IOT and its Benefits in Businesses
What is IOT
IOT or Internet of Things is the way of interconnecting physical devices, smart devices and other embedded devices which includes sensor, electronic circuit, software with some network that allows exchange of data between the two. In a nutshell a thing can be represented as any physical entity having some sensors or electronic module which gets connected to ‘internet’ or a network making the term Internet of Things. Let’s take an example of smart home, here the entity smart home works as a ‘Thing’ which is connected to internet allowing the user to remotely control, monitor the electronic devices at home.
IOT helps the consumers, businessmen and people from all sections of society to ease their daily life activities and deliver a better optimized outputs. IoT can significantly reduce the overall production expenditure in an organization by streamlining the processes using the analytical data from its sensors, which thus helps in generating a better revenue. This approach has a massive potential to transform any business and take to a much higher level.
Scope of IOT
Researchers have already forecasted that by the year 2020 the number of IOT devices in market will grow to 30 billion from the current value of 10 billion. These type of predictions are very well supported by the growing market of smart devices. IOT is a game changer that can help organizations in improving their productivity by using various services provided by it like analytics, security etc. Various industries like finance, retail, petroleum can take the aid of IOT in order to increase benefits by taking more intelligent decisions backed through interactional data, which is ready at disposal.
Optimized Operational Output–. IOT reduces human involvement and energy costs by using real-time data from sensors to monitor and enhance process efficiency. The data obtained can be used to minimize downtime due to maintenance, inventory, as well as time to market.
Improved security: – IOT not only resolve problems faster by coordinating with team but also helps business to improve workplace safety by using sensors and cameras which help monitoring equipment.
Better Asset Management: Real-time data obtained from sensors is used by IoT to monitor and improve efficiency, promote automation and reduce energy costs. The obtained data can be used in minimizing various roadblocks like maintenance or inventory downtime.
Improved Decision Making: Organizations can implement real-time operational insights to make smarter and faster business decisions and reduce operational costs. IOT helps in prioritizing and distributing all business decisions.
Better Cost Benefits – Internet of Things (IoT) can boost the productivity and efficiency significantly in an organization through better assets and resources utilization.
IoT not only resolve problems faster by coordinating with team but also helps business to improve workplace safety by using sensors and cameras which help monitoring equipment.