The Internet of Things (IoT) revolutionizes how businesses operate and evolve. By connecting everyday devices and systems to the Internet, IoT enables real-time data collection and analysis, transforming industries and driving innovation. This technological advancement goes beyond convenience. It fundamentally changes how companies approach digital transformation. This article explores how IoT reshapes business strategies and the future of IoT-driven digital transformation.
Key points
What is the Internet of Things?
The Internet of Things (IoT) is a system that connects devices in a computer network and allows them to collect, analyze, process, and transmit data to other objects through software, applications, or technical devices.
IoT devices function independently, although people can customize or provide data access. IoT systems operate in real time and typically consist of a network of smart devices and a cloud platform to which they are connected via WiFi, Bluetooth, or other forms of communication.
What happens when the temperature is too high or there is a burglar in the house? The system alerts the user or takes further action, such as turning on the air conditioning or calling the police.
We also recommend you read our article about digital transformation in education.
What does the Internet of Things consist of?
In addition to Big Data, analytics, connections, devices, and experiences are also important for the Internet of Things to work. For simplicity, this principle is represented as ABCDE:
- Analytics is a key link in the functioning of the IoT. It connects the devices themselves and the data from them and optimizes business processes.
- BigData is stored in the cloud. They allow you to automate existing processes or build new ones.
- Connection comprises the channels through which devices receive and transmit information.
- Devices are connected to the system. Depending on the task, they must have an appropriate message frequency to work correctly.
- Experience means analyzing and rethinking existing experience in solving customer problems using IoT.
The IoT landscape constantly evolves, with new technologies and standards emerging regularly. Keeping up with these changes and ensuring compatibility with new developments can be challenging for businesses. This rapid pace of innovation requires continuous learning and adaptability to stay ahead in the competitive market.
How does the Internet of Things affect digital transformation?
The Internet of Things is the basis for innovation throughout digital transformation, and innovation is the growth of the economy and the improvement of the comfort of life. The IoT is a giant step in developing the economy with the highest productivity, profitability, and safety. IoT covers:
- Science, helping production with new developments
- Education, focusing on the production of relevant personnel
- Social sphere, timely responding to the needs of society as a whole and the individual citizen
All this is possible thanks to the fast, necessary, and timely information obtained through the Internet of Things technology.
For example, thanks to the Industrial Internet of Things, citizens’ productivity and quality of life is improved. Standard processes are maximally automated by implementing industrial IoT systems, and the chain of production participants is easier to build. This increases the flexibility of production, timely release of the product, and quick delivery to the consumer.
It should be noted the positive impact of the Internet of Things on the development of the social sphere. For example, in the future, it is possible to create Smart Healthcare when IoT will help to provide remote monitoring of medical equipment performance and control all medical systems necessary for a person’s illness.
Medicine will become more accessible for regions, and chronic patients will be monitored remotely. Patients will be able to control their indicators with the help of sensors in the Internet of Things system.
Currently, the Smart City concept is being actively discussed. This system is being developed to improve city management and solve urban problems. The Smart City comprises highly intelligent parts according to the categories of urban environment, safe city, digital city management, investment climate, and people’s well-being.
Challenges in IoT Digital Transformation
The challenges in implementing the Internet of Things can be divided into technological and human resources:
- Technological problems result from the fact that the existing systems of maintenance, supply repair, and resource planning in enterprises do not allow for the introduction of new data collection tools.
- Staffing challenges are related to personnel, where technicians cannot convert from manual information collection.
The view that adopting technologies like Big Data or Data Science will be the panacea is wrong.
An organization needs to start by rethinking business processes and identifying digitalization tools requiring expertise. IoT-based predictive analytics may be the right solution. It can prevent excessive resource consumption and deviations in the technical condition of equipment and extend its lifecycle. All this reduces the risk of sudden production stoppages due to malfunctions and, therefore, eliminates direct financial losses.
Prognostics is the latest stage in the Industrial Internet of Things evolution. It implies that data collection is not just from equipment units. It is a local system with a distributed network where information from different sources comes into one storage. Then, it is processed and sent to the personnel servicing the devices.
How SoloWay Tech Can Help You with Digital Transformation?
Our SoloWay Tech team specializes in helping businesses navigate the complexities of digital transformation through IoT solutions. For the past 15 years, we have worked in the international IT market of the USA, Central and Eastern European countries, and Turkey, gaining extraordinary expertise. Our SoloWay Tech team understands all the ins and outs of digital transformation. With expertise in IoT platform development, data analytics, and cybersecurity, we provide end-to-end services to ensure a smooth and successful transition.
Whether you need to integrate IoT devices with your existing systems, develop custom IoT applications, or secure your IoT infrastructure, SoloWay Tech has the experience and knowledge to support your digital transformation journey.
Cooperate with us and gain all the expertise we have gained over 15 years in the market. With SoloWay Tech, your digital transformation will be cost-effective and straightforward!
Conclusion
The Internet of Things is now becoming the main source of data, so the impact of this concept on the development of the economy, science, education, and social sphere is undeniable.
We can safely call the Internet of Things an engine of progress, an initiator of innovations in all spheres of life, a way to develop the economy and transparent public administration, make professional and timely decisions in public administration, and improve the quality of life of citizens.
