Technology is evolving constantly and this development has moulded the digital realm drastically. With the introduction of 4G and high-speed internet, the concept of IoT (Internet of Things) gave an upper force to the digitally-driven new world. From the arrival of 5G to steadily moving towards upgradation for Web 3.0, the internet has been a piolet of this transmutation journey.
Internet of Things or IoT is an internet-driven atmosphere where millions of physical devices are connected and are sharing data all around the globe. ‘Thing’ of IoT can be any natural or human root object that can transfer in-network data using the assigned IP (Internet Protocol).
With the invention of nanotechnology and omnipresence of wireless networks, anything can be remodelled into an IoT device. Connecting all the devices and injecting artificial intelligence with the use of sensors to communicate data in real-time is now possible without the involvement of humans because of IoT devices. IoT is giving brains to the dormant world around us and empowers them to respond and transmit data. It is operating as a connecting overpass between the physical and digital realm.
Example of IoT in business
Siemens, one of the leading engineering firm of Europe, and the biggest wind power supplier in the world have remarkably blended IoT for business. The firm has turned every turbine smart with the use of IoT. They can now evaluate hundreds of turbines remotely and foretell the need for maintenance. They are also now able to magnify the efficiency and productivity of the turbines in highly undetermined weather conditions.
Business benefits of IoT?
The key benefits of IoT depend on the way a particular industry uses it. Speed and competence are still the topmost priority in every sector.
The prime motto of IoT devices is constant access to data on their internal systems and products. This data can be utilized by professionals to make variations in the system for commanding results.
Business firms are smartly using sensors to track and replace the components before it induces damage to the entire system. These sensors are additionally used to receive data from components that can be later used for product intensification.
“With the introduction of comprehensive, real-time data collection and analysis, production systems can become dramatically more responsive,” say consultants McKinsey.
Business IoT devices can be grouped into two sections – industry-specific sensors or location devices for healthcare and multi-industry devices like security systems.
Each industry can benefit from IoT devices in their way like:
Devices that enable the collection of real-time reports on moisture, temperature, humidity, etc. to make sound and timely agricultural decisions.
Township with sensors and remote-controlled equipment for more reliable maintenance and support.
Smart sensors for the infrastructure industry to monitor changes in structural bridges and buildings.
This is not it every industry is spending big for IoT-enabled automation and smart data collection. A report from IDC prophesied that the total spending on IoT devices will be $1 trillion by 2022. Consumer spending was predicted to be $108 billion. Production asset administration, smart homes, manufacturing, and monitoring freight will be the following most populous area of investment.
Does IoT have a future?
After Covid-19 there are more devices connected to each other than humans.
According to IDC a tech analyst company by 2025 there will be 55.9 billion internet-connected devices (things) worldwide. Along with this, it predicted a big trend of smart wearable gadgets and smart homes in the coming future.
Gartner, another analyst tech company predicted automotive and enterprise sectors will have 5.8 billion IoT devices by the end of the year. Utilities, securities, healthcare, etc. are on the list that is going to completely transform digitally using IoT.
How to select an IoT product development service partner?
With the increase in demand for IoT products in 2020-21 due to the ongoing pandemic, there is an opportunity for IoT developers to contribute to digital transformation and showcase their expertise. Also, the greatest obstacle of resource crunch in the ongoing pandemic situation can be solved using an external IoT developer.
Here is what you need to know before hiring an IoT product developer:
Optimum Utilization of Digital Communities and Platforms:
The IoT resource requirement alters with the project. About 80% of creativities validated that they lag skills to endure running of the ongoing projects. Few organizations have an in-house IoT team and hire an expert for a particular project while others look for the technology. Therefore, look for platforms that are capable to provide on-demand services.
Look for the community on Facebook and LinkedIn and provide requirements. You might find groups that are digital transformation and IoT dedicated.
Search for product strategy experience:
Hiring an IoT partner at the idea development stage or post prototyping, always test their product strategy. This will support you to understand if the partner understands the business vision and can it convert the idea into a full-proof working product. Whether it is understanding the business objective or IoT component development, the partner firm should have expertise in all.
You can use the following analysis to evaluate your ally.
- PESTEL Analysis: Political, economic, social, technological, environmental, and legal impact.
- SWOT: Strength, weakness, opportunities, and threats.
- Estimation Analysis: Total number of resources with estimated timeline.
- Compliance Analysis: Experience in product modification.
A working prototype is an approval to the product’s core and a green signal to the developer. If the IoT development partner can get the prototype right there are utmost possibilities to get flawless product development.Since IoT development requires hardware, software, and wireless building development, prototyping is an essential step here.
The development partner should pretty well know the following objectives:
- Quick in development of Prototype (PoCs).
- Validate, experiment, and finalize the expected outcome.
- Test PoCs.
- Look for resource requirements.
Breakdown the resource requirement:
Based on the project details and document request the project development team to break down the resources. This will help firstly with the evaluation of skills and secondly the availability of resources. Any scale IoT project involves the following resources: Engineers, web and mobile application specialists, cloud providers, security professionals, quality experts.
Your development partner may or may not have all the proficient resources. They may outsource a few of them according to product requirements.
Evaluate the credible content:
The internet is saturated with misleading content. Like any other emerging technology, IoT has a lot of unreliable groups that agree on practically impossible technological developments that lead to drastic failure of the client. You need to choose wisely between misleading and serious developers.
Ways to reach likeminded IoT partner:
Look beyond the blog content, ask for case studies and similar outline details and the time matrix of the project. Ask for customer testimonials and a detailed portfolio of former IoT projects.
The right IoT development partner can be a business breaker or maker. Most of the IoT applications crash because they were not developed adequately. In today’s realm, IoT is worth investing in only if you choose an expert developer.
Qodequay as an IoT expert is a renowned company with 80+ years of cumulative work experience. We believe in the design thinking approach where we understand, brainstorm, design, produce, test and finally deliver the solution. We don’t create products we deliver life-changing solutions to our clients. We know how to flawlessly design and execute product development. With the availability of ample expert resources, we are a one-stop solution for any IoT product development requirement.
IoT along with 5G and web 3.0 is the future and today is the right time for digital transformation using IoT to stay ahead in the competition.
Image Credits: https://pixabay.com/