The IoT industry has faced a significant phase all this time. In many asset-heavy industries, IoT has been one of the primary focuses for a long time. Initially, many organizations found it difficult to cope with how to deal with IoT solutions in their business. In no time, the industry decided to opt for a case based approach and technology service providers. One of the main objectives to do this was to practice IoT experimentation.
Before moving to the next phase, it is important to scroll through the IoT industry’s journey.
The Advent Of The IoT Industry
The growth of IoT can be classified into three distinctive stages, the proof of value stage, the evidence of concept and the pre-IoT location. Proof of value avails an assortment of opportunities for executingIoT solutions across businesses and provides sustainable value at scale to the client. Let us take a few relevant examples of COVID 19 related business challenges that a few key industries have faced over the years.
The existing pandemic has potentially faced challenges in the pharmaceutical community by disrupting their current clinical trial models. Although all of us are waiting to fight the coronavirus, it is quite a challenge to do it. But, the tech solution providers can come in handy with decentralized clinical trials; such a thing is helpful for the pharmaceutical industry to curate an integrated patient platform.
The manufacturing industry is also going through a hard time. With COVID 19 crisis, the global manufacturing operations have suffered exponentially. A lot of manufacturing processes have suffered a fatal blow, too, at this point. Also, the worldwide supply and demand crisis is ever-increasing today. That is why an all-inclusive approach is needed to offer solutions to rebuild supply chains and promoteasset management.
Energy And Utility
The utility sector is well-known for physical assets that are available across large terrestrial areas. It is highly significant to monitor the condition of assets persistently. Due to the restrictions of human mobility today, a text solution integrated with remote monitoring capabilities is sure to help solve monitoring challenges. It will also focus on the tasks that need visiting clients. This can be tackled with smart meters for remote meter tracking.
Similar challenges around several industries like the oil and gas industry are different sectors where tech providers need to increase their potentiality. They must also focus on providing accurate results for the entire business. Such a thing will act as the actual proof of value demanded by different tech partners today.
Proof Of Value Building Blocks
It is also significant to discuss the primary building blocks services providers and how they must ensure safety when approaching the proof of value conversation. For starters, they must harness data and address security problems. They must also have the ability to have business outcomes and articulate other business results. Apart from this, there is also a need for a cultural shift for best practice.