5 Ways the IoT Can Change the Business World

The use of cutting edge technologies like AI,IoT and 5G in the business world is no more different.IoT devices going to work in close connection framework to each other and will be controlled to improve efficiency, which in turn has direct impact on the productivity of the business. More work can be done in less time.IoT devices record and transfer data to monitor important processes, give us new insights, boost efficiency, and allow companies to make more informed decisions.The increment in productivity and efficiency will increase your profits significantly.

Here are possibilities of the near future Internet of Things (IoT). This information is based on a survey of 3000 executives in 12 countries and on the company’s own IoT expertise, as well as feedback from customers and partners.

– The Internet of Things has gone from being a buzzword to becoming a part of everyday life any future-oriented business must relate to. It’s too late to ask if IoT, or the Internet of Things, has value. In 2019, the question must be how we can make the most of it. This is exactly why we enlisted the IOT 2020 business impact.

This is what the energy specialist believes are the five most important possibilities of the future IoT:

5 Ways Today’s IoT Will Affect Your Business

1.Mobile Employees

With tomorrow’s IoT, we get a new digital wave that just connects things (Things) using the Internet. This makes us more mobile and more digital than ever. The digital wave is accelerating interconnected sensors at lower prices, artificial intelligence devices, faster networks, cloud services and increased capacity for advanced data analysis. With the new wave, the farmer does not have to be in the barn to check if the cow is satisfied.

2.Customer Satisfaction and Loyalty

IoT enables us to take advantage of unused data sources to enhance the customer experience. Although many companies are thinking about efficiency and lower costs when considering the value of IoT, access to huge amounts of data and the ability to retrieve real-time information is perhaps most important. IoT can provide even better customer service and new opportunities for customer satisfaction and loyalty. Who would not like a customer center that has the solution ready the moment we get through the telephone queue?

3. Combines Security and Flexibility

An open, compatible and hybrid way of working is the basis for tomorrow’s IoT. It requires collaboration on global cyber security standards. In addition, cloud-based IoT will grow, both in popularity and in diversity, across systems. When IoT solutions become available to most people, the solutions will be tailored to both security needs and tasks to be solved. With a little luck we can adapt the safety to the job and not the other way around.

4. New Sources of Revenue and New Business Models

Just as innovation and development have been driven by the industrial revolution, the mobile phone and the internet, IoT will lead to new ways of making money and new business models. Schneider Electric’s Energy Operations software and Building Analytics are two good examples of IoT used in property management. Thanks to grid-connected sensors combined with analysis software and assistance from the company’s energy advisers, operators can now be immediately notified of system failures and intervene immediately before causing downtime or energy loss. The data stream from the plants is aggregated into monthly reports that point out specific efficiency measures. The system has been used by NTNU, among others, at Campus Gløshaugen in Trondheim with excellent results.

Companies, cities and especially developing countries will benefit from IoT solutions, as these solutions are freer and do not have to comply with traditional laws and regulations. According to the consulting firm McKinsey, today’s developing countries account for as much as 40 percent of the market for IoT solutions.

5. Helps the Environment

IoT solutions help to address some of our greatest challenges, namely global warming and pollution. In fact, Schneider Electric’s report shows that expectations for IoT are highest when it comes to the effect on climate and the environment. Both public and private sectors are using IoT solutions in the fight against global warming. For example, the University Hospital in Northern Norway has automated Europe’s largest patient hotel and delivers world-class energy efficiency. Read more about it here .

Still unused potential

Even now in 2019, IoT is delivering great value results. Still, according to the energy company, there is great potential for more. According to Schneider Electric, IoT solutions are the most useful in these four areas:

1. Maximize energy efficiency and sustainability through smarter systems and faster decision making. Gigantic Excel sheets are now being replaced by real-time mobile control.

2. Optimized machine and system use as a result of good monitoring and analysis. For example, with critical material and temperature measurement sensors, you can find weaknesses and avoid downtime.

3. Smart, productive and profitable operation through cuts in use of time and resources. Real-time analytics allow you to customize your operations or production as needed from time to time.

4. Mobile monitoring and reduced risk due to simulation and digitalisation. With today’s IoT solutions, you can check the factory’s machinery on the cellphone on the couch and be on the alert when the accident happens.

What risks do IoT security issues pose to businesses ?

The threats of the future will be more targeted and that new technology will make it easier.
Must increase focus on IT security among SMEs

As the security of large companies has improved, the attacks will increasingly come against smaller companies. It is not only useful to secure the big ones – everyone must be safer, if the country is to become safer, Dficlub concludes.

More targeted attacks

We believes the threats of the future will be more targeted and that new technology will make it easier to attack smaller companies.

Everyone is finding the starting point for the digital transformation and the road to mature production in the IoT age. Terms like Smart Manufacturing, Industry 4.0, Digital Transformation and Industrial Internet of Things (IIoT) are no more getting more practical and applications based: We are bombarded by new concepts and hyper that remind us daily of the rapidly changing world of manufacturers.

Everyone can find an excuse to ignore them, but you can be sure this is not a hype. The world is changing faster than ever, and manufacturers can’t afford to be left behind.

Research based firms has studied the industrial software market for several years, and researchers interviewed hundreds of industrial players. There is a common theme that goes back; – To get started, one must find the starting point for the digital transformation. Results shows how production management systems (MOMs) can be a low-risk and effective starting point for companies that see production as a key part of the digital transformation.

MOM; The concept shows how production and operations management can use business organization and management concepts in the production of goods and services. But a big challenge that IoT based industries are going to face is security.

– If you look at blackmail via email, this is a sign that the attacks are being targeted. The attacks are based on the company’s internal resources and can, for example, attach previously used usernames and passwords to make the attack feel more personal.

Bjarte Malmedal was in the first person that received a master’s degree in information security at the Gjøvik University College. After his studies, he worked for over 20 years with security management and operational cyber security in the Armed Forces, and was instrumental in establishing and leading the defense cybersecurity center. The environment was one of the first to work systematically with operational information security in Norway, says Malmedal, who currently works as chief consultant for Experis Cybersecurity.

Security culture and the human factor

– It was a major cultural shift to move from the defense’s operational and technical security efforts to focus on the human factor. The project at NorSIS was to provide a systematic overview of what has been done in the field of security culture in Norway, and was one of the first of its kind in the world. It was therefore a highlight to present the report to the International Telecommunications Union (ITU), a UN body for global standardization in telecommunications, he says.

Malmedal was also responsible for reports on safety culture in the energy and water supply sectors, as well as for the youth segment. The project has now collected data for over four years and provides the basis for analyzing trends and changes over time.

Must secure the entire value chain

He says that many are concerned about security culture, but lack a clear picture of what it actually means.

– In case of data breaches, companies often blame poor security culture, but when you ask what it actually is, they get an answer. One must therefore break the term down to attitudes, knowledge, or behavior. The report is a guide to identify how the situation is in your own organization.

As editor of the government’s new national IT security strategy, which was presented in January, he looked at how the situation is in business, and especially for small and medium-sized businesses.

– Previously, SMEs were not considered important in terms of security. The idea was that something much worse is happening with, for example, Hydro, but the development of the digital economy has led the major players to depend on the security of the subcontractors. If you look at the latest major security incidents, the attacks often come via subcontractors, and today it is understood that the security of the major players is entirely dependent on the security of the small players, he says.

Must lift the small businesses

He points to a comprehensive lack of IT security expertise among small and medium-sized businesses.

– Smaller companies do not have the money to hire their own people to work with security, but must focus on the core business. If a small business goes to the major security players, they are often offered comprehensive and costly solutions. It is difficult for small businesses to find good security solutions, and we therefore want to help small businesses reach a reasonable level of security.

He refers to a survey conducted by Experis this fall, in which 300 business executives in SMEs were asked about IT security.

– Nine out of ten business executives consider IT security an important one, but only half responded that they had sufficient expertise internally. The general attitude is that IT security is important, but the ability to do something about it is not present.