As we approach the last leg of the year 2016, businesses seem to be in an analysis mode, performing a reality check on their investments in IoT. Nikita Upadhyay from Saama Technologies, sheds light on the success of this technology and chalks the future roadmap as it proliferates deeper into business and consumer segments.
IoT is steadfastly transforming the manner in which companies conduct business. Rightly termed as the internet of everything, the technology is fast touching every industry in some way or the other. So what is driving companies to opt and deploy IoT solutions? Organizations are increasingly using IoT solutions to drive considerable cost savings by remote monitoring, improving asset utilization, making informed decisions based on the data and insights, enhancing process efficiency, and thus, boosting productivity. More importantly, IoT-driven innovations are expected to increase return on R&D investments, enable faster time-to-market, and open up additional sources of revenue from new business models and opportunities in the near future.
However, industry veterans issue a word of caution for IoT. “Start small, achieve business results and then scale higher”, they say. Companies across all industries now have IoT squarely on their radar. Companies looking at IoT for remote monitoring and diagnostics are making more informed decisions and enhancing end-customer experiences. Every company, depending on its applications, business goals and types of devices, will have different pain points for implementing IoT and different expectations for a return on their investment.
When we think about IoT, we largely focus on the following key areas like Smart cities, Banking & Insurance, Healthcare, Life-sciences, Transportation, Energy & Utilities, amongst others. It’s not just the businesses that are reaping benefits of the connected devices. IoT is also enabling a better lifestyle for public at large. For consumers, it’s touching their everyday lives. It’s on their smartphones, cars, at their homes and increasingly, on their body too.
So IoT is all set to revolutionize the way in which companies, consumers and even government interact with the physical world. Gartner predicts that the number of connected devices worldwide will hit 6.4 billion in 2016, up 30% from 2015, and will surpass 25 billion by 2020.
Having a clear IoT implementation roadmap, pre-defined business goals, succinct customer expectations are a key to success for any IoT implementation. Businesses that understand these are well on their way into IoT adoption.
And we at Saama Technologies are committed to changing the landscape of businesses in the Insurance, Healthcare, Life-sciences and Consumer Packaged Goods industries. Learn how.
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