Since the middle of 2013, the buzzword “Internet of Things” (IoT) has kept technology journalists busy. Organizations have begun incorporating the IoT perspective into their work and have attached the IoT title to their executives and devices that are a member of the IoT enablement ecosystem due to the enormous potential that this scenario holds.

Even cloud providers were unable to avoid the IoT storm due to the uproar surrounding it, and in no time at all, platforms, software applications, and mobile apps were IoT compatible. The onus has been placed on cloud service providers to create efficient computing power for IoT platforms.

IoT: The Actual Situation

The setup needn’t be as difficult, unlike the intricate definition of the Internet of Things. For firms that know how to use it, the concept’s effective practical implementation can increase Return on Investment (ROI) and lead to efficiency and insights.

By linking various gadgets, industries around the world are producing a lot of data (electronics, software, sensors). Connecting the various IT devices is merely the first step in implementing IoT in the real world. The crucial step is gathering data from these gadgets and using data analysis to derive business insights from these data streams.

One of the common misconceptions about the Internet of Things is that it is a “always ON revolution” in which the objects (or things) are always gathering data and storing it in the cloud. In order to extract valuable insights from the available data, the business will need more big data analysts, more storage space, and more bandwidth requirements.

The actual image, however, portrays a very different picture. Any given sensor or device is only activated when triggered. This indicates that the system is “largely OFF” and that less data was really collected than was shown. Additionally, what needs to be communicated to the cloud is decided by the local event processing and analytics systems. As a result, the amount of data transported to the cloud storage is reduced even more.

The bandwidth of the complete data stream to the cloud while video upload is present is no more than 2-3 Mbps. When all other overheads are taken into account, just 15–16 Mbps of bandwidth are required.

How would this impact businesses?

Businesses will be impacted in a few different ways as more enterprises join the IoT wave. Some of these forecasts are as follows:

Emergence of Cutting-Edge Delivery Techniques

The Internet of Things is opening the way for business strategies that concentrate on the requirements and problems of the client. Businesses will be able to flood clients with brand contact points thanks to this, and as a result, they will need to develop novel delivery strategies for both their current products and upcoming ones.

User Experience will be crucial.

User experience will take the place of interface experience once the contact points that link customers to brands are networked. Smart product design will guarantee a positive consumer experience and sustained brand loyalty.

Services will be differentiators in the market.

The market differentiators for the Internet of Things will be “Services” rather than “Products,” as its popularity grows. Customers’ ability to map and navigate both emerging markets and established ones will depend on services.

The transition from goods to services and from utility to experience will also lead to changes in the responsibilities of employees and departments. In order to enable customer happiness, the marketing, customer experience, and information technology divisions will combine.

Making the switch to IoT

The six crucial elements that must be taken into account for your company to successfully integrate the IoT ecosystem are discussed below.

Connectivity

Since the “Internet of Things” requires extremely reliable connectivity, it is preferable to have a distinct network that guarantees uninterrupted service from other connected devices. Network engineers can implement the protocols, ports, and services required for the network with the use of an isolated network.

Bandwidth

There will be an increase in network users, devices, and data usage once the IoT ecosystem is adopted. As a result, the bandwidth parameters must be considered. The majority of businesses prefer to invest in increasing their bandwidth to meet IoT requirements.

Platform

One of the most important aspects of making the transition to IoT is selecting the best platform for your needs. Some of the most used platforms are Xively, Thingsquare, and Sensinode. When choosing the best platform, the supporting hardware, operating system, and programming are the main decision criteria.

Security

One of the difficulties businesses encounter while deploying the IoT ecosystem is data security. Web security, firewalls, intrusion prevention systems, and cloud computing internet intelligence should all be part of a holistic network security solution.

The security goal will be served by keeping track of the number and type of devices that connect to the network.

Storage

A lot of storage space will be required to accommodate the continuous data streaming from the numerous devices, user accounts, and web resources. It is necessary to create analytics platforms that can gather, arrange, and analyse streams of data. To find significant relationships and other information relevant to the client’s business, this data will be further examined.

Train Employees

Educate staff members on the shift to the IoT once the IoT ecosystem has been installed. Additionally, hiring practises must be in line with this technological transformation, and applicants with a solid understanding of technology should be selected.