Why IoT Is the True Future of Business
Written By: Derek Stiles | April 7, 2021
I’ve recently been on an Internet of things (IoT) kick. Probably because I’m coming to terms with the fact that it’s way too easy for me to order things online that I don’t need.
However, I’m most interested in the influence the IoT has on business. For example, in 2019 there were 26.66 billion active IoT devices worldwide. That is a staggering number, but here’s where it gets even crazier: it is projected that by 2025, there will be 75 billion active devices across the globe.
Those numbers clearly display that the IoT is a driving force behind global business, both consumer-focused and otherwise. With 127 new devices connected every second, the effects that the IoT has on business are endless. If you’re curious why that is, the answer lies in the data.
We all constantly hear that data is the new gold standard, the new economy, and all things business-intelligence related. While I’m sure most of us believe that, I’m not sure all of us know why.
It whittles down to making businesses run smoother while also being easy to implement and use. In other words—less work, more benefit.
Think about the simplest of business-related IoT systems such as smoke detectors, cameras, thermostats, and all the other mundane things that most people take for granted. In the world of ubiquitous connectivity, those devices represent a degree of ease of use and management that has never been seen until now.
The ability to easily manage systems and their data leads to significant benefits. For example, fewer impacts due to potential fires, thus lowering insurance costs. Connectivity and high-resolution videos mitigate the risk of criminal activity. Better management of heating and cooling saves businesses massive amounts of money. All of these advantages, and we’re only thinking about the simplest systems that benefit from IoT.
Now think about the same connectivity but in a data center hardware environment. Let’s use the temperature example: a simple sensor that can monitor and report on ambient moisture and temperature in a server room is no more technologically advanced than a household thermostat, yet its implications are huge. That sensor could mitigate the risk of overheating mission-critical hardware and ensure that moisture damage is not in the cards. These benefits among many others, save millions in future IT expenditures—and that is just the basics.
The next step up is IoT sensors that manage everything from system health to flagging potential risks long before they happen, enabling engineers to fix things well before they break and preventing unscheduled downtime for customers and subsequent profit loss.
So, is IoT the way of the future? It most definitely is. With predictions showing that the global IoT market will hit $457 billion in 2020, I would say the world agrees with me.
So what does this all mean? It means that companies are embracing IoT in a way that helps them mitigate risk and lower unexpected expenses, all the while connecting with the customer on an entirely new level. Speaking of which, my smart home just notified me of yet another sale I should take advantage of… don’t judge me.