December 2020| | 9amounts of data. Resulting insights can then be used for predictive maintenance, scaling of infrastructure or to better understand the customer interaction. The scope for IoT increases even further with the introduction of 5G. The combination of low latency, high bandwidth and quality of service enables IoT networks to become control networks for the autonomous machines of the future, such as remotely controlled cranes or autonomous vehicles. The combination of AI, mobile edge, cloud and IoT further enables the next step in digitalisation, as it moves from data-driven processes to real-time control. A Future-Proofed BusinessIoT provides greater visibility and control over how a business operates and is essential for those that want to digitally transform. By leveraging it, businesses can gain a clearer perspective on performance and can control outputs, quality and levels of service using IoT. Additionally, the insights gained from analysing data can help make informed decisions that are critical to the organisation and, stimulate new creative approaches to problem-solving. One good example is usage-based insurance. Without IoT, it would be impossible for customers to have access to insurance policies tailored to their individual profile and driving habits. By making this possible, IoT creates a new and highly valuable segment for the insurance company.But that's not the end of the story, because the output of this personalisation is data and this data can revolutionise the way insurance companies interact with their customers. So not only do they gather millions of miles of driver data that can be used anonymously to empower their internal risk processes, but they can also use the same information to improve their response to incidents and streamline the end-to-end claims process. This enhances the customer satisfaction, drives down churn and, allows the insurance company to engage much more positively with their customers. This works not only for insurance companies but across multiple industries worldwide, from massive multinationals to the smallest companies. IoT is not just a big company initiative, it can support the digitalisation of business large and small to improve efficiency, create new services and ultimately to win and retain customers. Whilst some businesses are born digital, some have further to go by upgrading legacy systems and infrastructure that has been in place for years, but ultimately, to survive in the digital economy, every business will need to undertake a digital transformation journey that will reshape them: as a crucial change agent, the Internet of Things is effectively enabling companies to do things differently. As IoT matures, more and more businesses are starting to use it to reduce costs and increase efficiencies in their operations and develop entirely new ideas and revenue streams. Furthermore, when deployed to its full effect, combined with mobile edge, AI and analytics, IoT can deliver revolutionary benefits for businesses looking to embrace the digital world.
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