Optimization and efficiency have always remained the buzzword in business operations. No matter how well a company is carrying out its processes, it is also looking for ways to enhance them. As the age of IoT beckons, enterprises have found a shining beacon that has the power to alter the face of operations beyond recognition. Many websites that deal in business statistics have touted IoT to be the torchbearer of real technological innovation. Everyone is trying to predict the number of IoT devices that will be part of the IoT universe in the next 5 years, 10 years and so on. But here we are not discussing that. We are here to gain an idea of how business models will look in the future and the role of M2M connectivity in that change.
Understanding IoT and its Core Aspects
IoT is not really a new phenomenon. It has been prevalent for a number of years, but it is only now that we have started calling smart operations as IoT operations. Collectively, IoT devices have the potential to change the way businesses operate. However, it is only possible if internet of things of companies provide the relevant resources need for IoT proliferation. Have a look at some of the crucial IoT resources, which we can also call its core aspects:
IoT connectivity or M2M connectivity is the main requirement of an IoT network. In most cases, high speed and low-latency connectivity is needed for successful accomplishment of tasks. But there are many business models, for which, expenditure on high bandwidth will be an extravagance. For example, simplistic sensors like thermostat that only relay the temperature to the main server can work perfectly well with low bandwidth. Or, in a parking or bike rental use case, you only need geo-tracking service that can be achieved with low-power and low-speed connectivity solutions like Sifgox and LoRa. Relevant connectivity solutions in such cases will also prevent quick sensor discharge and eliminate the need for recurring power charging, thus saving precious money and time.
Optimized API solutions for different business use cases
Programming of sensors and devices that connect to an IoT network is also an essential requirement. The code should be optimized to ensure high efficiency of devices. IoT SDKs and frameworks are expected to evolve in the near future and pave the way for better implementation of IoT. So, it is very much possible that big companies will start in-house IT departments for design and development of IoT code for their products/services.
Symbiotic relationship with AI and predictive learning
AI and IoT go hand-in-hand, and they are expected to develop in unison via a symbiotic relationship. As IoT generates large amount of data through device interactions, it can be put to use for data mining and machine learning. AI technologies can generate insights and provide information for leveraging business operations. The resultant insights can also be used for the betterment of IoT network and development of improved business and household solutions.
Increased emphasis on security
Every IoT innovation needs to be complemented via a strong security measure. As IoT becomes more and more mainstream, we will see increased breaches of networks by hackers. Therefore, the devices have to be protected by strong security measures like selective access, encryption etc. Also, these security measures will be constantly updated to prevent new hack attacks and security threats.
For any business to do well by employing IoT, it is vital for it to understand and leverage the above-mentioned core aspects. IoT has a humongous scope and requires you to grow in different verticals. Hence, it is almost impossible for companies to fulfil these requirements by themselves. So, it is a good option to partner with specialist Internet of Things of companies who have pre-established infrastructure and resources.