Debunking the common misconceptions about IoT

The number of devices connected to the internet are increasing every day and are bringing fascinating changes in the entire industry. These changes generate a lot of curiosity among the leaders and come with various misconceptions. With one negative incident involving the IoT, businesses jump to conclusions which prevent them from deriving the benefits of IoT as a whole.

In this article we have debunked some of the common misconceptions about Internet of Things:

IoT is a new Technology: Many business leaders believe that IoT is a new technology and doesn’t guarantee success. While the term “Internet of Things” is relatively new, the underlying technology and business model has been generating tremendous value for more than a decade for businesses worldwide. A study by Boston Consulting Group revealed that small businesses that use IoT increase their revenue 15% faster than those who don’t.

It is just another Machine to Machine (M2M): With data moving between multiple connected devices, IoT seems to have similar functionalities as of M2M. However, in reality, IoT covers a lot more than that and can be called an extension of M2M. More than one host on the Internet could act as a central control system in IoT which allows remote monitoring and control of various other devices like smartphones which would have an application communicating with the common host.

Only big companies with high budgets can leverage IoT: According to a survey, nearly half of all small businesses believe IoT is expensive. They believe that only large corporations with higher budgets can implement and maintain a connected infrastructure. Whereas, in reality, smaller companies are more flexible and can better leverage the IoT-driven opportunities.

IoT is only for operational use: IoT is not only for use in background operations and has more to do with savings and improving efficiency of the organization. It allows accurate collection and reliable view of data with the help of multiple sensors on connected devices. With cheaper sensors and ways of accessing the information from these sensors, a company can increase its efficiency, improve products and discover new business models.

CONCLUSION: Do not let these misconceptions distract you from reality. The IoT is a feasible development that will take over the entire world. Those who prepare for it today will be the first ones to bring a new revolution tomorrow.

Discovering the Potential of the Retail Industry with IoT

The number of connected devices is increasing every day. They are not only changing the way we live our lives but are also bringing dramatic changes in the entire industry. According to Mckinsey, the Internet of Things offers a potential economic impact of $4 trillion to $11 trillion a year in 2025. In the current industrial scenario, implementation of the internet of things is more evident in the retail industry. Retailers have now been able to collect information from various devices and process it to make smart decisions.

Let’s observe how the Internet of Things has revolutionized retail industries:

Improved Retail Experience: Customers can take help from the robots with the touch screen menu to find a product instead of walking in multiple corridors. Smart mirrors installed in various retail stores help the customers to see how a garment will look on their body without actually wearing it. They can also scan the bar codes on the product to get the corresponding information from the internet.

Precision in Inventory Tracking: Employees in production department can get precise data about the work in progress and the finished goods. Retailers can track and manage their inventory to meet their customers’ demands regardless of complications in the supply chain.

Prevention of Fraud and Shortage: Products are tagged with RFID tags which alert the retailer of a theft attempt. These tags also help the retailers to keep a track of their goods which are sold online in large quantities and have high chances of theft/shortage.

Improved In-store Experience: With IoT, retailers have various opportunities to improve their customer’s in-store experience. Customers in the close vicinity of the store receive targeted offers. They also receive special deals and offers while inside store thereby improving their shopping experience.

Make most of In-store Flow: With the IoT, retailers are able to collect insights about customers’ interests, purchasing patterns, etc. Using GPS and locations, they send notifications to their customers’ devices about the available promotional schemes, discount coupons, etc. to enhance customer experience.

Sync between Storage and Smart Shelf: With IoT, retailers are now able to track their goods, available inventory on the shelf and in the storage, manufacturing and delivery times, etc. This helps them to manage their inventory and eliminate the chances of an empty shelf in the store.

This being said, we still see a lot of potential in the retail industry to make use of IoT. The retailers should understand that the IoT isn’t just about sensors and connectivity — it’s about creating new customer experiences, revenue streams, and business models.

Internet of Things (IoT) Data Analytics: Understanding the IoT data

Internet of Things is a new concept wherein everyday objects can identify other devices and communicate with each other over the Internet. Using the sensor or wireless technologies, or QR codes, they gather data and take action on that data across a network. Simply put, the Internet of Things is the future of technology that can make our lives more efficient.

The IoT is significant because a physical object can represent itself digitally and connect to other objects and database data. Using this information, they act in unison to take action accordingly.

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