Internet of Things (IoT) is a concept related to devices connected to the internet present in the daily life of companies and homes.
Picture, for example, a house where you can control the lamps, switch on the air conditioning, and set the temperature remotely.
IoT is also used in businesses to automate and control processes remotely. As a result, it’s possible to use IoT increase business productivity.
Increased productivity often leads to a reduction in costs, as processes become more automated, with lower human error rates and more efficient management.
At Cinq, we see five main IoT trends for the coming years:
1. Artificial Intelligence
Artificial Intelligence refers to applications that have a learning curve and can assist in communicating with customers, obtaining and analyzing data, as well as helping project into the future.
There are several Artificial Intelligence systems that enable conversations with consumers that appear to be individualized, both in social networks and in business applications related to finance and telecommunications, for example. Additionally, insurance companies use car and driver data to understand when the route is being followed or when there is a risk of assaults or deviations.
Trends suggest applications will be even broader. With the increase in connected devices, which can exceed 25 billion, it’s much easier to get information and act more efficiently on it.
The challenge is to organize data so that the most relevant information is obtained and can be used in the decision-making process. When used in conjunction with IoT applications, it is possible to run a business more effectively and nimbly.
2. IoT Governance
As the Internet of things grows, it is important to ensure collective and individual rights. Therefore, working with IoT governance is must. Keeping that in mind, the behavior of employees and companies should be ideal for creating, using, storing, and deleting all information generated. For example, companies must take great care with customer’s personal information.
Accordingly, governance is present from audit tasks to complex problems, such as controlling information generated by the devices. In this sense, companies need to understand and educate about best practices for handling information.
3. Sensor innovation
According to studies by Gartner, the IoT sensor market will be one of the most evolved ones. That will enable sensors to be used in even more situations. While price is still an obstacle for many companies, with greater popularization, they wil become more accessible.
According to Microsoft, prices are already dropping. In 2019, the average sensor cost had a reduction of almost 200%, at USD $0.44. It is estimated that, in 2020, the cost reaches a level close to USD $0.38.
At this price, sensors are expected to spread around the world, reaching the 36 billion mark. That’s 5 times the entire world population.
We also expect that the algorithms used will be able to put together a larger amount of data from sensors. That would lead to more possibilities for business transformation. Then, experts should often monitor changes so that they can identify novelties and help companies put new reality into action.
4. Interactive robots
Investing in interactive robots will soon use resources beyond those that are applied today in developing applications for tablets and smartphones. This is due to what is new in Artificial Intelligence, which affects all processes that require interaction.
When the technology can act decisively on standardized tasks, professionals will be free for activities that require creativity and refined analysis.
5. Increased revenue
E-commerce shops will also do well. By 2021, revenues are projected to achieve a 30% growth in companies using voice and image research. They will gain in specificities, enabling interaction to be humanized and natural.
This means that it will be even easier to understand customers and their wishes. To this end, the trend is for mobile devices to be modernized, enabling the interaction to occur in a well contextualized manner.
Gartner research also shows that at least $3.5 billion should be generated from voice demand. Competitiveness, then, must be fierce. And your company can benefit from good planning.
How to prepare for these trends
Digital transformation is in full force. There are several companies that already automate their processes and thus are able to increase profitability.
The trend, as we have seen here, is for these technologies to strengthen their presence in business day-to-day life. So, the less time you take to understand how processes can become automated and intelligent, the faster your business will see success.
On the other hand, taking time to adopt digital transformation strategies will cause companies to lose traction in the market. Overall, companies who take the best steps to increase the profitability of their business model and thus raise the level of consumer satisfaction will gain market traction.
To prepare for trends, it is essential to do a thorough analysis of the operation of each process, understanding what can be done to optimize resources. In this sense, we should study the entire IT structure and show employees how digital transformation can ease activities, which generates a significant impact on the team’s motivation.
It is also essential that the company makes a plan, understanding its financial condition for current and future investment. Accordingly, you can design goals to strengthen your intelligence and improve customer experience.
Business leaders should always be aware of trends for the Internet of things and how they can help business production. That way, it will be easier to keep the company competitive, placing the consumer at the center of decisions and operations.