There are technologies that everyone is talking about, but their impact can often be small. There are also technologies to which the general public pays much less attention, but they can really change the way we live and work. One of the technologies that we can add to the latter group is The Internet of Things.
We previously wrote about this technology and how it can change business in the near future, as well as which business sectors it will affect first. Many organizations have already become conscious of this potential change of directions and have started investing in innovations.
The statistics confirms The Internet of Things endpoint spending worldwide by category from 2014 to 2020 (in billion U.S. dollars), from Statista.com:
There are three main components of the Internet of Things system:
- Infrastructure for receiving and processing data;
- Smart gadgets that interact with sensors, apps, and exchange data via the Internet;
- IoT applications, which allow you to manage the system and interact with devices.
One of the most promising work areas in the field of this technology is IoT application development. The company, which is already investing in the development of apps targeted at interacting and managing elements of the IoT infrastructure, will be able to gain many advantages over competitors and strengthen its business in the future.
Here are a few reasons why this should be done.
1. Efficiency and productivity
Thanks to the use of IoT sensors, we can achieve the minimal amount of human participation in various routine operations, which allows us to automate and optimize many different processes.
The possibility of analytical monitoring in real time is also a great benefit. One can learn how to reduce unnecessary costs and how to redistribute available resources to increase the return on their use.
For example, the use of The Internet of Thing can help transport companies and retailers make it possible to significantly simplify the task of supply chain management.
2. Advantages for employees
Apart from the business as a system quality, IoT applications simplify life for employees as well as providing advantages such as:
- the ability to obtain the necessary information in real time;
- the possibility to respond as quickly as possible;
- an increase in personal effectiveness;
- the ability to manage the work processes remotely.
The above mentioned opportunities make it possible to increase the level of employee satisfaction, as the number of stressful situations and uncertainties is significantly reduced.
3. Wide opportunities for startups
For start-ups, IoT can be a chance to establish strong relationships with large enterprises that are interested in implementing innovative solutions. By creating similar products, you can become a partner of the leading company in your niche or receive funding to continue development.
Moreover, IoT products have a much higher monetization potential than the standard apps in the App Store and Google Play Store. This accelerates the time needed to find an effective and sustainable business model.
4. Constant feedback
With the help of connected devices that can communicate important information, the organization can quickly and efficiently evaluate the results of its activities. In addition, the barrier between the product supplier and his customers is significantly reduced.
By collecting and interpreting a large amount of data, companies can even make decisions aimed at reviewing existing work mechanisms and introducing more innovative business models.
5. Remote monitoring in real time
You don’t need to be in the workplace to be aware of what is happening. Thanks to the use of IoT-technologies, it is possible to monitor workers, their location, and you equipment in real-time mode. IoT technologies can also be used to help you be aware of the condition of your equipment. The user can be located in any place, even outside of the workplace, and the information will be stored in the cloud database.
6. Risk reduction
Whenever the equipment needs scheduled maintenance or any spare parts replaced, IoT technologies can automatically inform the necessary personnel about the issue. Analysis of such data will significantly prolong the period the equipment operates without trouble and increase the profit of investments in equipment.
Even ordinary household appliances can independently warn the owner about possible malfunctions and will be well received in the market. These technological advances have great commercial potential.
7. The next revolution in production
According to the Organization for Economic Co-operation and Development (OCED) studies, the active use of The Internet of Things in the economy will provide significant productivity growth, more environmentally friendly production, the emergence of new products and business models, and a revision of existing business models.
All of this will help to solve global problems and will positively affect the well-being of every person worldwide. Such obvious benefits, such as increasing operational efficiency, are just a preview of something greater.
Let’s sum up the results
IoT application development is one of the most promising areas in the IT sector. The total number of connected devices is growing up by the second. Over the next few years, they will play a crucial part in a wide variety of industries.
Evolutionary development of technologies, such as IoT, Big Data, and AI, opens new opportunities for enterprises that operate in both the global and local markets. Is your organization ready to take full advantage of the opportunities that are available, thanks to this?
Lvivity team have enough experience working on such projects to help each of the customers take their vision and turn it into reality. We are ready to be a reliable technology partner for you. We can be entrusted with the task to develop an important product for your business.