Revolutionary technological advancements have taken the entire world by a storm. Amongst several other sectors, it is the business arena reaping the benefits of tech innovations the most. From integrated business functioning to cloud computing, there has been a revolution in the business world. And the consequences have been quite impressive. Businesses have become more productive than they were a few years before.

The latest addition to this list of extraordinary tech innovations is termed as Internet of Things or IOT. By establishing strong connections between numerous devices over the virtual platform, IoT apparently makes it easier to carry out crucial business functions.

From connecting security cameras and sensors to production machines and vehicles, IoT integrates every operation within your existing business framework. What you achieve as the result is a superbly connected and highly functional enterprise.

If market predictions are anything to go by, then you can expect to have nearly 14-billion connected things and devices by the end 2022. It is this prediction that arouses a crucial thought in our minds. Is the ‘Internet of Things’ or IoT worth the popularity and buzz it’s enjoying. Or is it just another simple tech discovery?

Discovery or innovation

Most of us don’t possess a crystal clear idea about integrated business functioning. We often fail to comprehend the true connotation of ‘connected devices.’ Developing an idea about these two critical business aspects will help you dive deep into this discussion.

According to the technical definition of ‘Internet of Things’, it is the technology that connects various devices within your enterprise, thus resulting in smooth business operation. And the most intriguing fact is that IoT proves to be beneficial for business owners as well as consumers.

Here’s how.

Benefits for businesses

Connected devices offer you access to crucial business data. And by now, we all know the significance of data analytics. As a passionate entrepreneur, you will have the opportunity to delve deep into new insights provided by these data sets, thus opening up new avenues for unique business models, new insights, as well as revenue streams.

Business owners will also have the chance to create new products and services capable of complementing their existing business technology. Some of the other advantages include:

1. Business-customer interactions: IOT plays a highly significant part in revolutionizing business-customer interactions. Customers and businesses no longer meet just at the sales point but engage in a productive relationship over a long period. As long as the consumer places reliance on your services and uses your products, this relationship continues.
2. Using connected devices personally: Using IOT devices personally, will also bring about numerous benefits. Consumers will enjoy a highly comfortable, secured, and entertaining life with connected devices. Cost savings, proper resource allocation, and efficiency gains are some of the exclusive benefits ensured by IoT.

Final thoughts

IoT takes the machine-to-machine or M2M concept even further. While M2M solely focuses on device connections, IOT takes it further by connecting things, users, and enterprises along with it. With such features, we can reliably tout IOT as the next big thing in the tech arena.

Of late, Internet of Things or IOT is capturing the entire buzz in the virtual arena. Whether it’s about IOT’s role in revolutionizing the tech landscape or about its contribution to the service arena, this particular innovation is getting people to talk and how!

IOT or Internet of Things emerges as one of the latest tech innovations in the digital landscape. With enterprises investing in collaborative business technologies, this particular innovation has gained immense popularity.

Take a quick look at the following article, as it discusses the 12 most incredible facts about Internet of Things.

•       Huge popularity

From big business establishments to SMEs, everyone seems to embrace the IOT technology with open arms. With market giants considering IOT as an integral part of their business operations, this particular innovation seems to have a bright future. According to reliable stats, almost 96% of entrepreneurs or senior business leaders are planning to use this technology in the next three years.

•     Unlocking exceptional opportunities

Internet of Things will not alienate your business operations. Rather, it will integrate into your existing business processes, thus unlocking new opportunities for better performance. And that’s what even senior business executives believe.

Almost 30% of C-level executives believe that IOT is capable of generating huge revenues.

•       Huge ROIs

As a passionate business owner, you will surely wish to have huge returns on investments. And what better than an integrated business technology can make that happen for you. IOT has successfully ensured huge ROIs for 94% of entrepreneurs. That’s enough to believe in its power and significance.

•    Revolutionizing customer service

By connecting critical business operations, IOT will enhance the efficiency of your customer service and support. Business owners will earn better opportunities of customer management.

•       Reduced downtime

Internet of Things will ensure speedy operations within your enterprise. With IOT, you will experience a 35% cut-down on downtime and 25% on asset maintenance.

•      Saving operational costs

Internet of Things not only connects devices but also establishes connections between vehicles. According to market reports, you will have the chance to save approximately $970 on vehicle costs per fleet.

•      A great impact

With almost 38% of enterprises placing trust on IOT, it will inevitably have great impacts on the business world, in the next 3 years.

•   Upgrading the infrastructures

There is no denying that IOT has established itself as one of the latest tech innovations. If market predictions are anything to rely on, then almost $41 trillion will be the expenditure for improving IOT infrastructures over the next 20 years.

•     Increasing GDP

A technology possessing the power to enhance a country’s GDP will be of paramount importance for the nation. Statistics and market predictions state, IOT will contribute close to $10 to $15 trillion to global GDP.

•   Boosting data traffic

Embrace IOT and witness data traffic increase by 22 times, within the year 2020.

1. 11.  Possibilities in the past

IOT had some great possibilities in the past too. Although the concept gained popularity now, the first inception was way back in 2014, when there were just 0.06% of devices and things to be connected.

1. 12.  Foreseeing the future    

Internet of things seems to have a bright future. By 2020, connected sensors will be responsible for generating large amounts of data.

With these 12 interesting facts on Internet of Things, there’s no reason to be apprehensive about its importance.

How often have you thought of a fully automated life? How often have the biggest sci-fi movies kept you on the edge of your seats? How often have you wished your regular devices to run all the errands for you?

Too many questions, right? However, finding appropriate answers to these queries will help you participate in this discussion.

Today we look at the latest tech innovation known as IoT or ‘Internet of Things.’ And it happens to play a significant role in transforming business operations as well as human lives.

Let’s delve deep into the nuances and get knowledgeable on how IOT is revolutionizing our lives.

What is IOT?

Beginning with a proper definition will be the best thing to do. Internet of Things or IOT is a highly significant development in the virtual arena, which successfully connects devices, things, and objects over the internet. While discussing its features, you will come across two crucial aspects.

• M2M technology: IOT is established on the basic principles of M2M, which ensures vertical interactions between objects and devices. Internet of Things takes this concept forward and connects objects with users, enterprises, and other things.
• Information Transformation and analysis: IOT promotes the idea of information transformation via the virtual platform. Information change takes place from devices to servers leading to perfect analysis.

Identifying the changes

By connecting users, devices, things, and people virtually, Internet of Things will revolutionize both businesses and daily operations. Most importantly, IOT plays a highly significant role in transforming our regular lives.

The technology has the power to boost the performance of devices; we use regularly. You might wake up one morning to find your thermostat, wristwatch, and Smartphone functioning in a unique manner.

Revolutionizing lives and industries across verticals  

As one of the high-end and powerful tech innovation, IOT leaves no stone unturned in transfiguring operations across industry verticals. Some of the prime industrial sectors reaping the benefits of this technology are:

I.            Transport sector: The transport industry is integrating IOT into their existing operations. Car manufacturers will use Internet of Things and build self-driving vehicles. That will bring about some crucial changes in the transportation sector.

II.            Social media: IOT or Internet of Things enables robust connections amongst users and brands via social media platforms. The technology facilitates better collaboration and communication amongst users and their chosen brands.

III.            Business arena: By connecting numerous objects and devices within your enterprise, IOT will also ensure lucid business functioning.

Role in data analytics

Since we are talking about business data, it will be imperative to mention data analytics. One of the prime features of IOT is its contribution in big data analytics. By combining various data sets in a unified data environment, IOT will facilitate the successful conversion of data into intelligence, and further into critical business insights.

Concluding note

Let’s turn to statistics before we conclude. According to reliable market stats, IOT or Internet of Things will reach an estimated value of $1.9 trillion USD, by the end of 2020. Such predictions are enough to establish its importance. With such widespread popularity, it won’t take much longer for IOT to achieve unsurpassed success.