IoT technology: possibilities and realities
The future of Internet or Things or IoT is very promising. IoT will work through integrated sensors in places where important information can be obtained, such as cars, houses, pipelines or mobile towers, the main driving force of the modern economy.
This will make it possible to improve business management strategies using instant data. At the same time the level of all new innovations will increase and all new sources of business revenue growth will be created. In other words, this technology can change the course of business.
Although there has been a lot of talk about the potential of IoT technology in recent times, many experts have been skeptical. But with the advent of Five-G technology, broadband connectivity has accelerated, artificial intelligence (AI) technology has advanced, and speculative analytics and cloud technology have improved.
As a result, data from IoT can now be easily integrated directly with any type of work. In this, organizations working in different industries are also able to make maximum use of data.
In the modern age, many organizations are going through digital transformation. That is why many people are becoming dependent on cloud based IoT technology. Because, new sources of information are constantly being created through IoT.
With the help of IoT, many manufacturing companies operating in the international arena can now easily identify defective products in their assembly line. Retailers are also using IoT to buy products from wholesalers and set up shop according to the needs of the buyers.
IOT: Expectation vs. Receipt
According to McKinsey, a management consulting firm, IoT will generate trillions of dollars in revenue by 2025. According to a report published by Juniper Research, the number of IoT sensors used in various industries will double to 36.7 billion by 2025.
However, compared to the much-discussed IoT, the investment in this technology has not been much. As a result, the results for the last few years have far exceeded the expectations of IoT experts.
Even a year ago, many companies thought the same way about the application of IoT technology. Many organizations collect data through various IoT sensors but they do not know how to use this data.
In other words, the main obstacle is not the technology, the obstacle is the data itself. Therefore, organizations working in different industries should take new initiatives through various case studies, solve problems and look back at how the ideas from data can be used to solve this problem.
Companies like Siemens and General Electric have now invested heavily in IoT technology to bring more efficiency to their factory operations.
In addition, many organizations are now collecting data from cameras and other sensors on their various floors and extracting assembly line errors from there.
In other words, it is not enough just to collect data, it is necessary to find solutions to complex business problems by using the insights gained from the data. And then the desired results can be obtained from the data collected by investing hard and money
IOT Technology Possibilities And Realities
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