the Cloud but also how web-enabled devices are managed, and how they interact with other devices.
We will discuss some of the current communication solutions in detail later on, for the purposes of this article.
Platform
The Smart hardware and software that is installed on the device allows it to "sense what is happening around it.
It then communicates this information to the user through a particular communication channel. The IoT platform allows all these data to be gathered, managed and analyzed in an easy-to-use manner. This solution is valuable not only because it can manage IoT devices and collect data, but also because it can analyze and gain useful insights from data that the devices provide via the communication layer.
There are a variety of IoT platform options available, and the choice will depend on factors such as the IoT technology stack and architecture, the customization capabilities, the protocols used, the hardware agnosticism and the cost-effectiveness of the IoT project. Platforms can also be installed either on-premises or in the cloud technology. Coiote IoT Device Management is an example of a platform that can be installed both on-site and in the cloud Platform.
Want More Information About Our Services? Talk to Our Consultants!
What Future Trends Will Drive Iot In The Future?
The following are some global trends that will continue shaping the future of IoT in the near future:
- The growth of IoT will continue to accelerate. If the signs are to be believed, IoT has not reached its peak. Quite the contrary. The adoption of IoT is expected to continue to increase as the cloud cost of sensors, computing power and high-bandwidth networks continues to drop.
- Focus on improving asset and operations utilization. One of the main drivers behind digital transformation is doing more with less. Businesses that are interested in adopting IoT seem to have a focus on operations-centric use cases, even more than those who are concerned with the supply chain or smart connected consumer products.
- IoT initiatives are set to continue to be successful: 80% believe that IoT is crucial for business success. They believe they will also see a 30% ROI on their investment. Not to mention hidden benefits. We think that businesses will continue to benefit from these high success rates in adopting IoT.
- Early adopters will gain the advantage. As we have seen in many other digital disruptions before, early birds are rewarded. The companies that have already implemented IoT, in some form or another, are planning to roll out the most IoT. Theyve clearly experienced something that drives them to pursue IoT more aggressively.
- APAC will continue catching up with North America and Europe. North America, Europe and their predecessors have always been the leaders in many new technologies. The IoT is not an exception. The APAC region is catching up to the West in terms of adoption and innovation.
Iot: 9 Reasons To Adopt It In 2023
Since 2020, IoT adoption has been increasing steadily. Manufacturing, mobility, and smart places are industries that have been embracing IoT at a rapid rate.
A large majority of these companies have already adopted IoT. Around a quarter are in this stage, and two thirds have plans to increase their use of IoT in the next two years. Microsofts IoT signals report 2021 provides nine reasons for companies to accelerate adoption.
1. Optimisation of Resources
IoT improves productivity and efficiency. The top two reasons that companies cite for adopting IoT is increased operational efficiency (55%) and employee productivity (50%).
Mobility organizations can benefit from the ability to track and manage inventory, facilitate vehicle health telematics, and provide emergency services. The use of remote commands, such as drone-based deliveries and vehicle reprovisioning, has helped accelerate the automotive and transportation industries beyond measure.
Smart grid automation and grid maintenance are just two examples of the efficiency-oriented reasons that drive IoT adoption in power and utility organizations. IoT is cited by almost half of manufacturing firms as being a major use. 47% of smart places companies say that IoT improves their productivity.
2. Customers Will Benefit From Improved Products And Services
One third of the organizations measured by the IoT Signals Report use IoT to improve products and services. The companies that use IoT to improve customer products and services report a 50% increase in revenue, while 39% dont.
3. AI, Edge Computing, and Digital Twins Technologies
Once an IoT strategy is in place, IoT technologies like Artificial Intelligence (AI), Edge Computing and Digital Twins are easier to use.
Once the value of such emerging technologies is established, it becomes easier to integrate them into an organization. AI is the most popular emerging technology. 79% of companies use it in their IoT solutions.
4. The Sustainability of the Economy
IoT can also be used to collect important information which will help an organization improve its sustainability.
The environmental impact of an organization and its carbon emissions can be reduced by monitoring the power quality and usage. In some industries it can be used to monitor endangered habitats and reduce waste. In the IoT signals report, 34% of organizations said they prioritize sustainability goals in their future progress.
50% of these organizations expect to achieve carbon net-zero status by 2025. Sustainability is often achieved by implementing IoT. For example, when companies adopt IoT to increase efficiency or reduce costs, they find they are using fewer resources.
Read More: Key technologies that are driving IOT development
5. Safety Conditions
IoT improves the safety in the workplace by allowing systems to react in real time. Disasters can be avoided by predicting when a machine will break or become dangerous or if workplace safety is compromised.
IoT is also used to analyze and collect health data from employees, which can improve safety compliance. The workplace safety can be improved by monitoring air quality, among other factors. In fact, improving safety conditions is one of the three main reasons why many companies use IoT.
IoT is used by 45% of oil and gas companies and 37% of organizations in the power and utilities industry for workplace and personal safety. In the smart places sector, IoT is also used by 46% for building safety. About one third of manufacturing companies use the technology to ensure plant safety.
6. Competitive Advantage
IoT has been rapidly adopted across all industries. Getting ahead of the curve now will give organizations a competitive edge, as it can optimize productivity, reduce costs and benefit the environment.
Its adaptability, growth and many advantages make it seem that businesses who dont use it will be left behind.
7. Security In The Face Future World Decelerators
While most things slowed during the COVID-19 Pandemic, IoT technologies helped many businesses survive ongoing lockdowns.
According to the IoT Signals Report one third of decision makers stated that COVID-19 would cause their organization to increase its investment in IoT. In 2021, almost half (44%) of organizations said they would spend more on IoT, compared to 31% for 2020. IoT has helped organizations in many ways, including sales enablement, sustainability and increased revenue.
Close to half of the organizations monitored have reported an increase in revenue due to IoT. The key role IoT has in enhancing the adaptability and resilience of a reduced staff is evident. It also shows how IoT can help industries survive future disasters, such as pandemics.
8. Predictive Maintenance
IoT predictive maintenance can analyze production systems in real-time and predict how and when a problem will occur.
These potential problems can be identified and addressed proactively. It improves productivity, reduces costs by not having to replace machines and warns workers about potential hazards.
In addition, maintenance and repairs are reduced, and workers become more productive by focusing on their core tasks. Companies see greater returns on their investments.
9. Supply Chain Management
When companies use IoT for their supply chain management they can track goods in real time and all around the world.
The organization can better manage their inventory and communicate with customers the latest times and delays. IoT is a great tool for smart places, helping with optimization and space management, stock and supply monitoring, and in the food industry, ensuring the freshness and quality of perishables.
Transparency in the supply chain makes it more attractive to businesses and customers.
See How IoT Can Help Businesses Overcome Operational Challenges
Utilizing Generated IoT Data
IoT generates more data every minute. Visualizing all of this data is key to unlocking better business intelligence.
IoT also helps with data analysis due to the sheer volume of data that IoT sensors collect and send back to the cloud services. These data points can be used to streamline operations, empower staff, keep customers coming back, and draw in new ones.
If approached and implemented correctly, data management using the Internet of Things could be easier and faster.
Businesses can now make better decisions and develop future strategies based on actionable data that they would not have otherwise. The recent adoption of cloud-based services (such as Amazon Web Services (AWS), Microsoft Azure, and others) can provide valuable insight into business operations, and show how vital business equipment and facility systems are used (or not).
Data from IoT devices and sensors, as well as monitoring systems etc., helps businesses create hybrid solutions for preventative maintenance of essential equipment and processes.
It helps manage environmental factors in order to improve equipment efficiency and maintenance.
Reduce Costs
Intelligent IoT connectivity allows businesses to improve processes, reduce maintenance costs, and decrease downtime due to defective equipment.
IoT management systems monitor various processes and equipment in facilities to reduce maintenance costs. These systems ensure that safety measures such as air temperature or quality are met by IoT enabled sensors. Retailers can reduce shipping costs and time by installing sensors, tracking devices and space-utilization products.
These advanced sensors are also able to track dwell times for floor managers, and they can determine which displays are getting attention.
IoT can be used to reduce downtime and operational costs in the manufacturing sector, as well as predict when machinery will fail.
Facility managers are now able to control the thermostats of commercial office buildings from their smartphones.
Compare this to the old days, when employees had to visit each room individually to adjust temperature only after receiving complaints from workers or tenants. This type of control allows businesses to save money on energy bills and also improves the efficiency of facility staff.
Adoption of these technologies will also help businesses to meet their social and environmental responsibilities, as more companies start Environmental, Social and Governance programs.
Improve Business Intelligence
IoT is proving to be a powerful tool for generating new business intelligence based on data. The data collected from an organizations physical space provides a wealth of information that can be used to develop deeper business intelligence.
Building managers, for example, aggregate data from energy-efficient devices installed in the buildings to gain a deeper understanding of energy usage, spend and operations.
In the same way, data collected by IoT devices in factories can be used to identify bottlenecks on assembly lines, congestion of pathways, and workflow patterns.
Businesses can use data insights for improving their business intelligence to streamline operations and increase bottom-line performance.
There are more opportunities to expand B2B for service providers if you look at the B2C markets. Data from IoT sensors installed in consumer products, for example, can be used to detect machine/product wear.
This will alert maintenance companies when service is required. Maintenance service providers can sell this additional B2B subscription service to consumers.
Strengthening Operational Functions
Implementing IoT improves the efficiency of transportation, maintenance and inventory.
IoT devices can help with tracking, optimisation of routing, and quicker service provisioning. IoT-enabled vehicles can change their route based on traffic updates in real time, saving fuel and time.
This technology also provides transparency to the logistics process.
Implementing complete IoT solutions in the manufacturing industry allows employees to monitor and access data at every stage of production.
IoT solutions and systems facilitate data transfers and alerts, helping manufacturers stay on top of potential system and equipment failure. Production supervisors are able to keep an eye on the quality of products. A recent study of the Industrial Internet of Things market found that manufacturers who implemented IoT saw an 82% improvement in efficiency, and a 49% reduction in defects.
Businesses are adopting IoT devices that have sensors and connectivity in order to monitor various activities and variables at different locations.
It allows organizations to reduce operating costs and strengthen control.
Adopting IoT can present some challenges for companies. After that, the real challenges will arise. It is important to discuss common issues, and the barriers that may hinder IoT adoption.
What is it that prevents IoT adoption despite its many advantages?
Read More: The Future of Internet of Things (IoT): From Edge Computing to 5G
Common Barriers With Solution
The top barriers to IoT adoption for businesses and how they can overcome them
1. Cost Issues
Cost and budget are two of the most important factors for any business, especially when it comes to bringing new technology into a company to boost its growth.
IoT implementation can be costly, as well as adopting new technologies. Many startups struggle to raise the capital required for an initial investment. This is one of ITs biggest obstacles.
Businesses must understand that IoT investment is a profitable long-term strategy. IoT devices and applications reduce costs, automate redundant tasks and monitor the entire organizations operations, reducing product waste.
The return on investment is important because IoT increases business opportunities.
2. Security Issues
Many companies are hesitant to use automation technology due to the lack of trust in the system and the digital divide.
IoT is connected to different devices that store sensitive data. Companies find it difficult to trust this technology.
It is important to know that cloud-based data storage is much safer than storing it on a physical device. Businesses must ensure that confidential data is protected since IoT allows multiple devices to share data.
For this, robust security will be required.
3. Integration And Accessibility
It is important to integrate and connect data when it comes to IoT. This is because so many devices will be connected.
Businesses who use IoT have to deal with a large amount of data. Its crucial that IoT sensors are able to work together in these scenarios.
The biggest challenge is integrating IoT into the existing technology. The architecture of all devices must be changed to allow them to communicate with the cloud, and in some cases, other devices.
It means that things such as watches, washing machines, refrigerators and other everyday items will be able to communicate with the cloud. The technology will be more and more cutting-edge.
4. Lack of Knowledge
Lack of knowledge of available solutions to problems is one of the largest barriers for IoT adoption. Many companies and their employees lack knowledge of the Internet of Things, which is a barrier to their growth.
The lack of knowledge can also influence decision-making and lead to companies choosing technologies or applications that are not relevant for their work.
It is important that they sit back and watch how IoT is used in different industries. This will give them a better understanding of the technology.
The employees should be educated about the technology, and the options available. This will save time for them as well as help them to understand the challenges that technology brings. The IoT market is highly competitive and many companies are already active to promote IoT products and services.
Learning more about technology will help businesses overcome their fears and move forward.
5. Transparency of Regulatory Standards
When a company adopts a new technology, it should adhere to a number of regulatory standards. Companies must follow certain standards when it comes to IoT.
However, the lack of transparency within regulatory standards can be a barrier to IoT adoption.
It is important to have clear guidelines about who can access data collected by IoT or how the data may be used to create new products and services.
Transparency in data access and authority allows companies to ensure data confidentiality and adopt new technologies like IoT.
6. Fear of Failure
Many companies are afraid of failure and therefore do not adopt new technologies. There are many success stories, but there are also many failure stories.
The reasons for the failures can be varied. The technology is not always to blame, but its important that the company chooses the technology that works best for them.
Want More Information About Our Services? Talk to Our Consultants!
The Internet Of Things Is The Backbone For The Future
Businesses who have already invested in IoT understand the benefits and will continue to do so to their benefit.
Companies that havent jumped at the chance yet should also do so. Otherwise, they run the risk of falling behind their competitors and peers.
Internet of Things is a long-term strategy that can transform businesses across many industries.
IoT may appear to be a daunting task for some business owners. However, with the right IoT solution and integration partner, businesses of any size can reap the benefits of IoT. IoT innovations are advancing at a breakneck pace and will continue to accelerate in the future.
Now is the time to get on board the IoT train and leverage the intelligence provided by todays solutions.
