How businesses can maximize benefits by merging Cloud and IoT

According to reports by Exploding Topics, a company that analyses current trends based on internet searches, the cloud applications market is estimated to be more than $150 billion. While we have 60% of the corporate data of the world stored in clouds, this data is estimated to reach about 200ZB by 2025. The latest advent of technological advancements has led to an increase in the usage of Internet of Things or IoT devices that can connect and exchange data over the internet when embedded with sensors or required software. When cloud technology is merged with IoT, it can lead to phenomenal solutions to everyday problems.

Businesses can maximize benefits by merging Cloud and IoT in several ways. Here are some of the most important ways. Firstly, a Centralized Data Storage is a necessity so that IoT devices can generate a large amount of data, which can be stored in the cloud. This centralization allows businesses to analyze and process the data more efficiently, leading to better decision-making. Centralized data storage can also improve data security. With data stored in a central location, it is easier to control access and implement security measures such as encryption and firewalls. When data is stored in a central location, it can be processed more efficiently. This is because data processing can be done in real-time, making it easier to extract insights and identify patterns.

Secondly, it also provides Scalability as Cloud computing offers businesses the ability to scale their resources on demand. When combined with IoT, this means that businesses can easily scale up their operations as their IoT networks grow.Cost-effectiveness, improved agility, greater accessibility, and enhanced security are some of the top reasons that businesses consider cloud computing merged with IoT.

Moreover, the combination of cloud computing and IoT allows businesses to analyze data in real time, providing them with valuable insights that can be used to optimize their operations with real time analytics. Such analysis allows businesses to make faster decisions based on up-to-date information. This can be especially important in fast-moving industries where time is of the essence. By analyzing customer data in real time, businesses can identify patterns and trends that can be used to create personalized experiences, leading to increased customer satisfaction and loyalty.Real-time data analysis can provide businesses with a competitive advantage by enabling them to respond quickly to changes in the market. By using real-time data analysis to make informed decisions, businesses can stay ahead of the competition and identify new opportunities for growth.

This amalgamation of technology will also make Predictive Maintenance possible as IoT sensors can be used to monitor equipment and machinery, allowing businesses to predict when maintenance is needed. The cloud can be used to analyze this data and predict when maintenance is required, reducing downtime and maintenance costs.Predictive maintenance helps businesses identify potential issues with the equipment before they become major problems. By detecting and addressing issues early, businesses can reduce equipment downtime and avoid costly repairs. By identifying and addressing potential safety issues, businesses can reduce the risk of accidents and injuries in the workplace - thus leading to better safety in the workplace.

The cloud can provide businesses with enhanced security features such as data encryption and access controls. This is particularly important for IoT devices, which are often connected to the internet and can be vulnerable to cyber-attacks.Cloud computing providers invest heavily in security and compliance measures, which can provide businesses with secure data storage. This is especially important for businesses that handle sensitive or confidential data, such as financial or healthcare information.

By using IoT and the cloud, businesses can collect data on customer behavior and preferences and provide Improved Customer Experience. This data can be used to create personalized experiences for customers, leading to increased customer satisfaction and loyalty.Overall, the combination of cloud computing and IoT can lead to significant benefits for businesses, including improved efficiency, scalability, and security. By leveraging these technologies, businesses can gain a competitive advantage in their industry and better meet the needs of their customers.

For modern businesses to flourish in today’s time, it is essential for them to stay abreast with latest technology and ensure that consumer centric solutions are adapted from time to time. This will ensure that the business owner is way ahead of competition, as in entrepreneurship only the innovators can survive.

Author: Ms. Karunya Sampath, Co-founder & CEO, of Payoda Technologies