Why 2020 Is The Right Year For Businesses To Make An Investment In IoT

August 3, 2020

 Investment In IoT

The Internet of Things (IoT) has continuously endured as an automation tool but this prevailing disruption will intensify the adoption of IoT just like it did for collaborative virtual meeting platforms. It’s indisputable that technology is supporting us to get through the unprecedented measures that have been put in place as a response to the global COVID-19 pandemic.
The Coronavirus is having an exceptional impact on our society and our economy, presenting obvious indications that several technologies will see accelerated adoption in the coming years.

The year has seen the IoT technology being leveraged for remote monitoring, preventing the failure of critical equipment, disease prediction and diagnosis, which has propelled more companies to adopt IoT. Even more importantly, the IoT technology is playing a growing role in helping officials prevent further spread of COVID-19, while also attending to those that are unfortunately infected.

 

Why Has IoT Adoption Become More Critical?

The need for more transparency, decrease in Capex and automation of processes do justify why some enterprise IoT applications right now are in tremendous demand. Both businesses and enterprises currently managing employees working from home, therefore relying extensively on remote-based monitoring of the workforce, which is intensifying the demand for IoT services. This assists in bringing transparency, collaboration, real-time tracking, improve device security and management, as well as ensure meeting government compliance.

The outbreak of the COVID-19 pandemic has been so intense that it has severely halted all operations across major verticals. Industries all around the globe are struggling to cope up with the rising challenges of meeting both employee and client requirements. As a result, nations have either temporarily shut down numerous operations or are operating industries at 25% workforce capacity, as the majority of enterprises have provided work from home facilities for employees amid the COVID-19 outbreak.

There is a notable ramp-up in collaboration technologies such as video conferencing solutions. One such application; Zoom has become the poster child of the impact of Covid-19 on technology. Users for the video conferencing application is surging during the crisis, as it has skyrocketed from 10 million users in December 2019 to 200 million daily users in March 2020. There has also been critical demand for other technological advancements such as:

1. The Remote Working Infrastructure (Laptops, Hand Held Devices, Connectivity, etc)
2. Collaboration Tools (Video Conferencing Applications, Team Chat, Project Planning, etc)
3. Virtualization Infrastructure (Remote Desktops)
4. VPN Networking, OTT And Live Video Channels
5. Cloud Application Integrations And SD-WAN Implementation
6. Cyber Security And Reliable Connectivity Over Networks
7. Product Engineering And Software Development
8. IoT Scanners, Thermal Heat Detectors

 

Why Businesses Must Focus on IoT Services From 2020 Onwards?

Beyond the traditional IoT implementations, cognitive computing is expanding the significance of data to enhance the learning environment and improve the possibilities of what can be accomplished with edge analytics. These innovative technologies are making sensors proficient in diagnosing, detecting and accommodating to their environment without the demand for human intervention. Another tremendous advantage of cognitive IoT is the capability to connect multiple data streams that can recognize patterns and give considerably more context than would be otherwise available.

As more people get comfortable from remote working and interacting digitally, IoT technology is just what enterprises require as it is the most accurate technology under this circumstance. That’s exactly why some business operating spheres may develop a lot because of IoT integration into their processes. Here’s how IoT services can makes an impact on businesses!

 

IoT Helps Reduce Capital Expenses (CapEx) & Operating Expenses (OpEx)

IoT systems dramatically profit from localized data collection. The more linear the data localization, the more reliable business decisions can be. Therefore, it is imperative for the IoT sensor devices to be cost-effective to facilitate widespread deployments in industries and manufacturing warehouses, therefore reducing CapEx & OpEx.
In short, IoT technology can implement services to industries over the life of the product deployed, basically with the currently limited workforce due to COVID-19, hence, preserving the consumer’s investment. Nevertheless, any manufacturer connected to the IIoT services can accumulate data and OTA capacities to maintain a reliable revenue stream for years.

 

Workflow And Processes Have Become More Automated

Businesses are on the verge of adopting new technologies to keep the processes and it is expected that in the coming months, businesses will require to automate their processes more. Before the COVID-19 pandemic outbreak, automation was in many cases seen as a threat to humankind and their jobs. Currently, the most asked question has become: “How can automation expedite our recovery and defend us from imminent pandemics?”.
Workflow automation produces a series of automated actions to enhance and streamline business processes, with minimum human interactions which is just what industries and retail sectors are looking forward to. IoT implemented devices are employed to automate and monitor everyday mundane and repetitive tasks so that there is lesser employee interaction. Ultimately, it develops work efficiency and presents a solution for lost time and incomplete processes.

 

IoT In Employee Transparency

The swiftly evolving dynamics of the Covid-19 pandemic and the inability of humans to visit some physical sites have pointed to the recognition that transparency about employee whereabouts and wellbeing has become crucial.
The current cutting-edge IoT technology has the potential to execute an indispensable role in restricting the spread of the virus and assisting in the treatment of infected individuals. Such IoT based thermal scanners and face recognition systems enable touch-free attendance, sanitization conformity, supervising of body temperature, all in real-time.
Additionally, products based on facial recognition like touch-free pills administration, telemedicine and touch-free heartbeat analysis are advantageous aspects for hospitals.

IoT services are disrupting the current market in innovative ways that have yet to be fully explored. It’s exciting to see how promptly the Internet of Things is developing with tremendous business adoption which makes us realize what an impact IoT it will have on everyday life.

 

Author Bio:

Ricky Philip is an industry expert and a professional writer working at ThinkPalm Technologies. He works with a focus on understanding the implications of new technologies such as artificial intelligence, big data, SDN/NFV, cloud analytics, and Internet of Things (IoT) services. He is also a contributor to several prominent online publishing platforms such as Medium.com and HubSpot.