The idea of a connected home, one in which appliances communicate with one another seamlessly to simplify your life, was the stuff of science fiction a generation ago. These days, however, it’s very real and it’s all thanks to the Internet of Things (IoT). Yet IoT can still be so much more than just a tool to simplify our home lives. For enterprises in particular, the data accessible through IoT is invaluable and its worth grows every day.
Which begs the question: Is your enterprise taking advantage of the opportunities offered by IoT?
IoT is anything connected to the Internet, and the number of applicable devices grows larger with each passing year. By 2019, 1.9 billion smart home devices are expected to be shipped and by 2020, over 26 billion devices are expected to be connected.
The data accessible from all of these devices is not going unnoticed by major companies. Google has bought Nest Labs, a thermostat maker, and Samsung has acquired SmartThings, a connected home company, to take advantage of the data these subsidiaries provide through IoT.
How can IoT help my enterprise thrive?
Capitalizing on the data created by IoT isn’t only for the largest companies. Your enterprise can benefit as well.
Picture this: Having minute-by-minute (or millisecond-by-millisecond) information of your customers’ interactions with your company, providing your company with insights into customer habits and preferences. This telemetry data can be measured automatically upon collection, allowing enterprises to:
- Learn how customers interact with their services or products.
- Recognize inefficiencies in their own processes and/or utilize additional automation.
- Predict product life expectancy and reorder replacement parts at optimal points.
- React to future trends in the marketplace more swiftly than larger competitors.
A growing competitive advantage
By 2021, the IoT market will double the size of those for wearable devices, smartphones, computers and tablets combined, adding an expected 1.7 trillion to the world economy.1 The present is connected and the future is exponentially connected. Your enterprise can’t afford to be left outside in the shadows.
Learning more about IoT
If your enterprise is interested in learning more about how IoT can grow your business in a secure and practical way, we’d love to see you September 26th at CIO Arena in Minneapolis. Located in six major metropolitan areas across the nation, CIO Arena is the place to learn not only about IoT but about other available technologies that can push your business forward. Contact us today to learn more about this exclusive event and we hope to see you there.
Hear from Coherent’s client Daikin Applied and how we support their IoT platform in this video!