What is Internet of Things (IoT)-
According to Wikipedia, Internet of Things (IoT) is the internetworking of devices, automobiles, buildings, and other items implanted with network connectivity, actuators, sensors electronics, and softwares that enable these objects to collect and exchange data. Microsoft states that Internet of Things (IoT) starts with your things that matter most to you.
This attracts our attention towards the buzz it has created in today’s world but researchers and technology experts believe that The Internet of Things is far bigger than anyone realizes. It is considered as the “next big thing” and the impact it is creating and will create on our lives has humongous potential. Let’s see how it is affecting our commercial industry setup.
How IoT works-
In today’s world, business is driven by machines and the communication between them. Now this communication is limited to sending and receiving of data and not collecting and processing it to take data driven decisions. Internet of Things comes in this picture through the introduction of sensors in these machines that measures and evaluates data. Now this data is leveraged by Cloud-based applications which translate that data into useful intelligence and transmitting it to enable real-time responses. And this how phones become smartphones and cars become smart cars. And soon, we will have smart cities.
IoT’s influence on our business-
The impact of IoT will have a wide impact on our current industry processes. Various businesses will see drastic change in the way they work either in order to maximize the efficiency or to keep themselves updated with the latest trends so as to stay ahead or equivalent of their competitors. Let’s see some of the projected ways our business will be affected.
- Energy Management: It is expected that IoT devices will be an integral part of all devices and the use of heating and lighting can be controlled remotely thereby saving money. This will ensure the efficient use of services you’re paying for.
- Boosting Agriculture: With IoT farmers can predict weather and climate changes, soil and air quality, labor costs, crop maturity by collecting and processing real-time data through which he would be able to adapt accordingly and yield more results.
- Manufacturing Industry: With IoT industries can reduce resource consumption & costs and improve productivity, operations and customer service by managing workforce skills, discovering new opportunities and negating inefficiencies.
- World of Payments: IoT is changing the face of the way people conduct their banking and financial transactions. Now, people can manage their money anytime, anywhere. Recent examples will be a push to cashless economy, introduction of UPI, etc.
- Inventory Management: IoT will revolutionize tracking and management of inventory by using smart devices that will be able to keep tabs on inventory changes completely automatically in near future.
- Driverless Cars: IoT has shifted the development pattern in the automobile industry with the introduction of driverless cars. It is said that it’s going to completely disrupt daily travel and make the world a much more productive and safe place.
- Data-driven Decision: IoT has enabled companies to make more qualified decisions by understanding the consumer’s mind through his buying pattern. This helps in deciding future strategy to increase sales and market share hold.
In the end it’s not all about to be able to get more done in less time. This technological evolution also tends improved productivity and efficiency. The latest and greatest IoT developments will likely allow industries to accomplish large-scale tasks with greater precision.