Internet of Things (IoT)
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The Internet of Things, or IoT, refers to billions of physical devices around the world that are now connected to the internet, collecting and sharing data. Thanks to cheap processors and wireless networks, it’s possible to turn anything, from a pill to an airplane, into part of the IoT. This adds a level of digital intelligence to devices that would be otherwise dumb, enabling them to communicate without a human being involved, and merging the digital and physical worlds.
Pretty much any physical object can be transformed into an IoT device if it can be connected to the internet and controlled that way.
A light bulb that can be switched on using a smartphone app is an IoT device, as is a motion sensor or a smart thermostat in your office or a connected streetlight. An IoT device could be as fluffy as a child’s toy or as serious as a driverless truck, or as complicated as a jet engine that’s now filled with thousands of sensors collecting and transmitting data. At an even bigger scale, smart cities projects are filling entire regions with sensors to help us understand and control the environment.
Benefits of Internet of Things (IoT)
Decision Making
If you can analyze larger trends from empirical data, you can make smarter decisions. This takes assumptions off the equation. Instead, it’s giving you data-backed visibility into every aspect of your business. Consider testing cycles. They would radically shorten, lowering the costs to optimize a process. Also, the visibility into system behaviors can yield new insights and ideas. This can guide your business like never before.
Revenue
IoT opens the door for new business opportunities and helps companies benefit from new revenue streams developed by advanced business models and services. IoT-driven innovations build strong business cases, reduce time to market and increase return on investments. IoT has the potential to transform the way consumers and businesses approach the world by leveraging the scope of the IoT beyond connectivity.
Efficiency
IoT will improve tracking of assets (equipment, machinery, tools, etc.) using sensors and connectivity, which helps organizations benefit from real-time insights. Organizations could more easily locate issues in the assets and run preventive maintenance to improve asset utilization.
Productivity
Productivity plays a key role in the profitability of any business. IoT offers just-in-time training for employees, improve labor efficiency, and reduce mismatch of skills while increasing organizational productivity.
Cost-Savings
The improved asset utilization, productivity, and process efficiencies can save your expenditures. For example, predictive analytics and real-time diagnostics drive down the maintenance costs.
IoT has reached the pinnacle of inflated expectations of emerging technologies. Even though IoT offers great potential value, organizations must overcome some significant challenges like data and information management issues, lack of interoperable technologies, security and privacy concerns, and the skills to manage IoT’s growing complexity. However, a professional IoT service provider can overcome these challenges and increase your return on investment.