In short, Internet of Things lets us solve our business problems using our own data.
One of the key features of IoT is ‘data-handling’. The connection of devices over the internet is only successful and more efficient when it has access to storage and processing of data. Thus, devices need not to connect to the public internet, instead they need to connect to a network and hence they could be accessible individually. Hence IoT is applied in our day to day life as in the form of smart homes, smart cities, smart supply chain, smart farming, etc. and is applied in the industry fields for example manufacturing, automotive, transportation and logistics, healthcare, retail, etc.
Along with benefits there are multiple risks of IoT implementations like, privacy and security concerns but the government and industries have begun their move to address these concerns considering the development of international and local standards, guidelines.
IoT works through a combination of wireless networking technology, physical devices, advanced data analytics, and cloud computing. Some of the examples are: Remote monitoring, Predictive maintenance, Facilities management, Manufacturing efficiency and, Connected products.
The major advantages of IoT are:
- Automation i.e., no human intervention
- Machine to machine communication
- Reduced operational costs
- Boosts customer satisfaction
- Improved business efficiency
- Reduction of wasted materials/labors
IoT is revolutionizing the businesses completely and the way of life. So far, it is believed that there are three industrial revolutions have taken place – the mechanical, the electricity and the information technology revolution. The 4th Industrial revolution has taken over by the IoT, which is playing core role in this revolution.
