Internet of Things – vital for future business success

The Covid-19 pandemic has forced all businesses to change their operating practices. Businesses of all sizes worldwide, have adopted and deployed technological solutions to survive and thrive in the future. One of the main technologies which has seen huge adoption in the times of crisis is Internet of Things.  

Internet of Things is an interconnection of physical devices and the Internet. The devices not only sense and record, but can also monitor and respond.

UK telecom giant Vodafone conducted global study focused on the impact the Internet of Things technology , henceforth IoT, is having on businesses at a time when their digital capabilities are being put to the test by the Covid-19 pandemic. Some of the key findings from the study are here:

  • Support business continuity – IoT is helping businesses quickly adapt working practices during the COVID-19 pandemic. 84% of IoT adopters feel IoT has ensured business continuity.
  • Improve productivity – IoT helps businesses prioritise and free up employees’ time for high value activities. By innovating, industries are discovering opportunities to create new revenue streams. 73% of mature IoT adopters have seen a significant return on investment from IoT.
  • Business Success – IoT is a future-proofing technology. 87% of businesses say it’s critical for their future success.
  • Drive innovation – Companies are using IoT to access untapped data to drive strategic thinking and develop innovative projects to future proof their businesses.
  • Improve Customer Experience – Being able to adapt faster to changing market conditions and to offer new products and services can reinvent the customer experience

Other technologies like Big data are being tested to identify sustainable alternatives to blanket lockdowns. Here is how scientific american reports about it.

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