The nascent Internet of Things (IoT) is predicted to be the next Industrial Revolution. IoT is going to extend its powerful influence in almost all the major industries in the world – agriculture, transportation and manufacturing industry to name a few.
With the arrival of IoT, the whole industrial world is expected to go through a very serious transformation leading to the redrawing of industry boundaries. So if some major industries have established a stronghold in the current “internet” scenario, several other companies are still left behind trying to find their way around. The change has been too fast for them to take stock and adapt.
The escalating connectedness, or rather the evolution of internet to IoT has been successful in removing physical barriers, making it one of the biggest driver of change in the way we do business. IoT will lead to a connected world where the traditional industrial boundaries will be blurred, and new and unprecedented levels of business productivity will emerge.
It has also lead to faster innovations in hardware, reduced the boundaries that existed between the floor and the end consumer, increased visibility among products, consumers and partners. Amazon, Netflix (movie rentals) and Google are the three large sharks that evolved with Internet of Things.
Keeping that in mind, let us now look at some of the other industries that IoT will influence, or has started influencing already.
IoT and Agriculture
The agriculture industry thrives on improved productivity with minimum yield and maximum risk. In order to reach those goals, the agriculture industry has adopted the latest trends in IoT. Now farmers can grow crops and control pests with IoT. They can analyze the condition of the soil, weather, climate, and make predictions based on the data made available to them through the internet.
Through the results generated by various software, a farmer can even identify the low-potential areas and high-potential areas in his farm, and based on this, he would be able to adopt a kind of prescription-planting plan and yield more results.
IoT helps in precision agriculture too. It means that while farmers can predict weather and climate changes, they can also predict soil and air quality, labor costs, crop maturity – all this is done by collecting and processing real-time data.
Once the seeds are planted, the farmers will know what to do when and where they should be fertilized, how much fertilizer they should use, whether it would rain the next day, the whole week, and so on. Farmers can also get information on what kind of seeds to use and what is the best fertilizer that would reduce pollution.
Even after food is harvested, farmers need technology to know about the weather changes so they will know whether or not it will rain when they transport the crops in trucks. They would also need to know which route to take to transport their harvest safely and successfully.
Internet of Things in the Manufacturing Industry
Internet of Things is generating a buzz in the manufacturing industry as well. Manufacturing plants and factories are connected to the internet and this helps in faster productivity. Companies that take advantage of connectivity are able to take on potential challenges by managing workforce skills, discovering new business opportunities and negating inefficiencies.
Manufacturers are learning to tap into new generation systems to improve productivity, reduce resource consumption, lower costs, optimize operations and provide enhanced customer service. With IoT, it is possible to improve product quality while reducing the time it takes for a product to get repaired. With IoT, manufacturers can now release products that can answer, sense and predict customer needs.
Almost every industry in the world, be it major or minor, is left untouched by the Internet of Things. When industries are connected to the internet, manufacturers are able to manage their business from a remote operations center, set up new plants in other countries, manage asset performance and monitor progress in real time.
IoT will Influence the World of Payments
With disruptive digital technologies, it is now possible to make a world of difference in the way people conduct their banking and financial transactions. They are now able to connect to their banks and conduct routine banking transactions in a much more easier way. At present, there are a lot of niche firms that are leveraging this new technology in the banking sector and are thus able to cater to customer expectations, which are becoming more complex and dynamic by the day.
The traditional banking and finance services are now revamping their old style of business strategies and are incorporating new ones. In short, IoT has made the banking sector agile. Financial transactions have been made convenient and people can manage their money anytime, anywhere.
New innovations, products and services are taking their places in financial services to suit changing customer preferences. Banks and financial institutions who have been focusing on the traditional way of doing business have been changing their strategies and adapting to the latest technologies. As new technologies influence the way people perform their financial transactions, there arose another risk – data security and data privacy. This became of paramount importance as financial institutions fought to protect the data of their customers.
The constant changes happening in IoT have enabled the banking and financial sector to keep the fraudsters in check and protect the critical information shared by customers. The rise of connected gadgets and devices leads to the demand of increased security and privacy. This proves that even though iOT has the tremendous potential to change the way we make payments, challenging security issues must be addressed at the fundamental level.
IoT is slowly but surely changing the face of our industrial landscape. It won’t be long before we see a major revolution in all sectors across the world.
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