Internet of Things (IoT) for Business

Internet of Things (IoT)

Internet of Things (IoT) technology is now entering to smart workplace after the successfully implementing impression in smart home devices. IoT for business will not only help your business to boost productivity but also help receiving the feedback on product which will improvise the other product in future.

What is Internet of Things (IoT)? IoT is short for Internet of Things. IoT is just the extension of internet. It simply means connecting all objects or things with internet to interact with each other. This smart objects or things communicate with each other through internet, share data with each other and these can be remotely accessed. Examples of things that come under IoT are smart phones, wearable, car and any other smart devices. IoT app development companies have come forward to prepare bridge to communicate physical devices.

Definition: the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.

According to McKinsey, Internet of Things = “Sensors and actuators embedded in physical objects are linked through wired and wireless networks, often using the same Internet Protocol (IP) that connects the Internet.

The idea of term “Internet of Things (IoT)” was already spread around early 90s, but actual term was coined in the year 1999 by Kevin Ashton. He invented this thing to attract attention of his organization and want that management should use this new existing technology. The first object where the IoT was introduced was Radio Frequency Identification (RFID). RFID tags containing data which could be transferred wirelessly was developed.

In today’s world IoT is increasing rapidly. In such a world, IOT has arrived with a highly believable promise of giving individuals few more free hours by automating few tasks and boosting productivity of businesses by making better use of data.

Advantages of IoT

Following are some of the advantages of IoT:

  1. Communication: IoT encourages communication between devices which is also known as machine-to-Machine (M2M) communication. In this way machines are interconnected with each other by using internet connectivity.
  2. Automation: IoT results into automation. Physical devices are interconnected with each other. They communicate with each other without any human intervention which results into minimal error and faster result.
  3. Safety: The computer keeps track of the quality and viability of the devices which results into improvement in safety and quality of life.
  4. Monitoring: Now it possible to monitor the health of patient without any doctor visit. IoT devices helps to track the health of patient and these devices directly provide the data of patient to the assigned doctor which results into faster decision by doctor.
  5. Improved Efficiency: Machine-to-machine communication provides improved efficiency, which results into faster result and saves time.

How IoT helps business?

IoT has impacted much on business world today. The way information is collected and exchanged through IoT devices has changed the methods of business operation. The number of IoT connected devices will result to be increased by the year 2020 which will reach 50 billion.

Following are the ways IoT is changing the business world:

  1. Data produce opportunity: Business venture who have introduced IoT in there system have seen many drastic changes. IoT devices placed at manufacturing unit, warehouses and in vehicles helps produce more data which helps management to track the flow of business and improve the efficiency of production cycle.
  2. Working Remotely: IoT technology helps work remotely if your business does not require any physical asset to operate. Task will be assigned accordingly by managers to the employee and in return employee will send the required data. This will improve productivity of the employees which will help business to grow. Studies have proved that employees working remotely are happier and provide more productivity to the business.
  3. Inventory management: Inventory tracking through IoT technology reduces loss of the business. Sensors placed on vehicle and storage units helps track your inventory from time to time and at real time. These sensors produce data and provide the details to the organization.
  4. Skilled workers: This technology requires basic knowledge of operating and functioning by an individual. An individual who is unaware of the technology will waste time and productivity of the business. This technology will give opportunities to the skilled workers who know the basic functionality.
  5. Creating new business opportunity: IoT technology helps to introduce new business lines in the market. Now companies not only have the opportunities to manufacture the product but also offer the services by getting feedback from the end users which will improvise the product quality.

If you involve IoT for business it will help improve your productivity, performance and help gathering data.

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