Covid-19 has had a momentous effect on our lives as we know it. It has its footprints on almost every aspect of our social and economic existence.
It has also changed the way we perceive technology and the whole digital experience as such. When you look at the Internet Of Things (IoT), there are some distinctive impacts that can be directly attributed to this pandemic.
1. Reigning in costs
As demand dries up and businesses are struggling to keep their head above water, the cost is a key concern. Almost at every juncture, there is a need to rein in cost, cut it down and rationalize it as much as possible. The Internet of Things is making all of this a reality. It is helping bring down capex, cut down wastage, and optimize production in many different ways. This ensures better conservation of cash and proper utilization of resources in every possible way.
2. Automating processes
IoT today is being pressed into service almost at every walk of life, and automation is one of the biggest areas of research and development. It is not just making tasks easier but also creating opportunities where none existed, especially when the world is struggling to keep economies running in a Covid-scarred world.
3. Flexible supply chain movement
The Internet Of Things or IoT also ensured that supply chains become significantly more flexible, and bottlenecks start getting resolved a lot more effectively. It helps in many ways, but most importantly, it is helping in cost rationalization. In the given scenario, connectivity is crucial to resolve supply chain issues and IoT in enhancing this in myriad ways and quite comprehensively.
4. Virtual product retailing experience
IoT is not just about enhancing cost optimization but is also playing a key role in efficient retailing. Suddenly, shopping in malls and rushing to the nearest departmental store is not as easy as it used to be. But IoT is ensuring that you have a seamless digital experience with minimum interruption by the interface. It is making sure that customers can optimize the benefits of a connected world in a comprehensive way and across value chains in the best possible manner.
Simulation enhances scenario planning: To be ahead of the curve, you need to think and plan ahead. Often IoT optimized by simulation helps your business stay ahead of the curve. Given the challenges thrown up due to the pandemic, increasingly IoT driven future mapping is being undertaken. It is almost akin to crystal ball gazing with a modern twist.
The Internet of Things seems to be the solution to many modern challenges in a socially distanced world struggling to contain the Covid-19 pandemic. Connectivity is crucial today, and it won’t be wrong that IoT or the Internet of Things has given flight to man’s need and demand. It has not just made efficiency a more achievable goal, but ensured that cost efficiency is the name of the game, going forward!