The Internet of Things (IoT) is no longer the new kid on the block; it is now a staple part of modern society that is rapidly becoming an integral part of modern business.
All-encompassing digital connectivity has the power to transform society, to alter the way people live their lives and how businesses conduct their operations. The IoT has made its case and is now being installed across a raft of businesses globally.
Supply-chain management is one example of an activity that can potentially benefit most greatly from the IoT and its drive to optimise business practices.
For the time being, the IoT has precipitated an avalanche of gadgets and applications, aimed at consumers and the B2C market. Examples include smartphones and watches, security equipment, smart domestic appliances and even driverless cars are all part and parcel of the IoT revolution.
According to market analysts, these devices will bridge the gap between the physical and digital worlds, to improve the quality and productivity of life, society and industries.
A recent survey conducted by KRC Research in the UK, US, Japan and Germany says that some devices are having a more meaningful impact than others — smart appliances like thermostats, refrigerators and home security systems are the first wave of commercial IoT products that customers have been most attracted to.
Parabolic IoT growth
By 2020 the number of IoT connected devices globally is expected to be 30 billion, and this is forecast to grow to 100 billion by 2025.
According to the IoT Alliance in Australia, by 2025 the IoT market could be generating revenue close to US$10 trillion and says that “every person and every business will feel the impact.”
Alternative data obtained by US computer giant Hewlett Packard shows that the number of “connected devices” has risen from 300,000 in 1990 to 90 million by 2008. By 2010, that number reached 5 billion and is on its way to 1 trillion by 2025, according to the company.
The rate of IoT growth globally is becoming parabolic, especially in G20 countries.
With consumers reaping the benefits of connected digital devices, businesses from various industries are keen to participate in this revolution, and by extension, optimise their operations towards delivering services previously thought impossible.
Digitally connected devices are setting the stage for businesses to deliver progressive and scalable services that benefit anyone and everyone.
And it’s not just consumption patterns that are likely to feel the impact of IoT.
The likes of CCP Technologies (ASX: CT1), an ASX-listed IoT-device manufacturer and solutions provider, recently announced that the ‘World Mosquito Program’ at Monash University is using its IoT critical control point monitoring solution to reduce the risk of losing temperature sensitive research material.
“Critical control points” are the points in a supply chain where a failure of standard operating procedure has potential to cause serious harm to people and business continuity, according to CCP.
Standard critical control points include temperature, energy, environment (e.g. air and water quality, pH, chemicals, noise, acoustics and gases) and movement.
If not mitigated, supply chain disruption can directly impact a business’ reputation and its bottom line.
CCP’s solution captures critical control point data in real-time using Smart Tags (sensors) and an advanced IoT platform which leverages big data analytics, machine learning and Blockchain.
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