With the buzz around IoT and the tangible business impact organizations are seeing through their IoT investments, it is no surprise that the Internet of Connected “Things” is expected to reach 50 Billion by 2020. Especially in sectors like manufacturing, healthcare, and automotive, IoT devices are seeing a deeper penetration. It is projected that by 2025, the global worth of IoT tech will be $6.2 trillion!
Most enterprises are already investing in mobility and big data as their two key priorities and these areas broadly fall under the umbrella of IoT. Let’s take a look at how these three technologies intersect to create a connected future –
With a plethora of smart devices and sensors being connected, there is a need for ‘something’ that tracks, controls, and monitors these devices. Today, mobile apps are playing that role leading to a rapid evolution of this industry. These apps serve as a bridge between IoT objects and provide a seamless, comprehensive experience with extreme ease of use.
Apart from that, through an integrated mobility strategy, organizations are able to foster collaboration, connectivity, and communication within their enterprise – which, in turn, leads to improved service delivery, reduced operational costs, enhanced customer experience, increased productivity, efficient management of remote workforce and field service, and thereby leading to competitive advantage and business RoI.
Billions of connected devices generate a humongous amount of data at a very rapid pace. This data, if not analyzed and used in real-time, is of no use. The real value of big data analytics is to process this wealth of information and create actionable insights to trigger automated tasks. Analytics is helping businesses to go beyond “gut-feeling” and move towards an accelerated, accurate, and real-time decision-making. By taking smarter decisions based on data, enterprises are able to drive revenue growth, drive customer loyalty, prevent downtimes through predictive analysis, and drive business model innovations through valuable insights on customer preferences.
IoT is fundamentally transforming the way information and data are created and exchanged. This has a tremendous impact on many business operations and how businesses interact with their customers. Several business areas such as inventory tracking and management, field service, machine operations and maintenance, customer engagement, marketing, and also disaster planning and recovery have seen a massive transformation with the introduction of IoT. IoT is helping organizations in their business transformation initiatives by generating new revenue streams, optimizing business processes, reducing times, facilitating faster decision-making, creating better customer experiences, and improving operational efficiencies.
One of the many sectors which have significantly benefited through the convergence of Big Data, IoT and Mobility is the automotive sector. Several automotive giants like GE, Tesla, BMW, Volkswagen, Toyota, etc. have invested heavily in these technologies and are also seeing tangible business results through that.
General Motors, for example, uses big data for creating 360-degree customer profiling and uses that information for more accurate sales predictions. It also uses Geographic Information Systems and data analytics to help dealers in boosting their performance. By gathering detailed customer-specific information, GM focuses on highly personalized and targeted marketing.
Even a 100-year-old company like FORD is calling itself a technology company now and has invested aggressively in IoT, data analytics, and Smart Cars. It has very ambitious plans for launching its autonomous vehicles in the near future.
Automotive giants have also started building new ecosystems to support this transformation of self-driving cars and expanded connectivity. They are partnering with technology companies to create a coherent and seamless experience for their consumers. Very soon, the vehicles on the road will be very different from what we see today. They will not only be self-driving but those
Today, we have entered the era of “shared mobility” which is phenomenally transforming the modern transportation. Here, a range of technologies like mobility, IoT, and big data is powering a “sharing economy” to make transportation cost-effective and efficient. The road ahead is fascinating, and automotive giants have already shifted gears! I am excited to be a part of this transformation. What about you?