The Various Realms of IOT among Core Business Workflow

Technology has evolved over the last few years with growing complexity and changing dynamics. Businesses are adapting to changing business needs and the overall focus has been turned towards the Internet of Things. The burgeoning amelioration in internet technologies will transform the way by enabling us to connect with physical objects. Thus, it would give the ability to sense the world around us by kind of useful remote monitoring or control of those things. Internet of Things is a combination of extensive computing and ambient intelligence among devices interacting with each other over physical media, channels and protocols.

It is a web that gives a unique internet protocol address to every object and device instead of PCs. After the decade of slow progress in the future world will be influenced by IoT and there will be ecosystem where all the object will be controlled through a touch on a PDA or click of a mouse. Everyday objects used in day to day lives will be more identifiable and controllable through the internet.

Internet of things is proliferating among most of the companies and according to the statistics observed, 94 percent of the companies are using Internet of Things in their businesses. Enterprises have also taken cognizance of IoT making it easy for them to integrate enterprise mobility solutions via use of connected devices. As a result two in five members always keep on discussing about the current state of IoT once in a month.

• There is an explosive growth in investment of IoT and there are 3 percent of companies who have doubled year on year investment.
• As per the speculation runs high, executives say that 95 percent of companies are expecting to use IoT in the coming years.
• 63 percent of executives believe that the companies reluctant to integrate IoT will surely deteriorate behind the competition.
• Approx 58 percent wants government to endorse development and endorsement of IoT whereas 45 percent believe that adapting to IoT while make their company more environment friendly.

According to the survey conducted by business economists in the year 2013, responders were asked to signify the scope of IoT in their external products and services among their companies. The primary focus of the report was to measure the stage at which IoT is being used on regional, global and industry level. This will thereby give an idea of how rapidly, businesses are adapting to changing needs and how enterprises are progressing with IoT. In North America, overall score of 3.89 for products and services places businesses in research stage. While businesses score 4.00 for operations and processes which places transition between “in research stage” stage and “in planning stage”. The firms in US are not expected to lag behind when it comes to putting IoT to business use, thereby developing underlying technology.

There is even a greater difference between in the use of IoT between industries than between regions. The health, pharmaceuticals and biotechnology sector are using IoT internally with a score of 4.49, followed by consumer goods and retail, IT and technology as well as financial services. But in case of developing IoT based products and services with an index score of 4.33 leads the way followed by healthcare, pharmaceuticals and biotechnology. In the surveys at least one among five respondents says that their organization is already enabled with IoT based product or services in the market.