Over the years, we have seen the Internet of Things (IoT) gaining a lot of traction. IoT has positively impacted every aspect of our lives, from traveling, shopping, to the way manufacturers do inventory management. After reading this blog, you will get some insight into IoT.
What is the Internet of Things?
IoT is the concept of connecting a multitude of internet-capable devices around the globe, each collecting and sharing data. With the advent of cheap computer chips and the prevalence of wireless networks, it is now possible to connect any and every device and make it part of IoT. It is a vast network of interconnected things and people that share data about their usage and the environment surrounding them. These devices share real-time data with the help of integrated sensors, which adds a level of digital intelligence to them.
How does it work?
In IoT, we use a web-enabled device or object integrated with sensors, processors, and other hardware for collecting data. The data obtained goes through analytics for sharing valuable information with applications that address particular needs. IoT devices use IoT gateway or other edge devices for transferring the data. The data are directly sent to the cloud for further analysis or gets analyzed locally. These devices work in tandem with other similar devices and analyze the information they retrieve from each other.
Importance of Internet of Things
The IoT has transformed the way people go about their day to day activities. It has assisted people in living and working smartly. IoT is helping to automate homes with smart devices. IoT is providing businesses real-time information about how their business is functioning. It provides a complete picture ranging from how the machines are performing, supply chain, and logistic operations. By reducing labor, IoT is streamlining companies. It assists in waste management and improves service delivery.
History of the Internet of Things
The concept of IoT is not a new thing. Kevin Ashton coined the word Internet of Things in the year 1999. However, the idea was prevalent throughout the 1980s and 1990s. Despite this, the work on developing an IoT ecosystem was slow due to technology constraints. The efforts were marred due to bulky chips and the inability of the objects to communicate effectively.
The processors were of mediocre quality, had power issues, and the cost was also high. RFID tags with cellular and wireless networking resolved some of the problems. The revolution started with the introduction of IPv6 that provided sufficient IP for every device. It took IoT to the next level.
How IoT benefits organizations
Among others, IoT is beneficial for industries. It is proving to be an elixir for the productivity of the organizations. Some of the benefits are industry-specific, while some are for multiple industries. IoT is enabling industries to:
- Track the progress of the overall business.
- Provide an overview of corrective measures to be taken to augment the business.
- Render a better customer experience that boosts customer attraction and retention.
- Function in a cost-effectively that results in saving of time and money.
- It eases the adaptation of various business models.
- Make informed and timely decisions that enhance the growth of the industry.
- Improve the overall turnover of the company.
IoT has transformed the way companies approach their businesses. Leveraging on IoT companies can make robust business strategies. IoT usage is rampant across many industries that include manufacturing, transportation, and utility sectors. Moreover, IoT is also making inroads into agriculture, infrastructure, and home automation industries, thereby changing some industries digitally. IoT is helping farmers provide them information about rainfall, humidity, soil quality, among others. This has added convenience and removed unpredictability that farmers had to deal with. IoT has also enabled us to monitor operations involving infrastructure. Sensors help in monitoring changes taking place in the foundation of buildings, bridges, and other infrastructures. All these factors help in saving time and energy and quality of life-work-flow. IoT has also been incorporated in home automation to monitor and change electrical systems in a building. IoT is also contributing to building smart cities that are resulting in reducing waste production and electricity consumption. IoT has also been adopted in healthcare, finance, retail, and other sectors.
Advantages of IoT
- It eases accessing information anytime and anywhere.
- Improved communication and connectivity among different devices.
- Improving the quality of business reducing human intervention.
Disadvantages of IoT
- The involvement of a multitude of devices and increased data transfer has led to the risk of hacking of valuable information.
- Managing numerous electronic devices could be challenging and overwhelming for companies.
- A single bug in the system could disrupt the functioning of every device.
IoT is the next big thing. In years to come, IoT is going to play a significant contribution to the burgeoning growth of many industries. In years to come with advancements in IoT, we could expect to see massive transformation in the ways a company does business. The prospects are bright if every industry incorporates IoT in its operations.Share on Facebook