How Critical is IoT in Your Journey of Digital Transformation?

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Time to Read: 3 minutes

Over the past decade or so, IoT has enhanced customer’s buying experiences and has allowed businesses to be more connected.

We are at the cusp of the fourth industrial revolution and many organizations have realized the need of adopting the new age exponential technologies like AI, Blockchain, Cybersecurity, RPA etc. The Internet of Things (IoT) is one such technology which has become a major disruptor in many industries and has become an important component in the digital transformation journey of many organizations.

As it is defined, the internet of things refers to, “a system of interrelation computing devices, mechanical and digital machines that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.” All this means is- with the Internet of Things (IoT), all of the devices you use on a daily basis will be connected. 

The Internet of Things (IoT) will connect the physical world in becoming a type of information system through sensors and actuators embedded in physical objects and linked through wired and wireless networks via the Internet Protocol. There will no longer be a difference between information and materials, as products will be inextricably linked to "their" information.

IoT and the Journey of Digital Transformation
Many experts predict that the number of Internet-connected devices will grow to over 80 billion by 2025. The numbers and its actualization may vary in the time to come. However, what is important here is to understand that the connected technology has begun to blur the boundaries between the physical and digital worlds.

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While we see the growth in the role of IoT in the journey of digital transformation, it is also important to understand the factors which are enhancing its utility and driving its growth. Today, the data has become extremely valuable to companies and AI has made this possible by making data actionable. AI supports enhanced digital IoT applications to enable predictive, perspective and adequate analytics.

Cloud computing has also paved the way for IoT and has driven its growth. IoT has furthered the growth of cloud computing by extending cloud capabilities closer to connected devices. Digital transformation technologies have also enabled cloud computing to facilitate the operations of computing, storage, and network services between end devices and cloud computing data centers.

Impact of IoT
Thanks to the internet of things, businesses are able to work in smarter ways by putting more real-time information and decision-making power back into the hands of employees. With IoT transformation, everything is integrated securely into business processes and workflow.

IoT has impacted the retail business in many ways. Customers constantly seek a personalized, satisfying experience when it comes to the businesses they interact with. Customers are constantly looking to connect to vendors however and wherever they want, they’re constantly looking for a good selection of products relevant to their lifestyle needs, they are always trying to learn more about products they desire and they want to place their orders with very little effort. Customers also want their purchases to be streamlined and secure and they want to receive their purchase quickly.

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The internet of things has made all this possible by connecting customers to companies no matter what device they’re on and providing them with the information that they seek. IoT has also made purchasing products or services online much easier by connecting devices. When devices are connected, a customer that views a product on their phone while out and about and then gets home and wants to view that same product on their laptop, they can do so easily.

Conclusion

The internet of things has a great role in digital transformation. Over the past decade or so, IoT has enhanced customer’s buying experiences and has allowed businesses to be more connected. Not only are businesses more connected with their customers, thanks to the internet of things, they’re also more connected throughout the organization. IoT is enhancing digital transformation and in the next seven to eight years we will see even more devices becoming connected.

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How Critical is IoT in Your Journey of Digital Transformation?

by Editor's Desk Time to Read: 2 min
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