The rise of IoT technology:

Internet of Things (IoT) is the interconnection of embedded devices, software sensors, home appliances, physical devices, vehicles and network connectivity which enables to connect objects and exchange data. IoT creates opportunities by generating new business models with changes in work processes, improvements in productivity, cost containment and enhanced customer experiences.
Organizations can quickly access more data about processes and products from autonomous end points. IoT has multiple applications in various industries. Right from healthcare and agriculture to home automation and logistics, this new technology has been successfully implemented to make operations quick and seamless. It is based on event-driven architecture and operates through internet connectivity. It is estimated that there will be over 20 billion connected devices by the year 2020.
Even for companies that don’t directly deal with technology, IoT will have a major impact on how business is done. Smart devices will be able to track, record patterns of consumer behavior and even making intelligent product recommendations and customized searches in new and innovative ways. Businesses can utilize these real time and data-based insights to come up with better advertising and marketing strategies.
With IoT, companies will have access to data from every stage of the consumer buyer cycle. The impact of IoT on B2B and B2C activities can be measured in three ways: By the user, by the buyer and by the setting owner.
Digital Twin technology will help organizations to bridge the gap between the physical and digital worlds, giving insight into the changes required for the future. For businesses that rely on warehousing, manufacturing or storage, IoT will revolutionize the way inventory is tracked and managed, saving time for staff to perform more cognitively demanding tasks.
A whole new world of possibilities could open up for companies to manage employees working in remote locations, achieved with multiple devices all wired into the same network.
With IoT, consumers will have access to new ways of research and purchasing that will help decrease the length of the buying cycle. As we rely on connected devices to make our lives easier, security is a must. Everyone in the IoT ecosystem is responsible for the security of the devices and data. i.e. Manufacturers, application developers, consumers, operators, integrators and enterprise businesses should all follow a multi-layered approach to ensure security.
Leading industries are quickly moving towards implementing IoT solutions that drive the bottom line. BMS Innolabs is one of the leading tech solutions providers, who help clients with innovative business models integrating IoT technology. IoT will be one of the primary drivers of the digital transformation in 2018 and beyond. Is your business ready for the IoT?

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