The Internet of Things or IoT, as we know it, has a well-rounded ecosystem. This consists of various IoT applications, IoT solutions, and IoT platforms. We are here to specifically discuss IoT platforms and how they can affect any and every coming of age business for the better. The platforms can be defined as the tool to manage all the primary components of the IoT systems; the hardware, the software, the user interface, and the network. It allows the connected devices to share large amounts of data while simultaneously ensuring that the same is being analyzed and put to use for the brand’s growth. An IoT application and a solution are the additional uses of the IoT platform and help in optimizing your service. Let us have a look at some of the most important benefits of incorporating this technology into your business.
#1 Expand your footprint in the marketplace
Approximately 150 devices are connected to the internet every second all around the world. Adopting IoT platforms for your services can broaden your company’s reach very significantly with almost 28.5 billion networked devices in the market by the year 2022. This technology has been observed as a springboard for the modern digital enterprise and more o for companies with physical assets and products. There is known evidence of traditional companies that have embraced this technology as their core expertise and seen growth beyond their standard business models. This does not mean that if everyone is jumping n the bandwagon you should too, but it is probably in your business’ best interests to look into it and check if your product has the scope for the same.
#2 Acquire data like never before
The idea of a smart world indicates every device and gadget that we use to have an understanding of the user and react in the appropriate way. Internet of Things ensures that we are stepping towards such a world with the help of real-time data using accurate sensors. Your products collect insights constantly and can drive your business in the right direction with the aid of modern analytical tools. IoT platforms have amplified the importance of analytics and encouraged companies to use it to the maximum potential. The brands now tend towards implementing this data-driven approach in day to day decision making. They also help to scale connectivity and data floods separately from the rest of the establishment, therefore allowing other applications to keep functioning.
#3 Create personalized user experiences
Personalization is the name of the game in the current era, it is a crucial value-adding factor for customers in industries such as retail, automotive, telecom, and electronics. Providing smart devices that are equipped with IoT technology can offer better flexibility that guarantees personalization. A lot of this aspect is also possible due to the data analytic as mentioned previously. IoT platforms and applications can be used remotely to easily identify the customer’s pain points and work on improving the outcomes of your products.
#4 Versatile technology
Incorporating IoT platforms is bound to become inevitable, whatsoever the industry may be. 5G will broaden the IoT market even in areas with time and bandwidth speed are crucial, opening a treasure trove of untapped revenue and potential. From chandeliers to mobile gadgets, we are slowly observing the interconnectivity in an ever so smooth digital transformation. The present transition state seems to channel the right market space for such connectivity of your IoT devices with your legacy systems and cloud services to automate as many processes as possible. Conduct a brainstorming session and figure out how your business can benefit from this technology and whether you should build your own IoT platform or get in business with a reliable vendor.
In conclusion, connect your IoT product using appropriate IoT platforms
There are a plethora of open-source platforms available that can accommodate the management and automation of connected devices within the Internet of Things world. Utilize this infrastructure to build upon your IoT solutions and enhance the usability of your product effectively.