Internet of Things applications or IoT applications are definitely the buzzwords that everyone seems to be using these days. Simply put, IoT refers to internet connected devices that communicate with one another and exchange data. Invariably, IoT are impacting every part of the Indian economy. According to the IDC, the worldwide spending on IoT is going to reach $1.2T in 2022, attaining a CAGR of 13.6% over the 2017-2022 forecast period.
With a hyper expanding market share, internet of things applications hold great value for startups. Invariably, IoT will serve as a business accelerator in the days to come. According to Gartner, over 21 billion IoT devices will be connected to the internet by 2020. There are 7 exceptional ways in which IoT is all set to redefine and revolutionize the future of startups, by altering the way to operate, engage and interact.
Why Internet of Things Applications?
Before moving on to discussing the specific Internet of Things applications that will give startups a boost, let’s take a look at ways in which they will do so.
Firstly, IoT applications offer to startups is their ability to make their functioning cost effective. Under IoT, the devices are connected via cloud. Additionally, they are seamlessly able to exchange data with one another. This directly translates to startups leveraging from big data and scaling its utilization.
Smart decision making
Secondly, resulting from the availability of massive IoT generated big data, startups are in a position to make better decisions. The great information they receive allows them to make informed choices to drive better business results.
Top 5 Internet of Things Applications
Giving way to new business models, revenue streams and routes to business sustainability and scalability, 5 internet of things applications can help boost your startup success-
Smart Lighting + HVAC= Energy Savings
While an imperative for all businesses in the face of rising carbon emissions, smart lighting makes direct and far reaching sense for startups. With smart lighting and HVAC, startups stand to boost their cost effectiveness. The rationale is simple to understand. Energy savings directly translate to the return on investment. IoT connected smart lighting along with an LED system has the potential to yield energy savings upto 90%. Both smart lighting and HVAC, powered by IoT can use sensors to identify if rooms are empty or occupied and thus, adjust the lighting and temperature accordingly to yield maximum savings.
Drayson technologies is a leading IoT provider, offering energy savings and cost efficiencies to startups by combining wireless charging and machine learning.
IoT devices connected with one another and integrated with video cameras and sensors can promote security practices for startups. These can help startup owners protect and secure their facilities against physical threats. Additionally, with IoT devices, identifying and resolving security breaches is seamless. While use of IoT devices may itself be vulnerable to hacks and cyber crimes, there are more than enough solutions in the market today that can ensure their smooth integration.Thus, smart locks, powered by IoT, will definitely add to the security of startups.
NB IoT Smart locks are becoming popular among startups with keyless doors without the WiFi need.
Supply chain management
Supply chain management happens to be one of the most important elements of any business success. Be it logistics, transport or any other startup, IoT applications can be of much use here. One of the most efficient IoT applications can be the use of data loggers which can help startups log and share data with clients or consumers, especially for products that are in transit. On the logistics front, tagging of fragile and temperature sensitive goods can help retailers and transporters wastage costs. Additionally, fleet management with seamless tracking and monitoring of vehicles is a boon to startups in the industry. IoT applications for supply chain management can help startups build credibility and boost their business growth.
DHL IoT tracking and monitoring system undertakes all forms of tracking right from vehicle behavior to environmental sensors for maximum efficiency.
Maintenance and Safety
Equipment maintenance is another way internet of things applications can be of use to startups. Maintenance of equipment through a series of interconnected devices that are able to share and exchange data can monitor issues in systems. By predicting any potential failure of aberration, IoT devices can not only facilitate seamless maintenance, but also has human benefits. Additionally, the use of wearables along with sensor devices for maintenance can boost workplace safety for workers in high- risk environments. Invariably, this will ensure smart maintenance and human capital safety. In fact, IoT applications can bring down maintenance costs by 25%.
Leveraging the potential of sensor data, Samsara is augmenting the safety and efficiency of physical operations, especially in the construction, manufacturing and production industries.
Real time analytics
Finally, IoT applications for startups allows them to identify any problems in the operations and resolve them as per urgency. Real time analytics equips startups with the ability to monitor all aspects of the business and collect data on them. This real time collection and monitoring of data is vital to ensure that problems come in immediate attention.
Crate.io is an exceptional IoT application for storing and analyzing machine data in real time.
To put it in a nutshell, internet of things applications carry huge potential to redefine startup success. It can provide them with very valuable data collected through various connected devices. At Recro, we understand the importance of IoT in today’s time and age. If you want an IoT application to boost your business success by bringing down costs through connecting disjointed process, contact us today.