Companies that successfully grasp leading-edge technologies always stand out and continue to maintain an advantage over their competitors – and the Internet of Things is surely a technology of tomorrow.
The increasing demand for intelligent products will result in dominating the design world by embedded systems – made from both software and hardware components. A successful IoT project needs an in-depth understanding on the part of the IoT solution provider. To make the most out of it, it is crucial to grasp the major hardware components and how the end solution is put together – from the idea, to the market-ready product.
The potential of IoT
There are already billions of interconnected devices surrounding us, providing enormous amount of data. These numbers are expected to even triple over the next few years. And, as IoT gains momentum, companies seek for opportunities to use that data to mine for insights and monetarise them.
That is why, when comparing potential IoT solutions providers, take a look beyond the hype. Seek for a vendor that will give your organisation the added benefit of combined IoT software and IoT hardware competencies.
The complexity of design of IoT devices requires a high level of expertise, but that’s where the real value comes from.
Why is Internet of Things important?
Experts agree – intelligent products will have an increasing impact on the global economy. A report prepared by McKinsey Global Institute predicts that IoT may have an annual impact of as much as $11 trillion by 2025, across multiple sectors. The report highlights that it is the B2B sector that will benefit the most.
Businesses focused on services and user experience can benefit the most from IoT solutions. This makes the trend more than just a technological gimmick, but rather a major change of the way we work with our surroundings.
With this in mind, being IoT-savvy is a powerful competitive advantage for any business.
IoT business opportunities
IoT helps companies to improve performance of machines and objects, at the same time extending their lives and suggesting upgrades that enhance the capabilities of those machines and objects. It is safe to expect that in 10-15 years a great majority of machines will be connected to the network, gathering and sending data. This will significantly facilitate the production process and make it smarter, faster and cheaper.
Apart from the business potential, IoT adds value and improves health outcomes, supporting treatment of many chronic diseases. It can also ease our everyday life through reliable and robust automation of a number of tasks, boosting human productivity.
Hardware in IoT
Hardware constitutes the ‘things’ in the Internet of Things. IoT devices are usually highly specialised and tailor-made to operate within a very particular environment. With devices acting as interface between real and digital words, endless opportunities arise.
When designing IoT architecture, a number of factors must be taken into consideration. IoT devices need to adapt to your project’s requirements, such as:
Data acquisition, control, processing and storage
There is a lot more in building an IoT tech stack than just deciding on hardware. Choosing the number of peripheral sensors and output components, selecting controlling components, deciding on communication protocols and operating platforms and networks for cloud communication – a combination of IoT hardware and IoT software skills is crucial to assess the opportunities the IoT brings.
Software in IoT
Software is responsible for the ‘magic’ of turning a device into a ‘smart device’. IoT is a great example that a particular object can serve many purposes, depending on the software embedded in it. Thanks to the Internet of Things, the objects can synchronise, work together and help you make smarter and more personalised decisions that wouldn’t be possible otherwise.
In IoT, the software and hardware elements must work together across the IoT Technology Stack, creating smart devices. And obviously, software and hardware design and management differ vastly and require completely different skills. That is why a combination of teams strong in both areas can be key to the IoT success.
IoT is certainly here to stay and has the power to change many things about the way we live and work. IoT stimulates imagination of entrepreneurs, scientists, technologist and creative managers. Businesses that want to stay ahead are already considering implications of implementing IoT in their companies.
We believe that the IoT will have a massive impact on the lives of whole societies, making their lives easier, more comfortable and safer. Above all else, the Internet of Things provides the opportunity to make significant difference business-wise – in the way we work, manage organisations, communicate, generate value and revenue.
Is your company ready to harness IoT opportunities? If so, speak to an IT partner that has expertise in both the hardware and the software.