Colombian companies will invest in Internet of Things technology in 2018 to help them become more efficient and competitive. This is their New Year’s resolution.
Many companies experimented with IoT in 2017, and this year we’ll see them become more skilled at managing the technology and designing solutions that address their specific needs.
Demand for this type of solutions will be highest among companies in sectors such as education, health, finance, agriculture, retail and transportation that seek greater control over their operations.
In 2018, we’ll also see companies implement IoT in their business processes with the goal of improving customer service. More and more, the technology is also being used to lower costs through better data processing and analysis.
And should not forget that with IoT, companies can generate new business opportunities and improve their operating and production processes thanks to the volume, variety and speed of the data they obtain. The same solutions bring them greater visibility and control over their business, allowing them to anticipate problems and make decisions faster.
For example, companies in the agricultural sector that implement IoT solutions can gain a better understanding of aspects that affect or benefit their crops by installing sensors at ground level that measure factors such as humidity, precipitation and CO2 levels.
Currently, only an estimated 2 out of every 10 companies in Colombia use IoT solutions, although 8 out of 10 have plans for digital transformation. Nevertheless, investment in IoT in Colombia is only at 0.02%, very low in comparison with China (26%) and the United States, (27%) according to IDC’s QuISI innovation index.
Over the next five years, IDC predicts, more than 90% of all IoT data will be stored in cloud-based platforms, and 50% of IT networks will expand their capacity to handle additional IoT devices.
2018 will be a key year for the business applications of IoT. Companies that join the trend will see improved results in all areas of their operations, helping them remain competitive.