October - 2016 - issue > CEO Insights

3 Ways Iot Implementation Is Becoming Easier Than Ever Before

Prashant Kumar
Founder & CEO-TechBlocks
Thursday, October 13, 2016
Prashant Kumar
There is certainly a lot of hype and talk about IoT and all the attention is warranted! If "Big Data" was the transformative trend of the past few years, then IoT follows it as something that will completely transform and innovate businesses. Sometimes the hype is justified. Big Data is changing how companies operate because it allows them to be more efficient and make connections out of seemingly unconnected data. IoT holds a similar promise, where information about processes and sales will be available in real time, and not only that, but companies will be able to seamlessly link this data across both online and offline channels creating a truly amazing omnichannel experience for their customers.

However, despite all the hype surrounding IoT, it doesn't have to be a complicated or expensive endeavour. Most businesses already have the tools in place, and with a few additional hardware and software components they can realize the value IoT can bring. Many companies are already realizing this value and the immense ROI that IoT has.

Here are three reasons why IoT implementation isn't insurmountable and why there's much more substance behind the hype:

1. Sensor Technology is Improving while Costs are Falling
Much of the promise of IoT hinges on the sensors that provide the data. These sensors include things like micro electro mechanical system (MEMS) that can detect changes in pressure, sound, light, temperature, and other conditions in a factory as well as Wi-Fi sensors that can detect mobile devices-for example in a retail store setting. The sophistication of these sensors is improving year-over-year which only makes the investment for companies more worth-while.

Additionally, the falling costs of these devices, only further improves ROI. A late 2014 Goldman Sachs report says "Sensor prices have dropped to an average of 60 cents from $1.30 in the past 10 years." And the report mentions the cost of bandwidth has plummeted by a factor of nearly forty in that same span. Combined, these two factors make the move to sensor implementation and full-scale IoT much more attainable and lead to a pretty straightforward cost-benefit analysis.

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