The Internet of Things or IoT can drive changes in an organization by leveraging data into a wide range of operations. For making key decisions for your business, integrating data into systems is pivotal.
Companies are now planning to use data in more sophisticated ways. By doing so, they hope to drive more business value. All this shift will potentially transform business operations. The enterprise software and operations are at the precipice of evolution.
According to various reports I skimmed through using the internet service that Optimum offers, the trend of digitization is certain. So, if you are an entrepreneur, you need to start thinking on these lines.
Digitization – The First Step Towards the Transformation
DT or digital transformation revolves around data. You can find several convoluted definitions for digital transformation. But the easiest way to understand it is as follows: DT enables organizations and companies to make use of customer data for driving their business. In other words, it enables companies to get closer to customers. When it comes to traditional companies, digital business transformation for them is abstract. Mainly because there is nothing concrete, to anchor it to.
For a traditional company to reap the rewards of DT, the first step is establishing a digital link between the company and its customers. Only IoT can establish this link.
IoT for Traditional Companies
Starting with connectivity, IoT starts digitization right where things get interesting. Companies of any size can transform into digital ones by leveraging IoT platforms. This will allow them to digitize their physical products.
Some giant companies have taken this initiative to digitize. And they have emerged as leading companies now. The competition is getting fierce. And the pressure is being exerted by digitally native competitors.
This has pushed all the traditional companies in Fortune 500 to digitize some of their product lines at least. This was important to be able to digitally operate their native products. Also, it is important to note that this pressure is not only reserved for big companies. It goes for companies of every size.
In the business world, timing is everything. And digital transformation is no exception when it comes to the right timing. How digital a company is, will be a measure of its competitiveness. the more digital, the more competitive it is!
IoT Platform Enabling DT
Digital transformation based on IoT applies mainly to physical products. For traditional companies, that is terra firma! They make money by selling products. IoT-based DT is essentially aligned with the culture of a traditional company. Therefore, it is not only understandable but also exciting to motivate the employees to pursue it.
It is evident that data is central to both, IoT and digital transformation. If you apply it properly, IoT technology will gather source data. Which it converts into valuable information for the company. The internal source data begins at the sensor.
Converting this data into an effective digital payload and wrapping it up with due protocols to send on a network is the job of a software agent. He collects this data payload and sends it to the IT network using the network of operational technology. Then, the data goes to the public cloud and then makes its way into a database. Here, artificial intelligence and analytics software can process it. This creates various models producing info which the business systems store. As a result, departments can then access this useful info. They can improve and streamline it while operating it.
An IoT platform performs this entire process. All this procedure drives digital transformation. The IoT platform enables the DT of physical products. It also helps in collecting relevant data. This data provides a solid digital link between the customers and the company’s products.
Leveraging Data from IoT
Do you know what the most obvious data relevant to a product is? It is about the product itself! All the data related to the product’s usability, utility, and performance can be compared and modeled with its actual use. This will also result in product improvement, and lead to innovation. There are several other forms of data, which are product generated. In addition, collecting this data can be useful to the organization. Email marketing agencies are also using such data for better targeting and decision making as well. Other than engineering, there are several other departments, which can benefit from data. Some of them are as follows:
- Business Development
- Human Resources
- Legal Departments
Concluding, IoT platform technologies transform traditional companies into digital-based companies. They can then have innovation, increased competitiveness, efficiency, new business models, and customer experience.
You get to streamline your products digitally. For instance, if it’s an ISP, you can list all your products from 100 Mbps plan to 500 Mbps, digitally. Once you are inside the digital transformation kingdom, then the possibilities are vast. The sky is the limit!