In today’s world, and particularly in the current business ecosystem, a digital transformations not a matter of if, but when. Capitalizing on emerging technologies is a key driver of growth and success. The survival of the fittest in the business world of the 21st century requires continuous examination of the impact of new technologies and their successful integration to efficiently achieve business goals. A technology that is revolutionizing our world is the Internet of Things, or loT. In this five-part series SDSol Technologies reviews loT from a business perspective, decoding how companies can unlock the power of the loT to achieve their full potential.
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What is the IoT? “The Internet of Things, simply stated, is the convergence of the physical and digital worlds, a merging of data, processing power and human intellect. It represents a technological revolution creating new challenges and opportunities for business,” indicates Azam Malik, SDSol Technologies CEO and Founder.
The Internet of Things, known as IoT, is a network of internet-connected devices capable of:
1) collecting and sending information, 2) receiving information and acting upon it, and 3) a combination of one and two above. The Internet of Things is literally anything connected to the internet. When something is linked to the internet it means that it can either send data, receive data or do both. In many cases, this ability depends on sensors and connectivity.
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With the phenomenal advances in sensor technologies and internet connectivity just about anything in existence can be connected to the web if there is a sensor which can capture data about the “thing,” and available networks to transmit/receive the data. This apparent simplicity should not undermine the profound impact that IoT is having on how we live and work.
Forecasts suggest that IoT explosive global market can grow to around $1.6 trillion by 2025. Driving this change is the fact that many more types of IoT sensors are being created at lower costs. Many businesses have already increased their revenue and savings by billions of dollars. These numbers will only skyrocket into the future. In part two of this series, we will provide an overview of how IoT technology is already at work in our world.
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