The first Internet of Things (IoT) device came into existence in 1982, when graduate students at the Carnegie Mellon University used their ingenuity to connect a coke vending machine to the internet. Their intent was simple, to check the availability of stock and find out whether drinks were chilled enough for consumption. Yet a decade or two later, IoT has transformed phenomenally. With an estimated 50 billion connected devices in 2020 compared to the 7.6 billion people, IoT has emerged as a game changer and is increasingly being adopted by industries - manufacturing, utilities, public and private sector units, governments across the world, and consumers for bettering their day-to-day lives.

What is Internet of Things ?

In a nutshell, IoT is a network of physical objects such as vehicles, machines, home appliances, etc., that use sensors to change data over the Internet. With the development of machine learning, embedded systems, real-time analytics and commodity sensors, IoT has become a reality as physical devices can now be turned into remotely controlled trackable objects. Home and building automation have become a reality as the much-hyped resultant of IoT, so much so that it is possible to time a coffee brew at sharp 6 am or ensure warm water for a shower through these devices.

Source: Gartner

Driving the business of the future

As far as businesses are concerned, IoT is enabling and making them more efficient. The data generated by IoT connected devices is being used not only to gain acumen about business processes and how they are functioning in a highly competitive world, but also for helping organizations take decisions in real-time, based on the insights generated. Considering that IoT has emerged as an important technology differentiator and not a mere hype, there will be a lot of spending associated with the incorporation of this technology in business processes in the coming years. A recent IDC report has indicated that the IoT spending will reach $745 billion this year. Some of the sectors which will see maximum spending in IOT as per an IDC estimate are:

• Discrete manufacturing ($119 billion)
• Process manufacturing ($78 billion)
• Transportation ($71 billion)
• Utilities ($61 billion)

Advantages

For the millennial business or enterprise, the benefits of incorporating IoT in business processes are immense. It enables not only marketers but HR and operational heads in making informed choices. Also, manufacturing and industrial units are increasingly seeking automation through Industrial Internet of Things (IIoT) for streamlining their business processes and making it more cost efficient.

• Reducing costs of manpower
• Enhancing customer experience leading to more customers
• Improving product quality considerably
• Reducing waste
• Ensuring greater agility
• Boosting productivity and efficiency of workers
• Ensuring transparency and increasing access to information
• Improving uptime, a major requirement for most organizations

However, despite the multiple benefits, many IT executives are wary of incorporating industrial IoT as it is difficult to integrate data from the multiple sources. Furthermore, questions have been raised from time-to-time about data breaches and infringement of customer’s privacy.

Ensuring privacy and security in a connected world the Espire way

Espire, one of the front runners in Customer Experience (CX) space, helps customers build a better future by leveraging its dedicated IoT centre of excellence and subject matter experts to ensure privacy and security in a connected world.

Using an agile and collaborative approach, Espire implements an IoT solution framework to determine the strategic rationale for a client’s business to adopt IoT and a cost-effective roadmap to surge ahead of competition in the digital age. In addition, our valued partnerships with some of the key technology experts in the world, enables faster time to market and the best possible business solution in the connectivity landscape.