Information technology has been revolutionizing every aspect of human life today. A complex system of hardware, software, data storage, microprocessor, sensors, and connectivity is taking the world towards a more convenient and ‘smarter’ platform. While miniaturization of technology is encouraging a new era in competition, end users are using these technologies to enhance every aspect of their living and lifestyle. From travelling to making office work more efficient, technology has progressed into a whole new era. The latest buzz in the market has been about IoT or Internet of Things.
Assessing the reach and impact of IoT
Though most IoT devices haven’t yet reached the average home or user, they have been making huge impacts in businesses, manufacturing facilities and healthcare premises. The main concept behind IoT is devices and networks that are able to collect data, exchange it and use it to create digital strategies, either programmed or manually. This is a concept where a “billion of things across the globe are constantly interacting with each other”. A brief idea of its implications is given by products like Smart ACs that control the room temperature by sensing the number of people in the room and the environmental factors. Everything is automatic and more ‘sensible’ with IoT.
These smart and connected devices are expanding our opportunities to create a global village. A greater reliability, high product utilization and newer functionalities have been able to help us transcend the traditional boundaries of products and service delivery. The changing products and services are also forcing traditional companies to retool and rethink every part of their business process. For businesses, it’s not just about the new opportunities but also new threats; specifically from evolving technologies.
What the future holds?
IoT, today has risen to reflect a growing number of smart products, right from the smartphones to automatic drives in automobiles. It has been just twice before in the history of men that information technology has so radically been able to reshape the nature of our living. Today, ‘information’ is a crucial part in all the technologies. Experts, across the globe have suggested that IoT would “change everything” but this could be a dangerous ‘over-simplification’. Like internet itself, connected products come with new range of possibilities but the rules of competition remain the same. To stay successful, it becomes crucial that businesses begin to understand the new rules of the game as fast as they can.
Smart products of today come with three main elements – “smart” components, connectivity components and physical components. While smart components amplify the values and capabilities of the physical components, connectivity in turn amplifies the value of the smart ones, allowing the overall setup to exist beyond the physical realms of the product. The results invariably present a virtuous cycle of improvement. Common examples would include Schindler PORT technology reducing elevator wait times by more than 50% and Big Ass ceiling fans sensing people entering the room and engaging themselves. We no more have to press the “switch”! Devices know when to operate, how to operate, all by themselves!