Internet of Things in Business Transformation

The other term i.e. Industrial Internet of Things (IIoT) which has become an expertise in separate field, allows the organizations to gather the data on their machines itself and tools which are based on machine learning or AI is used to analyze that data and give recommendations accordingly. Such systems can be utilized to improve the safety of employees at their workplaces and those places can be highlighted where costs could be reduced. Organizations can analyze and find the weak places and make out how to limit disruption in service or handle problems before they occur.

Robotic Process Automation (RPA) is a technology which lets the people to configure the software or a “robot” to integrate various actions of human who interacts with the digitalized system for running the business processes. The interface of RPA is used to gather the data and manipulate applications as humans do. Robotic Process Automation contains the software bots which assists to automate manual activities of business processes. RPA is treated as the fundamental step of intelligent automation which utilizes the strength of machine learning and true artificial intelligence. Various basic tasks related to offices are being performed by soft bots in all over the world and even they are involved in decision making processes also. RPA improves the performance of the system by adding up the humans capabilities in a machine.

Forrester recently said that organizations in all over the world are increasingly moving towards automation for various tasks which is used to be handled by human beings. It is bringing the change in the workforce at basic level, highlighting fears of mass job losses in the next coming decade. But this field is also improving the enterprises in better form in a several directions. Complicated and critical jobs, time-consuming jobs at factories being done by robots, keep people away from the positions which affect physical health of a worker. It has been also introduced into other areas like customer service, where so many companies are now using automated systems for responding to basic queries and complaints from the customers. Organizations are using AI for even everything ranging from security to human resources, which allow computers to handle jobs that have become expensive or redundant. Although uncertainties of automation and AI are in existence, recent reviews have proven that peoples are interested to adopt the automation and utilizing the capabilities of robots which can handle tedious tasks [18].

However, digital transformation is no longer a choice for businesses; it has become essential for the survival of business in the recent competitive environment. Blockchain as a new technology is likely to bring a dramatic change for business transformation in the coming decades. Blockchain technology came into the picture a few years back as a part of the bit coin revolution and at present it’s a promising technology which can transform the business in various ways. It has given impact to almost every industry and every business which requires more organized business processes. As a crypto currency effort, blockchain was initially criticized but now it is in the initial implementation phase because of its wide applicability. The total investment for the blockchain solutions worldwide is predicted to touch the figure of $11.7 billion by 2022. Banks and other financial institutions have used blockchain technology for almost everything to simplify the processes like loan applications. One of the banking group in Canada have used blockchain for providing more power to individuals so that data collected by the financial institutions can be accessed by them. A large number of industries have started research for verifying the effectiveness of this technology, and it has a great impact on supply chain. Major business leaders like Walmart in retailing and McDonalds in fast food are now using blockchain to supply materials and food.

A well-known and one of the leading company in blockchain i.e. IBM has recently got the project of “blockchain system development” by Brazil which would be used to manage the country’s birth and death records.

Google, Facebook, Twitter, and Amazon are some of the leading companies that have a great impact on our society and as a revolutionary innovation they have improved the actions which have changed the way of communicating with each other, way of thinking, ordering food online, or booking cabs. A large number of professional communities like scientists, developers, and researchers have contributed to the successful implementation of new technologies designed to address almost all the requirements of humans.

The recent concept of cloud computing has completely replaced the limitation of infrastructure and increased the capacity of companies whether it is small company or the bigger one. Companies need not to have the expensive IT infrastructure or not to invest for maintenance procedure. As per the survey of TechRepublic, around 70% of the companies are using cloud services or planning to use it. Businesses can move their most of the services to the cloud and can easily manage them. There is no headache for scaling up the infrastructure in case of the business expansion. The lesser prices available for cloud computing services have motivated the companies to adapt it. Hence, even smaller companies are able to access tools that were beyond the reach previously. Amazon Web Services (AWS), Google, Microsoft, and Alibaba are the biggest providers of cloud computing services in the market. As per the available models of cloud computing like Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS), cloud computing is gaining popularity and it will be one of the major elements in the next decade. According to the latest report of Forrester says that the cloud market will touch $411 billion by the year 2022. Additionally report says that the four leading vendors of cloud will produce 75% of the whole $75.4 billion cloud infrastructure market [19].

In a current scenario, technologies are getting changed frequently and as a result one more device has been introduced in the world of technologies as a new innovation. A large number of mobile users have been increased tremendously with the launch of smartphones which connects people on to the web. Hence, the popularity of smartphones has moved to other dimension of mobile apps development which is now became the part of lives. Uber and Ola have become verbs, while food delivery apps like Zomato and Swiggy are wildly admired. Peoples are using mobile apps for managing almost all the aspect of their lives through using calendar platforms, Google search engine, workout assistants, and voice memo programs. Way of communicating with each other has also been changed through heavy usage of smartphones. Mobile apps like WhatsApp, Signal and Facebook Messenger became the first choice of billions of peoples to communicate, through sending secure messages, images, videos, and voice messages all over the world in seconds. Google Maps and other Apps have made the people capable to explore geographically and made it to impossible to get lost. People can also book railway tickets, air tickets, movie tickets or can transfer money with each other in seconds with the palm size device.

Fourth generation of mobile connectivity emerged in 2000s. Fourth generation (4G) enhanced the mobile internet speeds up to 500 times faster as compared to third generation (3G) and made capable to sustain HD quality video, making video calls and improved browsing speed. Currently 4G is popular throughout the globe but the Internet of Things (IoT) is getting popularity and hence the number of devices will increase exponentially and 4G will not be able to handle such system. To handle huge number of connections will require great capacity of network. Here fifth generation (5G) comes into picture. In business transformation almost every company is moving to adapt the recent technologies for changing their business processes and hence 5G can be adapted to use other technologies like IoT, Blockchain, and cloud computing.