As IoT enabled systems solutions get implemented by ever more businesses and industries, all stakeholders agree to the wider benefits it percolates to the economy in the days ahead.
We are seeing how economies around the world are struggling to get back to their normal pace after the unprecedented pandemic hit and affected one and all. To adapt to the disruption and to revive, the right tech and processes must be quickly put into place and continuously followed to survive such crisis.
The Internet of Things (IoT) is one such revolutionary technology which along with the use of data and computing power, will support industries and the wider economy. The system will thus offer better insights, create product value addition and optimize many processes to sustain production cycles. It will help businesses and industries survive now and thrive later.
Advent of Connected Technologies
IoT smart sensors and devices along with connected technologies have begun to play a crucial role in collecting data for decision-making. The rapid increase in data flow and useful information is both a challenge and an opportunity for businesses
Systems to identify new revenue streams and improve products and processes using data collection and analysis will identify new revenue streams and help to future-proof the company and business in a volatile and sometimes disruptive market situation.
The pandemic (COVID-19) has impacted our lives and the economy severely. New norms of social distancing, safety measures have come into practice and industries such as manufacturing, retail, logistics and organizations have to meet these challenges and demands. Now IoT is playing a crucial role for those returning to their work environments and also when faced with fewer staff availability. By deploying IoT technologies, like thermal imaging cameras, movement and workplaces can be monitored for safety. Businesses can operate in safety, remain productive, generate revenue and support the economy.
Supporting the Economy
Organizations can support the economy by taking a circular approach, such as, by cost savings and optimizing the use of resources. By data collection and analysis and interconnected devices, key areas in waste of resources can be identified and corrected. This approach also helps in informed decision-making to address issues as they appear.
Growth can be sustained and business can benefit by capitalizing on technological innovations, that facilitates economic opportunities and the best use of assets. The system helps to makes products and services more effective and efficient.
5G is Round the Corner
The pandemic caused a lot of workforces to stay home and work remotely, besides forcing social distancing measures on people. Because of high quality internet, wireless communication and connected devices, IoT tech helped reduce the need of physical presence on site and restricted unnecessary visits and travel. Mobile networks played a vital role in this situation,
Now, 5G connectivity is all set to be deployed. It will boost the network capacity and data traffic. This tech is capable of connecting nearly 1 million devices per square kilometer. New 5G networks will supercharge the potential of IoT. industrial IoT (IIoT) will get into a new phase of deployment.
The future will see more connected buildings, smart cities, connected vehicles and transport infrastructure supported by enhanced connectivity. Smart buildings and public infrastructure, smart lighting or smart air-conditioning, will help cut costs of running and maintaining assets.
The general trend is pointing towards greater support to IoT in future and for its backward compatibility or even IoT retrofitting. Such technology aims to benefit all stakeholders involved and modern business, service and industry seem to be the first to be adopting it.
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