Introduction
The Internet of Things (IoT) is creating waves in almost every possible aspect of human and technological development. In the past decade, IoT has shaped the future of digital transformation of business and the economy radically. From the smart watches we wear to our favorite television channel to finding the next holiday destination with a click of a button, IoT has changed our lives forever, and for the better, to help us discover new value in our daily activities using technology. According to McKinsey, the impact of IoT could be so significant that it could create $5.5 trillion to $12.6 trillion in global economic value by 2030.[1] Here is a snapshot of the impact of IoT in different spheres of our lives.
IoT and healthcare
Healthcare is one of the most active areas from this perspective. IoT delivers superior value, including specialized medical equipment, enhanced patient care across hospitals, emergency response systems, smart health tracking solutions.[2] This is an industry in which we find the greatest impact of IoT. Remote patient monitoring and enhanced resource management help healthcare providers collect data to enable doctors understand conditions and patient lifestyles better. IoT also helps to work autonomously to improve the user’s quality of life.
IoT and business
In business, IoT continues to create several positive disruptions in the business scene transforming processes and operations for the better.[3] By reducing the manual grunt work with automation, several man hours and considerable effort are saved while delivering high-quality output. A clear focus on customer satisfaction with enhanced productivity and efficiency creates greater opportunities for increased ROI. A smarter way of managing data and using analytical insights for better and faster decision making creates a larger scope for business growth and development.
IoT and supply chain
With the deployment of IoT solutions in the supply chain, manufacturers can track, monitor, and report performance effectively. IoT solutions help logistics and supply chain managers plan their warehouse and cargo operations to create the right kind of inventory for profitable distribution.[4] Remote location tracking also contributes towards better planning of routes, with erratic weather and traffic conditions causing unprecedented delays. IoT facilitates supply chain planners with real-time insights to help mitigate risks while ensuring absolute end-to-end supply chain efficiencies.
IoT and financial services
The past few years have seen radical developments triggered by IoT in the fintech industry. Particularly across security and payment processing, the impact of IoT has created immense value for financial services providers and their customers.[5] Security devices embedded with sensors and other IoT technology mechanisms are used as mobile point-of-sale systems, which helps finance teams source and analyze data to implement accurate decisions on investments, insurance amounts, and customer risks. IoT has also seen great benefit in fraud detection and cybersecurity as well as streamlining finance and accounting operations.
IoT and energy
IoT-driven energy management systems deliver an array of user benefits for every part of the electricity supply chain, including electric utilities, power distributors, and the end customers.[6] With smart energy management systems triggered by IoT, power suppliers can reduce energy spendings, reduce their carbon footprint, automate operations, and work towards a greener energy ecosystem.
[1] Michael Chuim , Mark Collins & Mark Patel “IoT Set To Accelerate Through 2030”, November 9th, 2021, https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/iot-value-set-to-accelerate-through-2030-where-and-how-to-capture-it.
[2] Bernard Marr, “The 5 Biggest Internet of Things (IoT) Trends in 2022”, December 13th, 2021, https://www.forbes.com/sites/bernardmarr/2021/12/13/the-5-biggest-internet-of-things-iot-trends-in-2022/?sh=453f3455aba0.
[3] Akash Gupta, “How is IoT Impacting Business Landscapes?”, January 1st, 2019, https://enterpriseviewpoint.com/iot-impacting-business-landscapes/.
[4] Digiteum Team,” Impact of IoT on Supply Chain Management”, May 22nd, 2021, https://www.digiteum.com/iot-supply-chain/.
[5] Jim Eckenrode, “How Financial Services can make IoT Technology Pay Off”, October 13th, 2015, https://www2.deloitte.com/us/en/insights/focus/internet-of-things/iot-in-financial-services-industry.html.
[6] Digiteum Team, “10 benefits of Smart Energy Management Using IoT”, February 9th, 2022, https://www.digiteum.com/internet-of-things-energy-management/.