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Creating smart, connected products is the pathway to unlocking new business opportunities. The Internet of Things (IoT) explosion makes one wonder if all and each connected product will maintain its position on the market after a year of its launch. So, what's in an IoT product?
No matter what direction we look, we can't help but noticing things are getting smarter. From cars connected to the network to kettles, or to contact lenses for blood sugar measurements any product today can be smart and connected thanks to the Internet of Things (IoT).
To be smart and connected a product should be:
Physical: Anything can be connected to the IoT, even medication
Built using smart components: Smart sensors and software collect, process, and analyze big data
Built including connectivity components: NFC, RFID, Wi-Fi, and Bluetooth transmit data collected
Wireless networks and smaller electronic components have made the Internet of Things possible. Products can send real-time updates, notifications, and can be controlled remotely. Electronics are everywhere. Electronics are even found in places and industries where electronics had not been found before. Today, we can talk about three defined IT waves:
First IT wave: It emerged in the 1960s. Automated and computerized processes led to improved productivity and efficiency.
Second IT wave: During the 1980s. The Internet began to emerge. This enabled easier coordination of data and activities.
Third IT wave: The present day. The world of IT has been integrated in a massive range of products, improving their functionality and performance.
Joining the IoT revolution creates new business opportunities
If you have a business, and that business involves products of any sort, there is no question they should be part of the IoT. Through the IoT, your products can offer customers more value, and compete on more than just mere price. Your products can also deliver new services, creating a direct link between your company and your customers.
IoT-enabled products can work in truly exciting new ways. Collecting data responsibly on how your customers use your products can give you insight that your teams can use to work on further innovation.
New business opportunities that can't be ignored are unlocking. What once belonged to the world of science fiction is a reality that can be seen, felt, and lived today. The IoT Revolution will not wait.