The Internet of Things (IoT) is the Internet-powered network that seamlessly deploys a cost-effective solution to monitor meters, components, and other products. IoT helps devices with biometric sensors "talk" to one another, share data and further act on that data.
So, what’s all this noise regarding the Internet of Things? IoT impacts everything from travel, to shopping, to Internet browsing and inventory production. It is the concept of connecting devices to the Internet to gather data. By collecting and sharing this data, companies can get smarter in regards to buyer trends, work productivity and cost control.
Many companies use IoT to make operation centers more efficient, assist in marketing and sales and boost product value. IoT will allow for better tracked inventory. This data will not only tell you when you’re running low on a product, but will place the order automatically providing top notch analytics in return. Take Amazon for example. The company uses intelligent IoT programs to track orders, anticipate buyer preferences, track recurring orders, and assist in fulfillment centers nationwide.
Another benefit of IoT is increased efficiency. What if your device could give you the fastest route to work taking into consideration not only traffic patterns but traffic lights as well? This luxury could make commuting easier for employees and make truck routes easier for the drivers. Are you ready to adapt to such changes? Pay close attention to the advances in technology and be prepared for the changes that are yet to come.
There is no sign that the Internet of Things will slow down. In fact, industry experts predict that IoT use will triple by 2020 to 34 billion connected devices. And only 10 billion of these will be conventional computing devices like smartphones, tablets, smartwatches and laptops. Which means forget IoT for home consumers because businesses will be the largest adopters.
Individuals who resist the growth of IoT in their daily lives are often not aware of how much they already use IoT with smartphones, GPS, appliances, etc.
There’s no doubt that the Internet of Things is just getting started. Businesses who start now to develop or expand IoT technology in their products, services and operations are the ones who will realize a competitive advantage.