While the term has been hanging around the tech space since 1999, the “Internet of Things” (IoT) has actually been a concept since 1991. IoT doesn’t just mean connecting smart devices to things, but as Steve Schmidt writes, test systems, buildings, and even medical equipment are all being interwoven by the Web that is the Internet. This means device manufacturers have a unique opportunity to get on board as far as making products that come with a host of benefits. And for businesses using hosted phone systems or looking to enhance their BYOD policies, this should perk some ears.
For one, it connects people to the devices they enjoy. By connecting people to possessions they use, and those possessions can connect to each other, time and effort are easily saved, making things that were once impossible, possible.
The dream of the IoT is like something out of a futuristic movie; it’s a dream where houses open doors for us when we arrive home, or brew our coffee because they know we’re waking up, and turn down the lights when we put on a movie.
Beyond the dream, however, Schmidt notes that device manufacturers will see promise in product life extension, automated support, and of course newer markets with revenue promise.
Manufacturers are poised to reap benefits ranging from a boost in labor productivity and collaboration, to greater overall equipment efficiency, better market agility, and positive customer experiences.
Most importantly it will put customer demand, production and supplier data in context at a rate that is faster and more accessible. This in turn will lead to lower costs, increased efficiency and faster response times.
It wasn’t so long ago that Gartner (News - Alert) found that the intersection of personal worlds and the Internet of Things is creating new markets and a new economy.
Gartner predicted that by 2020, 30 billion mobile phones, tablets, computers, wearable technology devices and other types of connected devices will be in use.
This kind of market analysis is something manufacturers should be paying attention to, as IoT will create tens of millions of new objects and sensors, meaning devices will generate more real-time data than ever before, giving manufacturers a big leap in the competition.
Edited by Alisen Downey