Benefits of Internet of Things (IoT)

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What is IoT? 

IoT is a giant network with connected devices. The devices gather and share data about how they are used and the environment in which they are operated. Sensors are embedded in every physical device. It can be a mobile phone, electric appliances, vehicles, barcode sensors, traffic lights, and more.

These sensors continue to emit data about the working state of the device. How do they share this vast amount of data? IoT provides a common platform for devices to dump their data and a common language for all the devices to communicate with each other. Data is emitted from various sensors and sent to the IoT platform securely. IoT platform integrates the collected data from various sources. Further, analytics is performed on the data, and valuable information is extracted as per requirement. Finally, the result is shared with other devices for better user experience automation.

The buzz word these days – Internet of Things (IoT) has various definitions floating around but we simply put it as a set of interconnected systems that connects multiple devices/things with each other intelligently, using sensors, actuators, applications and internet. IoT produces an effective and efficient solution for common problems such as energy conservation, waste reduction, transportation, water quality, agriculture, operations, etc.

Evolution of IoT has been gradual with technology stack being built in fragmented fashion but recently it has gain momentum and has caught media attention because technology has evolved, hardware cost has reduced, and internet population is growing fast.

By 2025, it is estimated that there will be more than to 21 billion IoT devices. A quick look back shows where IoT devices are going. Consider: In 2016, there were more than 4.7 billion things connected to the internet, according to IOT Analytics. Fast-forward to 2021? The market will increase to nearly 11.6 billion IoT devices.

Even before there was a World Wide Web, there was an Internet of Things. Tech companies and pundits have been discussing the idea for decades, and the first internet-connected toaster was unveiled at a conference in 1989.

The term “Internet of Things” was coined in the late 1990s by entrepreneur Kevin Ashton. Ashton, who’s one of the founders of the Auto-ID Center at MIT, was part of a team that discovered how to link objects to the Internet through an RFID tag.

The concept evolved as wireless Internet became more pervasive and embedded sensors grew in sophistication.

Did you ever imagine your groceries could be automatically ordered once your refrigerator gets connected to the internet, by sending a signal to your local grocery shop when your groceries are short in supply? Have you ever felt a need to have a sensor attached to your wallet when you misplace it, so that you could know its exact location? Imagine the additional competitive advantage a manufacturing plant could extract if it starts getting real-time information on the health and performance of its machineries. All the above latent needs converge to a single concept called Internet of Things (IoT) which is creating an unprecedented buzz across the world because of the potential it holds to fundamentally alter the way humans live and interact, and as a result reshaping the business world.

Right now, only your PC and smartphone is connected to the internet and what IoT offers is to connect every physical object with the internet. Now, this would lead to a plethora of information and data getting created and thus would need organizations to have the capabilities to seamlessly store, retrieve and analyze this huge data in order to capitalize on the potential benefits that IoT is going to offer in future.

However, everything new and shiny has downsides, and security and privacy are the biggest challenges for IoT. All these devices and systems collect a lot of personal data about people – that smart meter knows when you’re home and what electronics you use when you’re there – and it’s shared with other devices and held in databases by companies. As soon as there’s a financial benefit to hacking smart homes, there will be a cyber criminal working away at it.

Benefits of Internet of Things (IoT)

The Internet of Things (IoT) is an arrangement of interrelated computing devices, mechanical and computerized machines, items, creatures or individuals that are given interesting identifiers and the capacity to move information over a system without expecting human-to-human or human-to-PC collaboration.

Increase Business Opportunities

IoT opens the entryway for new business openings and assists organizations with profiting by new income streams created by cutting edge plans of action and administrations. IoT-driven developments assemble solid business cases, reduce time to market and increase return on investments. IoT can possibly change the way purchasers and organizations approach the world by utilizing the extent of the IoT past network.

Enhanced Asset Utilization

IoT will improve following of advantages (equipment, machinery, devices, and so forth.) utilizing sensors and connectivity, which assists associations with profiting by ongoing bits of knowledge. Associations could more effectively find issues in the advantages and run preventive upkeep to improve resource use.

Efficient Processes

Being associated with a most extreme number of gadgets to the web, IoT permit organizations to be smarter with continuous operational experiences while diminishing working expenses. The information gathered from coordination arrange, production line floor, and store network will help decrease stock, time to market and personal time because of support.

Improved Safety and Security

IoT administrations coordinated with sensors and camcorders help screen work environment to guarantee hardware security and ensure against physical dangers. The IoT network facilitates different groups to determine issues immediately.

Increase Productivity

Efficiency assumes a key job in the gainfulness of any business. IoT offers in the nick of time preparing for representatives, improve work proficiency, and diminish confound of abilities while expanding hierarchical profitability.

Cost Saving

The improved resource use, profitability, and procedure efficiencies can save your consumptions. For instance, predictive examination and constant diagnostics drive down the upkeep costs.

Here are the several benefits of IoT. The Internet of Things (IoT) will be huge in several ways. The forces that are driving it and the benefits that are motivating it are increasingly numerous, as more and more organizations, industries, and technologists catch the IoT bug.

These forces include (at least) the following 6 motivating factors:

Ubiquitous networks – personal wi-fi on your mobile phone and on every other device. Everyone (and everything) wants and needs to be connected.

Connected computing – we want all of our devices, phones, televisions, music players, vehicles, etc. to keep track of what we are doing, viewing, reading, and listening to as we move through our day, from place to place – the handoffs from device to device are already happening.

Ubiquitous sensors – on everything. It is already here – the Internet of Everything and the wearables revolution.

Analytics-as-a-Service – the API and App economies are already vast and growing – this enables any “thing” to “do something interesting” as long as it can connect to an API or invoke an App that performs a network-based service. The “thing” is a data generator and/or collector that also learns from, makes predictions, and maybe even takes data-driven actions in response to the data that are collected (through the versatility and convenience of an App or API call).

Marketing automation – mobile customer engagement, geolocation, Apple’s iBeacon, etc. are all creating a network of knowledge about customers’ locations, intentions, preferences, and buying patterns. Of course, this degree of location-based knowledge needs to strike the right balance between user privacy and the timely delivery of useful products and services to that user.

Supply Chain Analytics – delivering just-in-time products at the point of need (including the use of RFID-based tracking). Essentially, everything is a customer (including machines, automobiles, manufacturing plants, ATM machines, etc.), and the IoT is monitoring, watching, and waiting for a product need to arise.

Similarly there are the several other benefits of Internet of Things:-

➨ IoT network benefits not one but all i.e. individuals, society, stake holders of businesses etc. due to the fact that IoT network saves time and money. IoT systems delivers faster and accurately with minimum utilization of energy. This improves quality of life.

➨ It is used for patient monitoring i.e. various types of wireless sensors are installed on the patient body which communicate with the IoT network and provides all the required information of the patient under treatment.

➨ IoT concept is used in home security devices which are monitored and controlled either locally or remotely using easy to use applications available on mobile phones or smartphones. Typical IoT devices are security alarm, Camera, sensors, door lock etc. are used in home automation environment.

➨ IoT is used in asset and individual tracking, inventory control, energy conservation, shipping etc.

➨ It is similar to M2M but it has applications beyond M2M. M2M is used only for machine to machine communication. In IoT, things communicate themselves to its owner indicating its location and conditions

Benefits of a company with an Internet of Things (IoT)

The main benefits of a company with an IoT system can have are:

Productivity improvement: IoT allows the monitoring, monitoring, and control of the different processes, which optimizes the different operations that increase productivity and efficiency

Predictive analysis: Thanks to the collection of a large amount of data, IoT’s new technologies make it possible to examine recurring patterns and contribute to predictive analysis, which can be used mainly in maintenance. This precise information will be used to improve existing processes and services

Rapid response: the data makes it possible to monitor the systems in place in real-time and even remotely. They facilitate the optimization of maintenance interventions, but also give the company a strategic advantage in monitoring market developments.

Reduction of human errors: thanks to the complementarity of technologies such as artificial intelligence, IoT makes it possible to reduce human errors due to mundane or repetitive tasks.

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