Internet of Things

The Internet of Things (IoT) has already started impacting customer services and is set for more. The support centre is one field which can benefit a lot from having IoT aided channels. One can cite the case of fleet management, where tracking of relevant data can provide invaluable business intelligence on the state of operational support needed. Preventive action may actual result in savings to the tune of millions maybe more. Organizations such as Rentokil Initial and Pelipod delivery have started using such IoT aided technologies. Capturing of relevant data is also proving to be insightful for the marketing department. It is even being postulated that IoT could capture the mood of existing customers to encourage them at providing referrals. Similarly, the sales department needs to capture data at point of sale to track events such as warranty period expiring. In this way, the team can pre-analyze customer requirements. The overall scope for transformation in businesses using IoT is immense through fields such as workforce planning, work flow automation, supply chain tactics and devising corporate strategy.


Some critical steps have been identified before Internet-of-Things (IoT) based startups get launched. First of all, the founding team must realize that constant improvisations may need to be done to create the most perfect of product or deliver such service. A Minimum Viable Product (MVP) must be worked at that only looks at the most functional and basic version that can be created, nothing below which will be acceptable. This MVP must be clearly defined with numbers attached to its acceptance criteria. An 80-20 or even a 70-30 Rule must be applied at. This refers to the validity of the data. If companies wait for a hundred percent accuracy in its business intelligence captured, the time will run out. Thus work must be started along with strategizing ahead even with having a substantial if not complete picture. Startups must never get embroiled in legal compliances, so this part must be dealt with early on right at the outset. While the costing may be done abroad, the production phase must begin on home territory. Instead of large scale data warehousing being done internally, the seemingly infinite Cloud can be leveraged. Similarly, even hardware may be limited with increased over-the-air updates. A top notch writer must be identified to produce content for the team. An unconventional tip to succeed at such startups is to ensure that sleep is not deprived, as that disrupts entire creative cycle.


Some facts about the ‘Internet of Things’ have been collated together. These have emerged post a study conducted by Forbes which shows that a staggering eighty seven percent of respondents haven’t even heard of the term. Surprisingly IoT has always been around with ATMs being the first to scale this technology, starting back in 1974. By 2008, connectable devices already outnumbered people. Right now nearly four billion connected devices exist but the number is set to exceed the fifty million threshold by the year 2020. The number of smart phones shipped then will also exceed six billion as opposed to the slightly less than a billion and a half at present. There will then also be more than ten million units of smart clothing. The market for RFID will double up to more than twenty billion US dollars. Same year, a quarter of a billion vehicles even will be connected to the IoT. Google already has self driving cars. Google and Samsung want to connect household devices as illustrated by them buying up Nest Labs and Smart Things respectively. The global market for wearable goods has also risen by over two hundred percent with Fitbit and Apple Watches leading the charge. Business consulting giant McKinsey states that IoT’s total economic footprint will be worth eleven trillion US dollars. Even the beverage industry can save money worth fifteen percent annually if smart kitchen devices get installed. Cisco predicts that IoT will generate more than four and a half trillion US dollars over the next decade for the public sector and more than three times that much for private enterprise.Source:


Some interesting statistics have been gleaned on how the Internet of Things (IoT) will shape up in the near future. It is predicted to grow to a total of nearly two trillion US dollars by the year 2020. There will be a total of twenty five billion connected spots by the same year. Business analysis provided by IDC Worldwide reveals that more than 78 million wearable items were shipped in 2015 but that number will rise to more than two hundred million in three years’ time. In fact each person is expected to have around five connected devices by 2020 as per Frost and Sullivan. Even PwC reveals that a substantial proportion of people now use fitness bands, smart watches or smart clothing. Even four-fifths of retailers agree that IoT will significantly change the way business is conducted now. Authorities in Barcelona meanwhile feel that the city will save nearly a hundred million a year from IoT induced integrated water management and smart lighting in a year. Market research firm Gartner says that even the food and beverage industry will save 15% annually due to the connected kitchen plan. The connected health market will grow to more than a hundred billion US dollar by 2020. And McKinsey predicts that a total of 11 trillion US dollars could be generated a year through improvements in systems such as public transit and operations management using IoT.


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