Are You Maximizing IoT to Drive Innovation?

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The internet of things (IoT) continues to grow and have an ever-increasing impact on an organization’s ability to stay competitive in its field. There isn’t a single industry or business model that’s not impacted by IoT.

Whether or not you embrace IoT is critical to your ability to effectively out-innovate your competitors and will directly affect your future success. An essential component of a successful innovation strategy is understanding how IoT is impacting your industry and devising a map for how you will incorporate IoT into your future business plans.

A brief history of IoT

IoT is older than many people may realize. Kevin Ashton coined the phrase in 1999, but the term IoT didn’t reach mainstream audiences until around 2014. In layman’s terms, IoT refers to a collection of devices that are connected to one another through the internet.

Common everyday examples of IoT devices include home automation of security systems, refrigerators, and smart energy meters. In business, IoT is used to facilitate ground-breaking innovations in virtually every industry by connecting people and departments in new ways — providing real-time access to data and saving both time and money.

Real World Business Applications

Business applications of IoT include the following:

Retail — IoT has the potential to reduce waste with real-time monitoring of what sells and what doesn’t. Every item sold in a retail space can be tracked in real time and then reported to employees and warehouses so items that are selling can be promptly restocked.

Health Care — The implications of IoT for the health care industry are significant. There is no area that IoT devices cannot improve, from connecting medical devices to 24/7 monitoring systems for patients and their doctors to connecting and sharing information between multiple doctors and practices that share the same patient.

Entertainment/Sports — Today’s sports use IoT devices to analyze an athlete’s performance while identifying what is keeping them from being their best. Data is collected and reported in real time. For example, a professional football player might have a sensor in each shoulder pad that transmits data 15 times a second, for more than 25,000 transmissions in thirty minutes of playing time. And fans now have an entirely new way to interact with and enjoy watching their favorite teams and players play.

Manufacturing — IoT will not replace the human element of traditional R&D new product creation, but it will impact what is created, how much, and when. Instead of traditional focus groups, companies can track what product features are being used in real time. Among many benefits, this will reduce time to market for new products — allowing businesses to focus on improving what their customers want and eliminating what they don’t.

Use IoT to your Advantage

Few businesses truly understand how IoT can help them. But the reality is that every business in every industry can benefit from IoT, regardless of size. IoT can increase business efficiency; save time and money; provide unique, real-time insights into business operations; and improve a customer’s experience and satisfaction with products and services.

It’s time to learn how IoT can help your business. Unless you want to hand business to your competition, there’s no time to waste in incorporating IoT into your business operations.

 

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