How to prepare for IoT in 2020?
It’s 2020 already and the Internet of Things (IoT) is here to stay. We’re at the cusp of a new era wherein intelligent digital connectivity is a part of our day-to-day lives. Gartner predicts that there will be 25 billion connected devices by 2021. Thus, IoT has made its presence felt across various industries.
Upcoming IoT trends that can shape the business landscape
1. Industrial IoT and Digital Twin technology:
IoT has made manufacturing smart, efficient and less risky. Using digital twin technology, organizations can access the context, structure, and behavior of an asset. Thus, you have the information regarding the past and present state of an asset with an ability to look into the future. Organizations are therefore receiving warning alerts and predictions faster than ever before. Investing in a digital twin can be a part of your IIoT strategy so that after implementing sensors into your machines, you can document their operations and fine-tune them.
2. Computing would be balanced between the cloud and the edge:
While those new to IoT consider cloud as inevitable, high data transmission costs for remote business environments have moved computing to the edge. In many industrial sectors, shifting some analytics intelligence to the edge may prove cost-effective. With edge devices becoming more affordable and centralized infrastructure becoming more stressed, there would be a balance between cloud and edge.
3. Sustainability will become important:
Sustainability efforts have become a key business priority across the globe. The World Economic Forum reports that IoT projects can help to accomplish the UN’s 2030 Agenda for sustainable development. IoT can have a large impact on global sustainability as it connects people and things. IoT can be used to reduce e-waste, promote agricultural sustainability, save energy, protect species, reduce emissions and so on.
How to gear up for the IoT boom in 2020?
While IoT promises attractive growth potential, many companies lack the technical capabilities and know-how to make their IoT projects work. A recent survey found that almost 75% of IoT projects end up as failures. Following are some of the ways in which you can prepare for the IoT surge:
Related Reading: IoT Implementation: Common Mistakes And Strategies To Tackle Them
- Plan Ahead: The major challenges that cause IoT projects to fail are budget overruns, limited internal expertise, long completion times, lack of proper data. All of this boils down to planning. You need to organize your projects, asses your budget needs, calculate the time requirements and assess whether your team has the expertise to handle the project. If you lag on any of these points, it is better to postpone the project rather than not finishing it at all.
- Establish partnerships: Implementing IoT products can be very taxing due to the complex technology involved. The task can become almost unmanageable without a network of partners. You can establish partnerships for technological expertise or data and content delivery. Pioneers like Facebook, Amazon or Google have built entire ecosystems by establishing partnerships with hundreds of thousands of specialized developers.
- Integration: Successful IoT implementation requires robust connectivity, infrastructure, and seamless integration of your enterprise application/ systems with proper third-party wares. Challenges such as integration of the IoT platforms to enterprise applications and integration of edge/ cloud computing devices to the IoT platforms are most prevalent. By forming a strong IoT solution team with IoT architects and other subject matter experts, you can solve challenges across the IoT solution landscape.
- Ramp up the security: Cybersecurity is going to be one of the biggest risks in an increasingly connected world. Since everything that can be connected to the internet is exposed to a security risk, it is critical to secure every connected device. You need to be prepared with a game plan to tackle such types of data breaches. If you find that your business is ill-equipped to meet the security needs of your IoT network, don’t worry; you can always outsource.
Related Reading: The Pros and Cons of Outsourcing Mobile App Development
- Data storage: IoT is all about data. Cisco estimates that IoT devices would generate about 847 zettabytes of data per year by 2021. You can invest in your own local data storage system (which would be expensive) or you can find a cloud storage provider. Edge computing is another possible solution that is preferable over the aforementioned ones. In this system, the data is pushed to the ‘edge’ for quick access and to prevent data overload.
- Be ready to transform: Partnerships are important. But you’ll also have to set up your own software and big data capabilities which are far beyond the existing levels. The team should focus on transforming itself into a technology company that understands the capabilities of IoT. Be responsive and address all concerns that rise up during the course of the project.
- Innovate dynamically: A dynamic operating model requires cooperation. Innovative approaches like hackathons can be used to advance new ideas that meet the market demands of the digital world. Having the courage to take risks is an important part of dynamic product development. Even if ideas fail, it is important to keep trying and be consistent.
The Internet of Things (IoT) is set to bring about lasting changes across various industrial sectors. Business leaders who stay agile can rest assured that they won’t be left behind.
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Can Empowering AI and IoT Bring In Competitive Advantage To Industries?
It takes more than forward-thinking employees to gather customer purchasing trends and improve the customer experience. International companies depend on Artificial Intelligence (AI) and the Internet of Things (IoT) to drive data and forecast the next big wave of trends.
Studies predict Asia and North America to lead in the innovation of AI and IoT. Also, embedded AI in support of IoT smart objects will reach $4.6B globally by 2024.
Major vendors of IoT platforms such as IBM, Amazon, and Microsoft have started offering integrated AI capabilities like ML-based analytics. Scalable digital platforms are designed daily to understand the way customers think while using predictive maintenance in real estate, eCommerce, healthcare, and other industries.
It’s time for us to share the leading examples of how businesses use AI and IoT, and how these technologies benefit them.
AI and IoT: Leading Use Cases
Smart Cities: Making Life Easier
What happens when AI and IoT run a city? It turns into a smart city. Smart city technology can solve an energy crisis, help manage traffic, or improve the healthcare experience.
One example of a smart city is the use of Advanced Transportation Controller technology linked to a 5G network in Los Angeles. There are road-surface sensors throughout the city, and cameras that monitor traffic, sending information to traffic management systems. Municipal employees can now analyze the data of traffic congestion and issues with traffic lights in high traffic areas. Overall, this improves the quality of living in Los Angeles and helps a business run smoothly without delays.
Convenience in Property Management
One of Fingent’s clients WRI Property Management, a US-based single-family rental provider with 10,000+ leased properties and 20,000+ managed houses experienced many challenges. Here are a few of the issues WRI Property Management faced:
- Tenant eviction
- Rent collection/accounting
- Scheduling property inspections
- Leasing properties
- Screening tenants
What happened next? Fingent introduced an advanced software platform, Honey Badger. The AI and IoT technology-supported WRI managers to conveniently communicate with multiple parties, renovating properties, view lives auction feed, track the construction of new properties, etc.
5G Network Vehicle Safety and Security
Machine Learning technology is improving the autonomous vehicle experience. How does it work? An automobile can stop when a driver is in dangerous tragic weather or unexpected situation.
The 5G network can cause the brakes of a car to operate by tracking vehicle sensors of other drivers near prevent or relieve car crashes.
The network can also send drivers a traffic update to use detours and avoid certain roads that are under construction or is unsafe.
AI and IoT Business Benefits
1. Guaranteed Security and Safety
A company’s highest priority is protecting data in the workplace. As Artificial Intelligence scans security footage, IoT can close gates or doors if an intruder attempts to enter the premises of a head office.
Organizations are now using machine-to-machine communication to determine potential security threats with an automated response to hackers or intruders.
An example of AI and IoT in banking security is the detection of fraudulent activity in ATMs to communicate updates to law enforcement to protect customers.
The unexpected workplace accidents can be prevented by using sensors that monitor safety hazards as employees work. Employees at some organizations now wear wearable devices that alert the management of undetected dangers such as carbon monoxide released into the air on a work site.
2. Convenient Shopping Automated Experience
Online shopping is more convenient than ever as websites personalize real-time suggestions to consumers based on a customer’s shopping history. As a result of this investment, Kinsta predicts that by 2021, Artificial Intelligence in e-commerce will increase sales to $4.5 billion from $2.3 billion in 2017.
3. Enhanced Healthcare Experience
NovitaCare, a Netherlands based healthcare company that treats patients with chronic and multiple disorders, wanted to improve the caregiver experience using an effective online platform.
With Fingent’s help, NovitaCare now can communicate with non-profit organizations, patients, providers and researchers with an online platform that is HIPPA compliant.
4. Simplified Management Of Supply Chain
The supply chain industry has experienced challenges in managing unexpected events that happen due to inaccurate forecasting. A solution to the problem is implementing AI and IoT.
Supply Chain Digital recently stated the following about these technologies:
“Intel highlights that the world of IoT is growing rapidly, from 2 billion objects in 2006 to a projected 200 billion by 2020.”
“AI is on most companies’ radars, with 78% of organizations implementing it to enhance operational efficiency by at least 10%.”
The use of real-time devices will feed data to executives to help create contingency plans for preventing unexpected challenges in the industry. As a result, the supply chain and a company’s reputation can experience fewer impacts.
How Fingent Helps Businesses Achieve Success With AI and IoT?
Fingent has mastered the art of technology infrastructure to help companies resolve AI and IoT processes. As a result, it creates efficiencies in managing smart devices.
Implementing these technologies are small changes that can have a huge impact on your business. The ability to use raw data to understand customer behavior and forecast trends in the market can improve customer loyalty. Also, companies can track employees working in multiple departments and locations across the globe by partnering with Fingent.
Fingent is confident that AI and IoT work in your business context by delivering technologies to enable solutions in the cloud, networks and gateways, heterogeneous device support, systems capabilities, and data analytics.
Business Insider predicts that there “will be more than 64 billion IoT devices by 2025, up from about 10 billion in 2018.”
Gartner observes that in three years (by 2020), more than 80 percent of enterprise IoT projects will incorporate at least one AI component. Artificial Intelligence and the Internet of Things is used to improve the safety of drivers on the road, enhance healthcare experiences, automate and streamline enterprise processes, stop intruders from hacking into IT systems or large organizations, and in numerous other ways.
The combination of these technologies not only delivers a superior customer experience, but also forecasts what customers want in real-time, improves their experience of living in smart cities, maintains a high safety rating in challenging workplaces, and reinforces physical and cybersecurity. AI-IoT duo also avoids any unplanned downtime, increases operating efficiency, helps develop new products and services, and improves your risk management.
Are you looking for an AI and IoT partner? Get in touch with Fingent experts today for a streamlined and error-free IoT implementation for your business.
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Most Common Mistakes To Avoid While Implementing IoT
There are many pressing concerns about the possibilities of IoT in businesses. The most common is probably the question, “Is my business too small to adopt IoT practices?” However, as per the available statistics, the global IoT market is expected to reach $1.7T by the end of 2019. It is surely not unnoticed that IoT implementation has helped businesses both big and small to drive growth and innovation.
Making key errors while implementing IoT can however cause the entire business system to halt. These issues can be those related to device management, data flow across the organization, various partnerships involved, and so on. Security, scalability, cost involved, and the complexity of the system are other key factors.
Let us walk through the most common mistakes made while adopting IoT.
1. Security Concerns Associated With Technology Implementation
More than 80% of the senior executives in industries across the globe suggest that IoT implementation is crucial for positive business outcomes. Since more and more devices are connected to the global network, the highly sensitive data and applications require access restrictions to avoid any malpractices. For instance, the security scope needs to be end-to-end to support connected devices.
An IoT implemented framework needs to be secure. The security concerns could be any of the following:
- An Insecure Web Interface
- Improper Authorization Techniques
- Privacy Issues
- Cloud Interface Insecurity
- Insecurity In The Mobile Interface
- Insecurity In-Network Services
- Software Or Firmware Issues
- Lack Of Physical Security
- Lack Of Transport Encryption
- Issues In the Security Configuration
Poorly secured IoT devices and software make the IoT prone to cyber-attacks. End-to-end security is thus crucial for any IoT deployment. For instance, consider an Internet-connected car wash. Such devices use a default password. In this case, when a security concern arises, it also leads to a safety concern.
The solution here is an external security audit of the implemented IoT device. This builds confidence to perform new IoT implementations as well.
2. Not Being Aware Of The Critical Data Flow Forecasts
Not being able to forecast data volume can be one of the major mistakes in IoT implementation of devices and applications. According to EMC Research, the rate at which data is growing is exponential. It states that the volume of this data would be equivalent to 6.6 stacks of 128gb i-Pads which are fully-loaded, and will stretch from the Earth to the Moon!
Moreover, many businesses think that the more data they extract, the better it is for their business. Many a time, this misconception can lead to storage swelling of both structured as well as unstructured data.
The solution is to ensure the proper working of the right IoT big data business strategy with a clear forecast on different factors. The factors could be the amount of network traffic, storage requirements, and so on.
In case of an already existing functional data system, edge computing can be implemented to ensure intelligent pre-processing of data.
3. Cost Factors Involved In Decision-Making Of IoT Implementation
According to recent statistics, cost savings have turned out to be the major IoT adoption criteria for over 54% of enterprises. Taking into account just the cost factor while deciding to implement IoT might turn out to be another major mistake. Various factors affect the cost of implementing IoT projects. Starting from the number of connections to the device, the type of technology used, to the type and features of the application to be loaded, there are many more.
Hardware, let us say, is a major factor that affects the cost of IoT implementation. The cost of the IoT application is directly proportional to the number of devices used in the connection. Likewise, Infrastructure is another major factor that influences the cost of IoT projects. The infrastructure used could be wireless, middleware, or cloud-based.
4. Lack Of Proper Plans For Device Updates And Replacements
A proper IoT device management is critical to ensure core compatibility of the IoT platform. Device reliability is the most important requirements to ensure an enterprise-ready platform. Device management operations include network, power states, device geolocation, and so on.
Large volumes of data collection, transfer, storage, and utilization can result in malfunctioning of connected devices in the IoT ecosystem. Implementing an IoT platform enhances the integrity of connected devices.
The solution to the pressing concern of planning can be solved through regular monitoring, diagnostics, software updates, and maintenance. Performing frequent OTA (Over-The-Air) updates helps the IoT platform in monitoring and maintaining the device software, fixing bugs, managing firmware, and in customizing the connected devices. This ensures in-depth device protection.
Related Reading: Check out more about IoT – Where and Why should you invest!
In addition to the above-mentioned common mistakes, the following are a few other factors that can lead to IoT errors:
- Lack of setting a realistic timeline for IoT implementation – Achieving a realistic idea on the timeline of IoT implementation is necessary for a positive outcome.
- No Tolerance For Possible Failures – Implementing IoT without having a clear picture of your IoT project can be a big mistake. Leave room for scaling up new ideas.
- Relying Only On Existing Charts – IoT implementation requires dedicated decision-makers instead of relying only on existing organizational charts and decisions.
- Lack Of Technical Expertise – When every part of the IoT project is either reinvented or being contracted out, you are unsure of the third-party development and deployment teams. Technical expertise is the key to a successful IoT project.
Are you looking for an efficient technology partner to help you adopt IoT the best possible way? Get in touch with our experts today for a streamlined and error-free IoT implementation for your business.
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Five Ways AI Is Accelerating Mobile App Technology
Artificial Intelligence (AI) has permeated the tech world. It is enhancing everything from your car to your toothbrush. It is influencing the decisions that affect your life. Artificial Intelligence is the term used to define a machine’s ability to simulate human intelligence. Actions which were once considered unique to humans are now being stimulated by technology and used in every industry. This includes mobile app technology.
Mobile phones have been using AI for some time now. The earlier generation of phones was cloud-based and Internet-dependent. The difference today is that the latest smartphones integrate cloud-based AI along with built-in AI. The rate at which AI is expanding is accelerating.
Let us now discuss how AI is enhancing mobile app technology.
Related Reading: Take a look at the top AI trends of 2019.
AI is the Catalyst in Mobile Apps
As per a study by McKinsey Global Institute, AI expansion brought in an investment of $39 billion back in 2016 which was three times the amount invested in AI three years prior to that. Acting as a catalyst, AI is continuing to enhance mobile apps. It empowers the evolution of mobile apps by making them intelligent pieces of software that can predict user behavior and make decisions. AI allows mobile apps to learn from data generated by the user.
Mobile developers are adapting quickly to changing innovations. There are over 5 million apps in the leading app stores, which stands to show how AI is creating personalized app experiences for users and is adapting to various situations due to automated learning capabilities. Here are five specific real-life benefits of AI on mobile apps.
1. The Wrapping of Artificial Intelligence with the Internet of Things (IoT)
The combination of AI and IoT is powerful in creating a personalized experience for users. A large amount of varied data is collected from the customer in real-time as he uses the device. Each usage has commands or interactions that are being used with mobile apps. AI can then leverage this real-time data to deliver an enhanced personalized experience.
IoT reduces app development time significantly. In mobile app development, IoT along with Artificial Intelligence can lead to better utilization of resources and higher efficiency. Together they free up a good part of employee bandwidth. It delivers modified and more efficient apps and strengthens data security measures, which is vital because the future of mobile apps will always be revolving around connected devices.
2. Enhances Search Engines
Text and voice have been the traditional search modes. But say, you saw something you would love to buy, but you don’t know what it is called or how to find it. Visual search helps you find what you want even when you don’t know the words to describe it. The smartphone is the best launchpad for visual search technology. An example of this is Google Lens.
In some cases, visual search is more accurate and faster than a voice or a text search. Due to integrated AI in mobile applications, android developers are bound to develop an image recognition system and a voice recognition system. To increase conversion rates AI will provide localization of applications.
Related Reading: Learn more on how to build an intelligent app ecosystem with AI.
3. Empowers Real-Time Translation
There are so many translation apps which enable translation. However, most of these apps do not work without the internet. AI could enable your smartphone to translate different languages in real-time without the need for an internet connection.
Much like a digital version of what interpreters do, Artificial Intelligence can provide a simultaneous translation tool which allows sentences to be translated almost instantly without a time lag. AI allows the translation tool to be adjusted for latency. This would mean that a user can set the lag between a spoken word and its translation. This would be especially useful for certain languages which would require a longer time lag for better translation. Example: Baidu.
4. Improved Security with Face Unlock
Face Unlock was launched in September 2017 by Apple. Combined with Apple’s elaborate hardware, Apple iPhone X uses an AI-based algorithm for its face unlocking system. Using AI processing, the phone can easily identify the user’s face even with facial changes like specs or beard.
Recently, Google announced radar-based, hands-free gestures to face unlock. With its hands-free system, unlocking the phone would be easier, faster and secure. It claims that it can unlock the phone almost in any orientation.
5. Enhanced Mobile App Authentication
As AI is becoming easily available as a commercial technology, both criminals and organizations are taking full advantage of it. There are predictions by cyber-security experts that the world might witness many AI-powered cyber-attacks in the future. This necessitates the development of more sophisticated cyber defense systems. Also, with the increasing use of smartphones, we all need an advanced level of data security. Security has been one of the biggest concerns for Android developers.
Thanks to enhanced artificial intelligence with machine learning and deep learning algorithms we can look forward to a time when authentication becomes a smooth experience, which allows users to enjoy security without trading convenience. AI can be enabled to give alerts to users about possible threats. AI can also add a level of augmentation to biometric authentication which makes it almost hack-proof. Another benefit of AI algorithms is that they can find and alert potentially compromised accounts in real-time.
AI With You Now and Into the Future
AI presents numerous possibilities for innovation in the mobile app industry. AI is the future of mobile app development. Artificial Intelligence is changing how users interact with app services and products. Mobile app users will be linked to an ecosystem of intelligent applications and will work together to deliver a personalized user experience.
Businesses developing AI-enhanced mobile apps will benefit from the predictive analysis these apps can create. According to a study conducted by Callsign, the user preference for authentication is shifting. Such changing preferences would mandate further enhancements in the development of mobile apps.
An intelligent ecosystem will gather a large pool of social data and behavioral interest, which can be used to further increase revenue and improve user experience. It is not an exaggeration to say that the smartphone industry is being revolutionized by AI. This makes it important to enable AI in your business and mobile applications. Give us a call to discuss how this can be done.
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Evolution Of The Digital Twin Technology
What is a digital twin? Digital Twins can be best defined as digital copies or virtual replicas of physical assets. Data scientists can make use of digital twins to try and run simulations before they build and deploy actual devices. Digital Twin technology transforms the way in which the Internet of Things, Artificial Intelligence, as well as, Data Analytics is optimized.
The concept of ‘digital twin’ rewinds back to the year 1970 with the launch of Apollo 13. NASA’s digital twin model of Apollo 13 was a famous rescue mission to assess space monitoring conditions. The concept of Digital Twins later gained recognition in 2002 at the onset of a presentation by Challenge Advisory at the University of Michigan. According to Gartner, the digital twin is one of the top 10 strategic technology trends since 2017. Gartner estimates 21 billion connected sensors and endpoints by the end of the year 2020!
Related Reading: Checkout in detail, where and why should you invest in IoT.
Digital Twins: Enhancing IoT Enabled Industries
Data scientists build digital twins that can receive input from sensors that collect data from its real-world counterpart. The twin is then allowed to simulate in real-time. This process provides critical insights and feedback that helps in analyzing the actual system’s performance. For instance, a twin car can be built digitally by validating various inputs to check on factors such as safety, mileage, etc.
Digital Twins impact various IoT-enabled environments such as manufacturing, automotive, healthcare, financial services, urban planning and many more. The major IoT-enabled industries that can leverage the benefits of digital twin technology and how they benefit from it are as follows:
- Manufacturing Industry: The Digital Twin concept with the IIoT (Industrial Internet of Things) is implemented in the manufacturing domain. It can be designed and deployed in numerous ways such as in tracking and monitoring systems, evaluating production, troubleshooting equipment used, etc. As digital twins can predict failure chances, it helps in saving costs, time and in improving customer loyalty.
- Automotive Industry: The future of autonomous vehicles lies on well-connected road systems and vehicles. Critical data gathered from this network. The digital twins then act as simulated models that help engineers analyze the behavior of vehicles before they are used on roads.
- Healthcare: Medical monitoring technology is used to gather critical data such as heart rate, oxygen levels, etc. This data is used in the creation of digital simulations. Digital twins help the healthcare ecosystem in disease diagnosis, remote monitoring of patients, etc.
- Urban Planning Sectors: Vital data such as maps, blueprints of buildings, real-time data from sensors, etc are used to create digital twin models to improve urban planning services. These services include waste disposal, mobility services, providing resources like electricity and water, etc.
- Asset Management: Both worksite and remote industrial operations can be managed via digital twins with the help of remote asset monitoring services. Predictive maintenance of assets like machinery improves operational efficiencies and decreases disruption of business operations. Digital twins can also be converged with augmented and virtual reality techniques for better visualization of industrial workflows.
- Financial Services: Customer behavior can be easily monitored with digital twin technology. It helps in creating personalized profiles for individuals via data analysis of their previous behavior in buying decisions etc. It can also simulate cash flows and balance sheets. Client needs can be analyzed better by insurance firms and asset managers and can thus provide personalized experiences for their customers.
Digital Twin Technology: Fostering Innovation In IoT-Enabled Environments
According to Gartner digital twin will be used by 50 percent of the industries in 2021. This will result in a 10% improvement in operational efficiency in these IoT-enabled organizations. The digital twin technology is the most important Industry 4.0 technology that is available today.
It helps in automating decision-making processes, providing critical insights into dynamic recalibration of products and other equipment in the industries, monitoring the manufacturing processes and production lines, etc.
The digital twin technology helps in monitoring manufacturing components, assets, and critical processes in real-time. Also, it helps in improving OEE (Overall Equipment Effectiveness), increasing product quality, enhancing traceability, reducing wastage and boosting overall efficiency.
Main Data Elements in Digital Twin Technology: Key Benefits For Improved Innovation
There are three main elements in digital twins such as Past, Present and Future Data that improve efficiency in IoT-enabled industries. The past data is the data from the previous performance of individual machines etc. Present data is the real-time data from sensors, whereas the future data is the data received from machine learning algorithms and various inputs from engineers.
The key benefits of Digital Twin IoT enabled industries are as follows:
It is important for an IoT-enabled environment to understand the relationship between different types of data within its network. This IoT data can be extracted and enhanced in the form of knowledge graphs. This helps in automating processes and improving decision-making.
Increased ROI Generation
A decline in revenue is mainly due to the downtime of machines. The digital twin technology can reduce downtimes, prevent failures, and increase the life-span of machines. This not only improves productivity but also brings down the operational costs significantly and improves revenue generation.
Digital twins provide a platform that enables IoT-enabled industries to be prompted constantly about production, operation and management activities. The virtual testing platform that it provides, simulate the real-world data into critical and meaningful insights. In addition to being a scalable solution, it also self-diagnoses problems. This makes it easy for industries to make human-machine interaction efficient and productive.
Digitizing The Whole Industry Ecosystem
There is a rapid adoption rate of digitizing operations by industries day-to-day in order to achieve positive business outcomes. This is made possible with the steady data flow from the environmental and operational sectors of the IoT-enabled industries.
This up-to-date and personalized data maximize profitability and productivity. In addition to being a high revenue opportunity, the digital twin technology also digitizes the working assets and processes in its entirety.
In a nutshell, the benefits that can be leveraged from digital twin technology for IoT-enabled industries are as follows:
- Reliable operations and management of equipment and production lines
- Increased Overall Equipment Effectiveness or OEE achieved via reduced downtime.
- Increased ability of customers to remotely configure products.
- Significantly reduced maintenance costs due to preventive measures taken that aid in finding out chances of failures or machine breakdown, etc.
- Improved production cycles leading to reduced downtimes.
- Better productivity
- Considerably reduced risks in areas of product availability, product failures, services, maintenance, etc.
- Provides critical insights of past, present and future data in real-time environments.
The globe is yet to witness over 50 billion connected devices by the time period of 2020-2030 and over 7 billion customers using the web worldwide.
For an immersive experience on how to transform your IoT-enabled industry or business with the Digital Twin technology, call us right away. We will help you gather brilliant strategies on fostering innovation with specific digital twin models!
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A Step-By-Step Guide To Digitize Your Business With The Internet Of Things
According to Gartner, 20.4 billion connected things will be in use worldwide by 2020. The implementation of IoT witnesses a new wave of progress in businesses. Technology has undoubtedly become the catalyst for many innovations. In a nutshell, the obvious key benefits of IoT implementation have been faster and efficient production, improvement in quality, replacement of paper-based workflows, and so on. But is the Internet Of Things just limited to a few of these advantages? Let us walk through the major features in IoT that lets various industry verticals go digitally successful.
Related Reading: Read more about where and why should you invest in IoT.
Benefits Of Digitizing With IoT: Step-By-Step Guide That Will Transform Your Business
Digital Transformation is employed by many industry verticals to leverage the benefits of digitizing with IoT for building their brand, improving ROI, connecting with customers, and many more. The first IT revolution commenced with the advent of the Internet and e-commerce. Later on, technology leaped the bounds to innovations via smartphones, user-centric applications, IoT, AI and so on. This is where connected devices found out their deep involvement. Consumer solutions evolved to be a critical catalyst for IT consumerization.
SMAC (Social, Mobile, Analytics, and Cloud) offers a platform for IoT that gives industries the ability to transform into digital standardization. Let’s walk through the major benefits of digitizing with IoT.
1. Enabling Connectivity through IoT For Data-Driven Insights
Smart access is the key to a successful digital environment in any industry. Being able to track the metrics of performance and operations is possible via data analytics. The insights are achieved through pattern recognition of unstructured and structured data. These data-based insights are incorporated into the business functions where previous activities are tracked and monitored to develop forecasts.
The data-driven insights help in understanding customer buying decisions and in obtaining real-time reviews. This helps industries personalize their data to target the right set of customers. Structured data, which is the personal information and unstructured data which is the social media metrics, are both used by industries for critical decision-making.
2. Enabling Smart IoT Enabled Appliances / Smart Network Machinery
Since the conception of the first IoT in the 1980s with the internet-connected Coke machine at the Carnegie Mellon University, to the digital era now that witnesses built-in sensors for automation, what IoT offers is innumerable.
Various industry verticals can optimize their operations without the need for workforce assistance. This saves time and cost. The workforce can now automate their tedious tasks by being able to connect to multiple devices and operate in real-time.
Industries can boost their performance and productivity by increasing both customer and employee engagement.
3. Increase Workflow Optimization With Smart Infrastructure
According to the latest Gartner research, by the year 2020, about 1.39 billion IoT devices shipped for various applications across different industry verticals will enhance sustainability. This will be made possible by making use of available critical data sets. When large volumes of data are analyzed, it makes way for industries to convert them into more useful insights. These insights are then used for making decisions.
Quickly analyzed data are necessary for increased optimization. For instance, when one wants to find out a parking space, digital information helps by sending this data to an analytic framework that rapidly analyses and provides an accurate output.
4. Transform Customer experience With IoT
Improved customer UX requires the implementation of the latest trends in IoT. So when User Experience is king, many front line industries have realized that digitally transforming their businesses with IoT is key to gaining successful outcomes.
According to recent studies, 92 percent of business leaders have developed and deployed digital transformation strategies. This has proven to increase customer experience at a rapid pace.
There are various key factors that have been realized for enhancing customer experiences. They are as follows:
- Customer requirements need to be digitized and made easily available.
- Critical insights are to be provided at a prompt pace.
- Accurate insights are the requisites that need to be provided to build customer trust.
- Improved customer engagement.
Digitizing your business with IoT will enhance customer loyalty, trust, and engagement.
Related Reading: Check out how customer experience can shape brand identity.
5. Enhance and Update skills
With the advent of IoT implementation in businesses, the need for specialized skills has also increased. These skills include knowledge in Artificial Intelligence, Augmented Reality, Data Analytics, Machine Learning, Cloud Computing, Growth Hacking, and so on.
The problem with many industries is that they fear to change their operations and workflows. According to a recent Altimeter report, 31 percent of firms lack digital knowledge and skills.
Digitizing would definitely be a smart investment for your business rather than a huge overhead of costs!
6. Consolidate The Entire Architecture And Workflow
Digitizing with IoT has provided businesses with the advantage of being able to communicate in real-time. Not only does it bring the working force together, to work, but also optimizes the whole architecture.
Leveraging on data analytics and Internet Of Things have generated over $30 million. Be it social media or handling interfaces during project management, the entire architecture is consolidated, and the business processes and workflows are streamlined.
According to recent studies, 88 percent of industries hire or collaborate with a third-party provider to transform their businesses digitally. Investing in digital transformation with IoT will make industries thrive!
Digital Technologies Transforming The Industrial Sites With IoT
Applications based on the Internet Of Things are making everything easy in this digital era. The traditional industrial sites are transformed into smart industries with IoT implementation. This digital revolution makes businesses easier with enormous savings and streamlined operations.
The entire workflows and operation chains in industries can be transformed via digital technology. Cloud portals make this happen by facilitating interaction between the internal and external workforces.
Related Reading: Find how Cloud and IoT are inseparable.
Smart Industries Operating Digitally: Impacts On The Supply Chain
When digital transformation with IoT is represented vertically, it is termed as the smart-factory model. It is where various IT machines, sensors, and other products are networked in order to collaborate together. By this, communication gaps are nowhere in the picture and a fully automated system evolves. Also, when production is automated and process statuses are reported in real-time, downtime can be well-planned beforehand and reduced significantly.
Industry 4.0, Germany’s initiative of digital transformation, is an example of an organization that has gained optimization to a relatively higher degree. Digital Transformation with IoT has not only increased the demand for skilled staffs, but also improved value creation among industries.
It is high time to take action to digitally transform your business with IoT for sustained outcomes. Call our IT experts right away for step-by-step guidance on how to strategically transform your business with the Internet Of Things!
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Over the past couple of years, digitization has enabled technology-driven small companies to outclass established business houses worldwide. With industries ranging from taxi-services to banking, transforming digitally, more and more enterprises are realizing the importance of making digitization their number one priority. The tech-savvy consumer base, which consists of the population below the age of 30 and covers 50% of the global population, is considered to be the key driver behind this realization. Such folks have the rising affinity to expect every business organization they interact with to provide the fastest and most satisfying experiences each time. As a business, turning deaf ears to customer’s expectations can lead to unrevivable consequences. From AI to blockchain, IoT and RPA, the list of digital innovation you need to pay attention to are huge.
It’s nearing the first quarter completion of 2019 and we thought this would be the perfect time to show you the digital innovations that we believe will reshape businesses in the coming months and future years. Here are our top 5 picks from technologies that enterprises need to watch out for by 2020:
Flexible Cloud Computing
When cloud computing became mainstream a couple of years ago, there was a rush from enterprises to build their technology competence on the cloud. This resulted in several businesses having their own private cloud ecosystems that supported their own limited digital innovations. Today, many available digital tools require a complex network of cloud resource. This has reshaped the cloud computing ecosystem which has now transitioned into intelligently connected networks that have Public, Private and Hybrid cloud partitions working in sync to help businesses derive value from technology running on these platforms.
Different IT workloads may need to be run simultaneously over multiple cloud platforms to achieve enterprise goals and this has resulted in the so-called Multicloud saga. This is one area which will see more developments and interest from the business community in 2019 as the previous year saw major cloud service providers acquiring or developing solutions to club their multiple cloud ecosystems to serve client interests.
Related Reading: Find how a cloud platform like INFINCE can help businesses leverage technologies more efficiently.
Blockchain in Mainstream
The past couple of years saw considerable investments from the business community in the blockchain. We believe there will be mainstream applications coming out in 2019 that will revolutionize areas such as data security, digital identity verification, and intelligent automation. Sectors such as BFSI, logistics, regulatory bodies, and government agencies have already started using blockchain to set up complex autonomous verification and validation systems that require minimal human intervention, thanks to the capacity of blockchain to be immutable.
In the coming years, more mainstream consumer-facing areas of businesses would be driven by blockchain based autonomous operational interfaces and it could set the stage for innovations akin to self-driving cars. Many technology companies would be coming out with mainstream solutions having blockchain essentials embedded into their core and these would further enhance business capabilities for enterprises worldwide.
Related Reading: Find how blockchain technology can transform the supply-chain industry.
While this concept has been around for a while, we think it will make more impact this year as more companies are investing in this front. The idea is to create a digital persona for every product or service business has to offer its customers. This persona would be used to arrive at choosing the right supporting digital enablers like data generators (sensors, IoT enabled devices, etc.) as well as the right decision path (data models and implementations of data science to arrive at success models). Such persona would be used to ascertain an offering’s readiness to the market, the cost required to maintain it viable, the processes and business models that need re-defining to support it and so on. The entire exercise though a bit complex will bring about a strategic advantage to adopters as their business offerings would be more aligned for digital success than competitors.
2019 will see consumer experiences moving to a more immersive phenomenon where almost everyone from a local retail shop to an e-commerce giant will offer interactive experiences courtesy of technology like augmented and virtual reality. Gartner says that by 2022, nearly 70% of all businesses would be using immersive customer experiences in some form on an experimental basis. Such immersive technology will find its way into numerous consumer-facing scenarios like demonstrations, virtual assistants, field services and so on. With gadgets supporting immersive experiences like smart glasses and wearables being available for very affordable prices, the consumer base requiring such experiences will grow tremendously in the coming years. The possibilities are limitless and businesses small or big can capitalize on this opportunity to improve their competence.
Artificial intelligence is no longer a trend to watch out for because it has already gone mainstream over the last two years. Today, the focus should be on solutions that have been made available by harnessing the power of AI. One major solution that has gained attention now are conversational bots. From websites to major apps, a multitude of consumer-facing interactions is now handled by programmed bots that can interpret queries and respond intelligently.
Be it ordering food from a restaurant, booking a cab or even carry out a banking transaction, tech-savvy consumers are increasingly depending on personal digital assistants or bots to aid them in every step of the way. The proliferation of smart devices like smart home speakers, wearables and other IoT enabled home and personal electronic devices have created immense possibilities for a business to connect more effectively with end users. Today, you can ask your smart coffee maker to brew a coffee in the most precise variants of taste and smell without even having to touch the coffee maker. You can simply ask the personal assistant on your phone to do so.
The top technologies mentioned above concludes that 2019 and the years to come is going to be a breakthrough year for several technological innovations. Business leaders need to hone their digital skills to keep pace with the rapidly growing market. On the positive side, most of these technology platforms or solutions come in affordable subscription basis and hence it is pretty much accessible to any enterprise despite their business size. However, the biggest differentiator for your success is the right technology advisory and implementation.
This is where our consultants at Fingent can become your best asset. With years of experience in empowering multiple businesses to achieve their digital aspirations, our world-class services can help you achieve your digital dreams seamlessly. Talk to us to know more about how we can help you embrace the above innovations and much more into your mainstream business operations.
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Most of us, technology geeks or not, are eager to stay first in line to catch up with the latest game-changing technology trends. Here we are to know which technologies will thrive in 2019!
The Potential Technology Trends You Need To Explore In 2019
Have you ever looked up at the sky and clapped your eyelids on a bat? This is commonplace. But what if it was a drone. Or would it be a flying fleet? Since we don’t belong to the Jetsons family, the latter is not expected but we are close to it! 2019 is definitely a transformative year for technological innovation!
According to Gartner, the Top 10 Strategic Technology Trends for 2019 are Block chain, Artificial Intelligence, Empowered Edge, Privacy and Digital Ethics, Quantum Computing, Immersive Experiences, Augmented Analytics, Autonomous Things, and Digital Twins!
This is just the tip of the iceberg. Following are the emerging technology trends and catalyzing technical innovation that we can expect to see more of in 2019!!
Related Reading: Find how digital innovation is transforming today’s business world.
1. Blockchain Technology – The ‘New Internet’
Some call Blockchain technology the ‘New Internet’. The blockchain is the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. It permits digital information to be distributed but not duplicated.
“Blockchain solves the manipulation problem”, says Vitalik Buterin, inventor of Ethereum.
2. Artificial Intelligence (AI)
Apart from AI-powered chatbots, 2019 will witness chip manufacturers such as Intel, NVIDIA, AMD, ARM, and Qualcomm shipping specialized chips that speed up the execution of AI-enabled applications.
2019 will also be the year for hyperscale infrastructure companies like Amazon, Microsoft, Google, and Facebook.
Related Reading: Check out the top AI trends of 2019.
3. Cloud-independent edge computing
The study from IDC illustrates that 45 percent of the entire data created by IoT devices will be stored, processed, analyzed and acted upon close to or at the edge of a network by 2020! Edge computing is a mesh network of data centers that process and store data locally before being sent to a centralized storage center or cloud.
4. Privacy and Digital Ethics
Facebook, recently witnessed the biggest security breach in which 50 million accounts were compromised. Facebook, later clarified that data of 30 million accounts were stolen.
People are becoming more nervous about how organizations and third-parties are using their personal data.
5. Quantum Computing
The world is behind building the first fully-functional quantum computer. Also called the supercomputer, this is expected to be a cloud service rather than an on-prem service. IBM is already offering cloud-based quantum computing services. For instance, the automotive, financial, insurance, pharmaceuticals, military, and research industries have the most to gain from the advancements in Quantum Computing.
6. Immersive Experiences
Conversational platforms are changing the way in which people communicate with the digital world. Virtual reality (VR), augmented reality (AR) and mixed reality (MR) are changing their approaches to know more about people’s perception.
7. Augmented Analytics
Augmented analytics relies on augmented intelligence. This uses machine learning (ML) to transform how analytics content can be developed, consumed and shared.
“Through 2020, the number of data scientists will grow five times faster than the number of experts”, says David Cearley!
8. Autonomous Things
Autonomous things, such as robots, drones, and autonomous fleet, use Artificial Intelligence techniques to automate their functions that were previously performed by humans.
9. Digital Twins
A digital twin is a digital representation of real-world items that are interlinked. Cearley states that there can be digital twins of people, processes, and things!
A DTO is an aspect of the Digital Twin evolution that is a dynamic software model that relies on operational or other data. DTOs help drive efficiencies in business processes.
Apart from these, there are other key technology trends that organizations need to explore in 2019. These include:
10. Cybersecurity and Risk Management
According to the estimates from the firm Gemalto, the data breaches were 4.5 billion in the first half of 2018! The University of Maryland study found that hackers attack computers every 39 seconds.
In 2019 we will be facing a more sophisticated array of physical security and cybersecurity challenges.
Cybersecurity is thus the digital glue that has held IoT, Smart Cities, and the world of converged machines, sensors, applications, and algorithms operational throughout!
11. Smart Spaces
A smart space is a physical or digital environment in which humans and technology-enabled systems interact in an increasingly open, connected, coordinated and intelligent ecosystems, according to Gartner! The world of technology is to enter accelerated delivery of smart spaces in 2019.
12. Self-powered data centers
Data centers grow every minute with the implementation of virtual servers and storage, energy-efficient buildings. In 2019, the data centers are expected to run on its own self-contained power plants!
13. IoT integration
2019 will witness more IoT implementation. An International Forrester IT survey that said among a recent group study, 82% of respondents were unable to identify all of the devices connected to their networks. Of this lot, 54% were nervous about device security, and 55% were concerned about integration!
Related Reading: Find the role of Data Analytics in Internet of Things (IoT)
14. More self-service IT kiosks for business users
2019 will be a year of IT innovation designed to build better communication between IT and end users. The self-service IT kiosks to be set up would enable users to log on and choose what they want for the apps that they build.
15. The Internet of Things and Smart Cities
50 billion equipment, including smartphones, and others are expected by the IoT to be wirelessly connected via a network of sensors to the internet by 2020!
The term “Smart City” means creating a public/private infrastructure to conduct activities that protect and secure citizens. It integrates communications (5-G), transportation, energy, water resources, waste collections, smart-building technologies, and security technologies and services!
To upgrade your business with the latest technology trends on the table, contact the experts at Fingent today! Also, read through our latest blogs to learn more about accelerated technological development!!
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IoT and data remain intrinsically linked together. Data consumed and produced keeps growing at an ever expanding rate. This influx of data is fueling widespread IoT adoption as there will be nearly 30.73 billion IoT connected devices by 2020. The Internet of Things (IoT) is an interconnection of several devices, networks, technologies, and human resources to achieve a common goal. There are a variety of IoT-based applications being used in different sectors and have succeeded in providing huge benefits to the users.
The data generated from IoT devices turns out to be of value only if it gets subjected to analysis, which brings data analytics into the picture. Data Analytics (DA) is defined as a process, which is used to examine big and small data sets with varying data properties to extract meaningful conclusions and actionable insights. These conclusions are usually in the form of trends, patterns, and statistics that aid business organizations in proactively engaging with data to implement effective decision-making processes.
Merging Data Analytics and IoT will Positively Impact Businesses
Data Analytics has a significant role to play in the growth and success of IoT applications and investments. Analytics tools will allow the business units to make effective use of their datasets as explained in the points listed below.
- Volume: There are huge clusters of data sets that IoT applications make use of. The business organizations need to manage these large volumes of data and need to analyze the same for extracting relevant patterns. These datasets along with real-time data can be analyzed easily and efficiently with data analytics software.
- Structure: IoT applications involve data sets that may have a varied structure as unstructured, semi-structured and structured data sets. There may also be a significant difference in the data formats and types. Data analytics will allow the business executive to analyze all of these varying sets of data using automated tools and software.
- Driving Revenue: The use of data analytics in IoT investments will allow the business units to gain an insight into customer preferences and choices. This would lead to the development of services and offers as per the customer demands and expectations. This, in turn, will improve the revenues and profits earned by the organizations.
- Competitive Edge: IoT is a buzzword in the current era of technology and there are numerous IoT application developers and providers present in the market. The use of data analytics in IoT investments will provide a business unit to offer better services and will, therefore, provide the ability to gain a competitive edge in the market.
There are different types of data analytics that can be used and applied in the IoT investments to gain advantages. Some of these types have been listed and described below.
- Streaming Analytics: This form of data analytics is also referred as event stream processing and it analyzes huge in-motion data sets. Real-time data streams are analyzed in this process to detect urgent situations and immediate actions. IoT applications based on financial transactions, air fleet tracking, traffic analysis etc. can benefit from this method.
- Spatial Analytics: This is the data analytics method that is used to analyze geographic patterns to determine the spatial relationship between the physical objects. Location-based IoT applications, such as smart parking applications can benefit from this form of data analytics.
- Time Series Analytics: As the name suggests, this form of data analytics is based upon the time-based data which is analyzed to reveal associated trends and patterns. IoT applications, such as weather forecasting applications and health monitoring systems can benefit from this form of data analytics method.
- Prescriptive Analysis: This form of data analytics is the combination of descriptive and predictive analysis. It is applied to understand the best steps of action that can be taken in a particular situation. Commercial IoT applications can make use of this form of data analytics to gain better conclusions.
There have been scenarios wherein IoT investments have immensely benefitted from the application and the use of data analytics. With the change and advancement in technology, there are emerging areas in which data analytics can be applied in association with IoT. For instance, actionable marketing can be carried out by applying data analytics to the product usage. IoT analytics will also allow the increased safety and surveillance abilities through video sensors and application of data analytics methods.
Healthcare is one of the prime sectors of every country and the utilization of data analytics in IoT based healthcare applications can provide breakthroughs in this area. The reduction of the healthcare costs, enhancement of telehealth monitoring, and remote health services, increased diagnosis and treatment can be achieved using the same.
The utilization of data analytics shall, therefore, be promoted in the area of IoT to gain improved revenues, competitive gain, and customer engagement. By collaborating with the right strategy partner, businesses can couple data analytics with IoT to leverage data for gaining a competitive advantage.
Monetize IoT Data with Analytics [ Source : TEDx Talks]
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The year 2017 has been eventful for digital transformation, with technologies such as Big Data coming of age. Digital transformation promises to be more disruptive in 2018, as evident from the following predictions.
1. IoT Becoming Mainstream
The much-hyped IoT will walk its talk fully in 2018. About 8.4 million “things” are already part of the IoT ecosystem, a 30% increase from last year’s levels. Enterprises will start using IoT to deliver better products, services, and insights. IoT will permeate to the masses, and become mainstream and commonplace.
Among specific sectors, IoT will revolutionize analytics in a big way, driving new smart solutions. A few possibilities include hyper-efficient fleet operations, intelligent traffic signals, and more. Tech giants such as Microsoft, IBM, SAS, and SAP are all heavily investing in IoT Analytics, offering a portent of the things to come.
2. Edge Computing Offers Effective Real-Time Processing Solution
The cloud and Big Data analytics analyze tons of data seamlessly. However, the sheer volume and velocity of data create time lag and some inefficiency. For instance, the cloud, for all its advantages, is not viable for IoT powered smart drones, autonomous vehicles, and other AI-powered smart devices. These devices need real-time and instantaneous data processing. Sending data from these devices “all the way” to the cloud is an inefficient and impractical method of processing data.
Edge computing, which performs data processing at the edge of the network, near the source of the data, promises effective solutions to the shortcomings or limitations of the cloud and big data. Edge computing, for instance, allows IoT powered devices to connect and communicate instantly and seamlessly.
Industry biggies, such as HPE and CISCO have already rolled out hardware and software to actualize Edge computing. IDC predicts 40% of all computing to happen at the edge in the next couple of years.
3. Enter the 5G Network
4G or fourth-generation wireless, synonymous with LTE (Long Term Evolution) technology, went mainstream in 2017. 5G of fifth-generation wireless will go gain ground in 2018. The need for hyper-connectivity and IoT propels the need for 5G.
The Next Generation Mobile Networks (NGMN) Alliance defines 5G as “an end-to-end ecosystem to enable a fully mobile and connected society.” 5G is not an incremental upgrade over 4G or LTE.
While the 4G focus is on raw bandwidth, 5G focuses on pervasive connectivity and super-dense network, enabling even faster and resilient access to the Internet even from the remotest caves or desolate hills. Unlike the hitherto monolith networks entities such as 2G, 3G or 4G, 5G co-opts a combination of technologies, including 2G, 3G, LTE/4G, LTE-A, Wi-Fi, and more. While emerging technologies and solutions, such as IoT, connected wearables, augmented reality and immersive gaming places a great strain on incumbent networks, 5G will run these technologies seamlessly.
Industry majors such as Sony and Samsung are investing in Gigabit LTE, the stepping stone between the incumbent LTE and 5G. The already well-entrenched Qualcomm Snapdragon technology powers Gigabit LTE. However, 5G will become a household technology only by 2020.
4. Blockchain finds Its Way
Blockchain, the secure transaction ledger system distributed across a network of computers, rather than under any single entity, will finally become mainstream by 2018. The financial industry has already started to embrace blockchain in a big way. The healthcare, entertainment, and hospitality sectors are on the verge of embracing it in a big way. Dubai is rapidly moving toward becoming the world’s first-ever blockchain-powered government by 2020.
5. Artificial Intelligence Becomes Mainstream
The market size for AI is set to double up from $2420 million in 2017 to $4066 million by 2018.
Solutions powered by Artificial Intelligence are already popular. Artificial Intelligence already powers many popular solutions, such as Alexa, Siri, Salesforce Einstein CRM, IBM Watson, SAP Leonardo, Netflix, Amazon AI, Cortana Intelligence Suite, and various customer service chatbots.
Companies will continue to roll out cutting-edge solutions based on Artificial Intelligence, especially to implement smarter and cheaper automation. The scope of artificial intelligence would expand to encompass everything from emails and content generation and from industrial manufacturing to smart grids. In fact, major companies will embed Artificial Intelligence into their core operations. Fueling the growth of Artificial Intelligence is the spread of open-source solutions. Artificial Intelligence cannot easily be integrated into closed systems.
With more investments being made betting on Artificial Intelligence, Virtual Reality is losing the race significantly because Artificial Intelligence offers whatever Virtual Reality offers, in a much cheaper and better way. For instance, companies can apply 3-D visualization to train, pitch, and envision new products in a much better way than what Virtual Reality offers.
6. Anything as a Service
XaaS or “Anything as a Service” is now within the realms of possibility. The cloud-based services market now encompasses software, infrastructure, and everything else. The latest to enter the “as a service” market is a framework! Framework-as-a-Service (FaaS), which falls between SaaS and PaaS is a customizable cloud-based platform. Users may indulge in rapid prototyping, visualization, and other fast fail methods to discover whether a concept or strategy will work or not. Companies get to know the result of their initiative, without having to spend time and effort, doing it the hard way.
Side-by-side with FaaS, workplace-as-a-service (WaaS) and unified-communications-as-a-service (UaaS) will also become mainstream in 2018. Remote workplaces, powered by WaaS, will rise in a big way by 2018.
7. Low Code Platforms to Soar in Popularity
Low code development platforms (LCDP) will net a total revenue of $6.1 billion by 2018, and over $10 billion by 2019. These figures are impressive when compared with the total revenue in 2015 which was just $1.7 billion.
LCDPs allow creating apps through a configuration of functions, and intuitive drag-and-drop options, rather than by hand coding. The obvious advantage is ease of development and accelerated delivery of business applications. Acute shortage of talented programmers fuels the growth of LCDPs.
Some popular LCDPs, as of now, are Appian, Mendix, Google App maker, and Zoho Creator. The growing popularity of such low-code development platforms will spur ‘citizen development’.
Technology is always fluid. Companies who embrace the latest technology head-on to deliver better solutions for its customers stand to reap dividends. Companies who do not change will surely be swept away into obsolescence.