6 ways IoT technology is transforming global business
“The Internet of Things is not a concept; it’s a network, a true technology-enabled network of all networks.” – Edewede Oriwoh
According to the latest report by Markets and Markets, the Internet of Things (IoT) market value will balloon from US$170.57 billion in 2017 to US$561.04 billion by 2022, flourishing at a Compound Annual Growth Rate (CAGR) of 26.9 percent.
That rapid expansion is because organizations transitioning to the digital age are quickly jumping the IoT bandwagon, learning that adopting and adapting, and improving connectivity, are necessary to stay ahead of competition.
With the boundless integration and utilization of connected smart devices and data analytics, global enterprises have been quick to install IoT-enabled systems at a rapid pace. There are currently around 10 billion devices connected to the IoT, with a total 1.5 trillion holding the capability to connect. In fact, a recent insight notes that in Australia alone, 77 percent of corporations have already employed an IoT-focused strategy in one form or another.
“If you don’t become digital, for sure, within the next five to ten years, you’re not going to remain in business,” says Rami Avidan, CEO of Tele2 IoT. “After you’ve decided that you want to become digital, from a strategic perspective, you then need to take relevant decisions on the features and functions that you need to include in your infrastructure to be able to become digital.
“Find the right partner for you,” he says. “Tele2 is that partner.”
Tele2 IoT stands as one of Europe’s fastest-growing agents of the IoT, orchestrating effective communication between devices and machines to help business moguls launch successful IoT solutions. With customers and deployments in 160 countries worldwide, Tele2 IoT is leading the way in charting new and crucial paths towards a smarter, more engaged and evolved digital world.
“[A] variety of forces will propel more connectivity over the next decade that manifests in things like cars, medical devices, public infrastructure and home ‘smart’ systems,” says Lee Rainie, Director of Internet, Science and Technology at the Pew Research Center.
“They argue that humans crave connection; that the IoT will bring advantages that are useful; that people’s desire for convenience will usually prevail over their concerns about risk, and these factors will make it difficult – if not impossible – to opt out of a highly connected life,” he explains.
With the overarching goal of flawless connectivity between devices at any time, in any place and under any conditions, the benefits of IoT integration in a business sense are undeniably extensive.
Here are six of the most powerful corporate assets attached to IoT, as outlined in Frost & Sullivan’s recent White Paper.
Frost & Sullivan’s research has already unveiled a rapid rise in so-called ‘safe cities’. According to the report, of the 15.4 million cameras the police force will be using by 2024, 78 percent will be IP-enabled, compared to 5.5 million we see at work today.
On top of cementing greater levels of citizen protection, the use of Big Data analytics and broadband communications is also great news for global employees; not only will this nurture a considerable boost in situational awareness, it will also spur a more rapid and efficient decision-making process, while bolstering force multiplier and decreasing overall operating costs.
This is where IoT platforms, like those from Tele2 IoT, will help deliver widespread connectivity, supporting the efficient management and other added value services needed within the diverse field of IoT, creating a safe society that allows corporations to prosper.
Fleet Management and Transportation
A link between vehicles, drivers and the World Wide Web presents a wealth of great advantage in the fields of fleet management and transportation. Advanced GPS technologies will let managers oversee daily driving routes, upholding company well-being by ensuring drivers adhere to necessary rest stops and are delivering on time.
In terms of fleet management, in-vehicle sensors will allow managers to keep track of repairs, with intricate software taking vehicles offline and arranging the mends in a time-effective manner. On top of all this, the IoT facilitates up-to-date alerts on things like traffic, road conditions and passenger demand, ensuring a seamless transport system from beginning through to end.
“Before we had Tele2 IoT, if one network went down we had no solution,” says Jasper Alga, Statutory Director of EuropeTrack – a Tele2 client whose partnerships with Tele2 IoT has led to a 50 percent decrease in EuropeTrack’s IoT connectivity costs.
“With Tele2 IoT, we have multiple networks to solve the problem.”
Asset tracking and tracing
Through in-depth investigation on factors like production, plant conditions, staff, customer demand and market fluctuation, Frost & Sullivan emphasizes that the IoT will empower managers to boost asset utilization; reliability and productivity; to diminish risk; and greatly improve overall company operations. This adept form of leadership will positively influence company safety, compliance and sustainability. Asset tracking solutions can also be useful for the end consumer market, tackling such problems as for instance bicycle theft. To tackle that problem, Croatian engineering company Byte Lab helped B.GUARD to develop a smart bicycle lock with Tele2 IoT embedded sim cards, which can help you locate your bicycle in case of the theft.
Happy customers result in a happy business, and the impact of IoT and cutting-edge analytics brings outstanding implications to the customer experience. As well as minimizing queues and thus reducing the use of energy, the IoT will mean consumers no longer have to root around their pockets, giving them a convenient means to pay via any connected device.
“We are happy to see a positive reaction from the people,” says Niels Corver, Co-founder of WhyDonate – who developed a connected donation box, which receives NFC payments. “In a couple of months we have seen a 200% increase in the amounts of donations.”
Remote monitoring and control
With innovative functions like remote monitoring and control, IoT products guarantee simplicity and flexibility within the corporate world. Understanding that not all employees are in the same place at the same time, nor do they have access to the necessary instruments, these tools allow participants to work effectively no matter where they are. This type of product will prove particularly beneficial within the manufacturing and healthcare industries, since plant managers and caregivers cannot always access the machine that requires observation.
“Flexibility is the key work in the construction business,” says Björn Svennefors, Chief Executive Officer at Infobric AB, a Swedish corporation that provides innovative systems to make construction sites safer and more efficient.
“Our cooperation with Tele2 IoT is unique,” he explains, “as it perfectly fits our business model, only paying for connectivity when we use it.”
By offering a means to keep track of light and heat levels, as well as to monitor office security while away from their desks, the IoT represents a smooth and cost-effective way for corporate leaders to maintain the prime professional environment. Not only will this lower both short- and long-term costs, but a considerable reduction in use of energy also demonstrates good practice in CSR.
Businesses that learn to confidently and efficiently leverage Big Data within smart, connected networks will be able to rely on more detailed and reliable information sets.
“At the end of the day, no one really cares about what kind of connectivity solution is used in their specific asset,” adds Rami Avidan, CEO Tele2 IoT. “So, I think what will happen here is that there will be a whole myriad of different types of solutions, because the real value for the customer is not that the device is connected but that you can start understanding the information that asset has, and to be able to manage and control that information.”
Exploiting this in real-time within a thriving business context will considerably improve the corporate decision-making process, thus instilling a significant competitive advantage. “The Internet of Things (IoT) is intended to seamlessly connect sensors, networks, data and devices to improve business efficiency and change the way we live our lives for the better,” Frost & Sullivan conclude. “The IoT can reduce carbon footprints, improve asset utilization, drive productivity and increase revenues,” it adds.
“And it can significantly improve the customer experience.”