Internet of Things (IoT) is a network of devices which can sense, accumulate and transfer data over internet without human intervention. IoT is system of corelated devices, digital machines, objects, animals and people that are provided unique ids to transfer data over internet without human-to-human or human-to-computer intervention.
IoT refers to the connection of uniquely identified objects and the ability of transferring data over internet without human intervention. IoT offers advanced connectivity to various devices, systems and services. IoT includes various elements like sensors to monitor things, network to transfer data and cloud to store data.
Maturity in IoT
In this world of connectivity where IoT is moving towards maturity it is very important to look forward into the maturity of IoT.
The maturity level provides organizations with a goal-oriented path, so that they can measure their progress and achieve the target in time. It is all about setting a tried and tested pattern with a goal to be fulfilled for sustainable business growth.
Here are 4 stages of the maturity of IoT and the changes it can bring into an organization:
Level 1: Data Generation and Ingestion
Organization begins the project to generate and collect IoT data. It uses various devices that captures data and gateways to transmit data. Organizations uses ingestion pipelines to absorb and store data.
Data generation is the key building block of IoT; the first level of maturity is all about data collection. The tough part is to handle devices that securely capture and transmit data since it’s hard to maintain security. Also, one must manage devices on the field by solving connecting issues and build pipeline that serves many devices.
Level 2: First analytics
Once the data is generated, companies try to drive some value from it. Some find ways to develop a concept of where to use the extracted data while others explore the data to work around the concept of utilizing that data.
Companies explore data to extract value from it. These are manual efforts done by functional experts or data analysts. At this stage, the initial value of the data is extracted.
Level 3: Deep Learning
During level 3, the organization recognizes that data is much more valuable than manual analysis and starts investing in the technology that can automatically extract insights from the data. This is where they choose to invest on deep learning, machine learning and streaming analytics.
The value of data in level 2 is extracted from experts while in level 3 it is extracted from sophisticated algorithms and models. Data is now independent from manual work of data analysts. It can here be analyzed in more different ways in lesser time, due to sophisticated algorithms.
Level 4: Autonomous Decision Making
Organization uses models generated from level 3 to make autonomous decisions. Insights derived from deep learning are used as input for pattern analysis, managing reports and in decision making. The output of deep learning is used to trigger autonomous operational actions.
IoT maturity in the new digital world
It proved challenging for the market to accept new IoT technology as the gap between the technological aspects of operations and excepted long term benefits was larger. There was a doubt about the performance of IoT in meeting up with the challenges that will bring transformation in the industry.
Eventually as the digital infrastructures have been developed, IoT technology has significantly progressed. The IoT maturity journey has shown phenomenal growth in the industry and the global market. It has also accelerated the economic growth with increased efficiency, profitability and enhanced outcomes.
Although IoT maturity stages are region and market specific but the goal and characteristics are common. The first stage of IoT maturity is basic data collection moving forward with data analysis and integration to achieve an effective business value. IoT being profitable will help businesses grow with a good return on their investment.
IoT study reveals increasing maturity
95% of IoT adaptors are seeing a good return on their investment.
As the global leader of Internet of Things infrastructure with nearly 81 million connections, Vodafone surveyed 1,758 businesses across the globe. Among the top-line results: 34 percent of businesses now use IoT technology, with 70 percent of them already beyond the pilot stage.
(Source: Vodafone’s latest IoT Barometer study)
Stefano Gastaut, CEO of IoT at Vodafone Business believes “IoT is central to business success in an increasingly digitised world”.
With 72% of adopters saying digital transformation is impossible without it. The good news is that IoT platforms make the technology easier to deploy for businesses of all sizes and NB-IoT and 5G will improve services and potential. In this climate, companies need to be considering not if but how they will implement IoT, and they must also be fully committed to the technology to realise the strongest benefit.
(Source: Vodafone’s latest IoT Barometer study)
In the digitalized world IoT is growing tremendously and is adding value to business. Mostly all the industries have adopted IoT with its amazing characteristics. IoT basically involves connecting objects using internet without human intervention. IoT maturity levels are used to measure the growth of IoT in various industries.
Businesses are investing more on IoT as they are gaining the confidence needed to build more advanced solutions. IoT solutions are more efficient with reduced cost. The demand of IoT has increased in this digitalized world of technology and many industries and entrepreneurs have adopted it for their business growth.
IoT is used in many industries and in our daily routine. Application of IoT can be seen in: Smart homes, Wearables, Smart cities, Smart Grids, Industrial IoT, Connected cars, Smart chains and much more.
Stay tuned for our upcoming article - "Real World Application of Internet of Things Across 7 Super-Domains" that goes into the depths of successful IoT application that helps businesses grow sustainably.
There’s a reason organizations are quickly adopting IoTs as part of their business operations. For more information on how you can build a successful bespoke IoT for your business or clients, get in touch with IoT and emerging technology experts at Cygnet Infotech on +1-609-245-0971 or firstname.lastname@example.org