One fascinating feature of technology is that it keeps evolving and developing like a plant being cultivated on fertile soil. The internet only became a thing in the early 90s but since the internet of things came into existence few years ago the landscape for tech businesses has morphed remarkably. Today IoT is the way to go for businesses who want to get ahead in the jet age. In the near future, say 2021, digital twins will be the in-thing.
Brief description of IoT
Internet of Things (IoT) refers to a network of connected devices – these may include vehicles, electronics, appliances, software or whatever devices can be connected to the cloud via the internet. The fact that these devices are all connected using an internet protocol allows them share and exchange data seamlessly.
Why businesses need IoT
It’s no longer a myth anymore. Wireless devices can now talk to each other in a language (0s and 1s) they all understand. Businesses who don’t care about devices talking to each other, would surely be interested in the staggering amount of money they can make by deploying IoT. The opportunity isn’t one to be passed up.
The area of data gathering, sharing and perception is one aspect of business development that cannot be sidelined in today’s smart environment. IoT comes in mighty handy in this case – the technology offers a wider access to consumer data. With IoT technology it’s easy to keep track of how consumers interact and use a product. This fosters improvement and greater customer satisfaction. Talk about value addition at its peak.
IoT enables businesses provide hands-on support to customers from remote locations. Unlike before, technical support can now be done remotely and systematically without need for strenuous calls. It also allows for streamlined maintenance. Businesses can test new features, fix bugs or even add new features all remotely.
IoT opens doors to new markets and has no boundary on locale. The younger generation would be more attracted. They love the idea of testing new technology grounds. For risks, that can be watered down to the barest minimum for companies who’re ready to invest just a little more on internet security.
The opportunity for growth and income is boundless for businesses that aren’t afraid to take the leap and connect their product to the cloud.
The need for Digital Twins
With the understanding of what IoT stands for, the phenomenon of digital twins shouldn’t be too complicated.
A digital twin is a digital representation of a physical device or system. This includes the data and monitoring ability. A digital twin could represent something bigger – like a factory, an estate or even a city. It’s interesting that the application of digital twins with IoT technology isn’t just with smaller scalable devices and products.
Like everything else involved with IoT, a digital double enables businesses to optimize customer satisfaction by improving efficiency while cutting the cost in doing so.
Digital twins is the future of IoT, businesses that can’t get on board now will be overrun by the competition very soon.
Admittedly, creating a digital twin isn’t cheap per say. Highly skilled professionals in the fields of Artificial Intelligence, Machine Learning, Predictive Analytics and other aspects of Data science must be hired on a full-time basis. The cost of hiring competently skilled IT professionals and the expense on high-tech systems required could scare businesses away now. But they won’t have a choice in a few years time.
A cheaper route is outsourcing. Companies like Microsoft and Oracle offer digital twin technology to companies who wish to deploy or create digital double on their existing IoT environment. Juxtaposed with hiring full-time staff and paying for the state-of-the-art systems, this is far less expensive.
There’s no way around it for businesses who want to move forward. Creating an IoT environment and a digital twin for their products isn’t a must now but not for long.