The way we do business is constantly changing. Technologies like the internet of things allow information to be shared in real time with interconnected devices. The IoT has brought efficiency gains to many different industries, but right now we're only seeing a fraction of its capability. New IoT innovations on the horizon will revolutionize many different fields in the 2020s.
In terms of possible innovation, one of the most promising areas of the IoT is in the industrial sector. The industrial internet of things is, in many ways, the harbinger of a new industrial revolution, often referred to as Industry 4.0. This interconnected network of countless devices allows manufacturing processes to be coordinated with great efficiency, according to General Electric. Utilities such as energy can be automated through computer programs that analyze the total consumption on a power grid and adjust output accordingly. Through advanced analytical processes, even the expected rate of corrosion in a piece of equipment can be monitored and predicted based on information fed to a factory control program through the IIoT.
The IIoT is a foundational technology that will allow even greater advancements to be built on top of it. The coming automation revolution is made possible through the IIoT – robotic assembly lines, for instance, would not be possible without the ability to share information through the IoT. The IIoT also paves the way for artificial intelligence in industrial contexts. Machine learning allows computer systems to utilize data provided by various devices and predict possible developments and trends. This predictive power can be further utilized by these AI systems to produce solutions to these problems without any human input. The smart industrial workplace may soon be a common sight.
A large majority of people are making use of the IoT, often through smartphones. According to Metova, an international mobile, car, and smart home company, 75% of individuals say they own at least one IoT device. This high level of consumer adoption means that companies have access to many more opportunities than they did at the start of this decade. Software as a service (SaaS), for instance, is likely to almost completely replace traditional physical software distribution, except in specialized cases. The coming nigh-universal adoption of IoT technologies means that many consumer-facing operations will be able to be done digitally, without any physical interaction. We're already seeing this in many different industries, and the practice is only going to become more common.
However, finding the right people with experience in the IoT and other emerging technologies isn't a simple process. YES Partners has the worldwide reach, expertise and diverse breadth of services to help organizations in their efforts to find the executives and additional talent they need. To see some of the roles that YES Partners has already successfully placed, click here.
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