Much before I was born, James Cameron gave one of the iconic characters of all time, i.e., “Skynet” through his famous movie— The Terminator (1984).

I loved how it as a single microprocessor turned into a massive network of servers, satellites, computers, robots, and took use of self-awareness programs for communicating with all the systems for robust destruction.

So, what was the modus operandi of Skynet?
Skynet worked on the technology called as “Internet of Things” even before “the technology” or in fact, “the term” existed. I love Hollywood for their fanciful ideas which end up justifying the looming technologies.

So, what is the “Internet of Things?”
The accouchement of the internet led to the interaction between humans over the network and practiced till date.

They would put every kind of data (inclusive of but not limited to images, videos, games, etc.) on the network.

For you, for me, and for everyone, the internet is weaved into our lives like a digital fabric.

But there is an emerging internet which is changing the world again.

Just as it connected humans (the Internet of Humans), it is now connecting things where they interact with each other. It is called the Internet of Things.

Just think of a scenario… You are peacefully asleep in the morning. That is when your wristwatch notices your sleep cycle and wakes you up gently (depending on how good you slept). By the time you wake up, you see that your night lamp has gone dim, your tea maker is on, and your thermostat is drawing in the fresh air; the controlled outflow force of the shower and the temperature of the room is in the equilibrium.

How do we communicate? Through our five senses. Similarly, things need senses to communicate with each other. Today, by adding sensors to them, the above scenario is achieved. They are allowed to interact so that the chain of events take place only to make our lives simple.

How does the industry see IoT?
Would you personally spend on IoT had it saved electricity, and helped you with reflecting automatic slides while having a meeting? Or had it automated the organizational workflow?

Well, you can determine the acceptance of IoT by the total spending on it. The IoT industry is all set to spend $ 772.5 billion in the year 2018 alone. That’s a whopping jump of 14.6% in comparison to the last year.

The giants like General Electrics have already nodded a big yes to it. Its ad— “The boy who beeps” is one of the finest IoT commercials I have ever seen.

So, how does the truth of IOT sound?
Honestly, the truth of the IOT industry can change the way you see and conduct your business.

In 2008, the total number of IP devices crossed the population of Earth, and it is expected to pass 50 billion distinct IP devices by 2022.

When the global IP devices are almost seven times the total population, think of communicating permutations between the devices (things).

Let’s make you a part of different sectors, and see how the truth impacts your industry.

Financial Industry: Consider that you own a financial firm.
You are very well aware of the efforts and overhead costs it takes for collecting debt from an individual or enterprise borrowers.

Moreover, monitoring of the supply chain activities and operations are the additional pain in the neck.

How IoT rescues:

  1. Your Financial Industry can determine the readiness of payee by using IoT networks and sensors.
  2. IoT network of card-readers, ATMS, and point-of-sale devices can help you in evaluating the borrower’s expenditure pattern and expenditure to income ratio. It will give you enough insight to judge the intent of the defaulters, and curb down the further expenditure.
  3. Apart from that, you will be able to personalize your loans and rewards. IoT will hold the ability to give haberdashery vouchers to the men who love spending on clothes, and not on the technology.
  4. It will analyze your customer’s preferences, and offer rewards based on such analysis.

Key Stat: Financial Industry is planning to spend $153.5 million in the current year.

Healthcare Industry: Now, you are a proud owner of a Healthcare department.

Things have been really complicated in connecting with your patients without restrictions. Your department has security issues like the infant or patient protection.

There are violent cases against your working unit. The environment of your department is humid, and a poor fit for patients.

How IoT rescues:

  1. IoT network will help you with pervasive coverage of the entire department. You can closely monitor each move in your department without really investing your time in self-monitoring.
  2. IoT network including alert sensors can make your employees call the help in a jiffy of a second without having to go to the chief complaint listener.
  3. It facilitates monitoring of the differential pressure, temperature, and humidity in the air with substantial power to provide medical aids like creating an environment which is bacteria-free.

Key Stat: Almost 161 million healthcare IoT devices are estimated to be shipped worldwide for installation in the year 2020.

Advertising and Marketing Industry: Supposedly, you have a digital marketing firm. Your job is to analyze customers and target them accordingly.

Since you have a massive list of customer data, you have a very little access to the relevant information.

The irrelevant data has no impact in fruitful targeting, no strategies for ROI or improvement of CTR.

How IoT rescues:

  1. The IoT gives you a swift edge in gathering and organizing the client data. Additionally, it will empower you to extract accurate data, and assist you with actionable results regarding your customer base.
  2. IoT allows automated postings and sharings on the social media which are created by the smart devices themselves. IoT is amazingly optimized and integrated with the social media, and that’s an excellent boost for targeting the online communities and audience.
  3. IoT smart devices can collect sales data and share it back with your team in real time, without needing the IT expertise and data analysts. Hence, your business will be helped with informed marketing strategies which will further give wings to ROI.

Key Stat: Almost 29% of the budget was allocated in digital marketing in 2014.
But with the entry of technologies like IoT and AI in the mainstream industry, the budget allocation for marketing is inflating.

Also Read: 10 Things You Probably Didn't Know About Botgento

Manufacturing Industry: Enough of service industries. Think of yourself as a manufacturer.

Being a manufacturer is not an easy task. It takes indomitable attitude for handling various departments in the organization.

You have to work on the quality control and detect early faults in the system so that the final product is the exact prototype.

If you get over these nuances of the manufacturing, problems like staff safety, operations, and supply chain management can trouble you big time.

How IoT rescues:

  1. The IoT ladened devices/electronics can get you the real-time information of the system, and enlighten you about qualitative negligence from the manufacturing unit. We can draw the real life example from the Tata Power in India where IOT based early warning saved $300,000. The signal indicated that one of the bypass valves of a low-pressure heater was supposed to be closed but was partially open.
  2. Earlier, you would discard your equipment even when it wasn’t required. Today, you can take advantage of IoT for discovering the particular faults in the systems, and the system can later either be cured or replaced (depending on the actionable results given).
  3. You can also channelize IoT for self-healing of the systems. Although IoT is in the commencement period, a Florida based electronics company has developed a self-healing grid system which automatically detects, isolates, and heal the damaged section.
  4. You can make your manufacturing unit safe-haven for your employees. IoT can work as a perfect crutch for providing safety by analyzing the malfunctioned or poor quality system, monitoring the surrounding of the manufacturing unit and setting up the ideal environment for manufacturing. See how Australian construction firm uses IoT for ‘smart helmets’ which keep workers safe.

Key Stat: The manufacturing industry is thought of spending $189 billion in IoT. This industry peaks the chart in total IoT spending.

Retail Industry: Finally, you are the owner of a retail store.
You have underlying issues with your store, and not having a smart one is one of them.

Also, how tough it is for you to manage the inventory of the store?

You have competition from online stores (who have the edge over you regarding customer connection using analytics and data).

In case, you manage to attract a customer; you lose credibility by tieing up with the non-trusted transportation delivery system.

How IoT rescues:

  1. IoT plays a pivotal role in maintaining transport, event tracking, and route optimization. You get a great chance of using IoT network with GPS for tracking and routing trucks for years.
  2. IoT stands a chance for giving you the smart warehouse which analyzes sales and demands by completely automating the warehouse workflow. The warehouse can be robotics driven which scrutinize in-store shopping demand, sales opportunities, and missed in-store sales.
  3. You can refine the above data for connecting with the users. The brick and mortar businesses have suffered a lot in joining ties with the customers. With IoT in the picture, you can pull out right context (the time and the place of the customer) and identify which customer needs your service at the given point in time. Once you determine the necessary details, you can proffer personalized incentives and react proactively for any queries.
  4. With IoT, you can scan foot-traffic in the aisle, and the response of the sales workforce. Once you recover some data, you can assign a customer associate for helping them in filtering the products.

Key Stat: Retail IoT had modest total spending, i.e., $ 41.8 million in 2015, and has almost surged by 25% in 2018 to $49.1 million.

The Conclusion

“The most profound technologies are those that disappear. They weave themselves into the fabric of everyday life until they are indistinguishable from it,” quotes Mark Weiser.

IoT is at an infant phase. It has to travel a long distance to be called as the indistinguishable fabric.

Humans have always resisted the changes. Some technologies have taken decades or two in becoming such kind of fabric. But the IoT industry is speculating a lot of positives in the years to come, and it may seep in our lives without making us realize.

I am not pursuing you to equip your organization with IoT devices and systems, but going by the industry enthusiasm, I am confident that the bleeding sharpness of IoT has the tendency to polish different sectors, and it is a sweet truth to gulp.

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