The Internet of Things: Business Benefits

What is the so-called Internet of Things? Forbes has given us a simple explanation of the Internet of Things and according to them, this is the concept of basically connecting any device with an on and off switch to the Internet (and/or to each other). This includes everything from cell phones, coffee makers, washing machines, headphones, lamps, wearable devices and almost anything else you can think of.  However today, what we are going to focus on how the internet of things can be used for business.

If you want to start on adopting IoT for your business or home, now is the time to do it. Being created by Hitachi itself, support for Lumada will be effective. It is time to take up smart solutions and empower your business or home now. Check out Hitachi Lumada at their website here: http://www.hitachi.com.sg/ict-solutions/solutions/smart-solutions/iot

To start, Sara Angeles will tell us about the Internet of Things and its big start up potential.

Internet of Things Has Big Startup Potential

The Internet of Things — the intersection of the virtual and physical worlds via connected devices — won’t just change the way people live and work; it also will bring new opportunities for businesses, analysts say.

Information-technology (IT) research and advisory firm Gartner found that the intersection of personal worlds and the Internet of Things is creating new markets and a new economy.

Gartner predicted that by 2020, 30 billion mobile phones, tablets, computers, wearable technology devices and other types of connected devices will be in use. In comparison, in 2009, there were only 2.5 billion connected devices in use, and they consisted primarily of mobile phones, tablets and PCs. As a result, the Internet of Things will add $1.9 trillion to the economy as IT spending continues to grow. Read more here.

In the article, it says that the Internet of Things will benefit all types of businesses by reinventing industries on three levels: business process, business model, and business moment. However, research has also found that although most chief information officers have made significant progress toward embracing digitalization, nearly half are still unprepared.

Anyways, Aman Chaurasia will now tell us what the Internet of Things mean for business.

WHAT THE INTERNET OF THINGS MEAN FOR BUSINESSES

Internet of things (IoT) is emerging as the next big revolution in the world of technology. A place where devices are smartly connected to communicate with each other. It can be anything; your smart phones, smart TVs, smart watches and smart homes. With the potential to transform almost everything IoT has a tremendous impact on business.

SO WHAT EXACTLY IS INTERNET OF THINGS (IOT)?

IoT is an environment of humans, objects, or things, where everyone has assigned with a unique identity and has the ability to transfer the data over a network without any human to human (H2H) and machine to human (M2H) involvement.

All your devices can be connected with the other ones not only laptops, desktops, or smartphones but from doorbells to light bulbs. Everything is operated with the help of mobile/web application where devices are allowed to share the data with others. Read more here.

There are pieces of information on how IoT impacts various industries such as travel, manufacturing, health care, automotive, and agriculture. There are also discussions on the major advantages, consequences, and pitfalls, and how the Internet of Things (IoT) works. Next up, Intel Singapore is going to tell us how the Internet of Things engages consumers and benefits business.

How the Internet of Things Engages Consumers and Benefits Business

Our industry faces a challenge; connecting with consumers is becoming increasingly difficult. You have to do it where they are spending more of their time: on social media, smartphones, tablets, and apps. There, you have to hold their attention long enough to engage them in the relevant conversations that translate to ecommerce sales, or convince them to go to a store. We are transforming marketing, sales, operations, and supply chains as a result. It’s a challenge but it’s not the end goal. It’s just the beginning. Read more here.

Explained above is how IoT helps nurture trust, how it helps in agile supply chains and better delivery, and many others. Provided above is also a cheat sheet on IoT for consumer industries and where leaders should in consumer industries should start to look for business benefits. The Internet of Things might be understood by some at times, but as we can read above, the benefits it can give us could really be helpful in our business.

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