What is IoT and how it’s transform business sectors

You may have perhaps come across the term IoT, which is currently changing industries all over the world, ranging from manufacturing to healthcare sector and everything that is present in-between. But what is it exactly? It is necessary for you as an entrepreneur to understand it thoroughly, so that you can implement correctly and benefit from it immensely.

What is IoT?

IoT stands for ‘Internet of Things’ and is used interchangeably. Connecting to the net does help to yield several amazing benefits, something that already has been derived from using tablets, laptops and smartphones. It refers to physical devices in billions across the globe connected to the web, sharing & collecting valuable data. With the introduction of affordable computer chips combined with wireless network’s ubiquity, anything can be converted from something. It can be something big like an aeroplane or small as pill into part of IoT. By connecting wide range of objects and having sensors added to them creates digital intelligence level to devices, which otherwise is stated to be dumb. Thus, real-time data is allowed to be communicated, without human intervention. IoT has been trying to create a more responsive, smarter world around us, merging physical and digital universes.

Why IoT matters?

By connecting some device to the net, it receives or sends information or both. Such ability to receive and/or send information is what tends to make things smart, which is real good. Smartphone device is a classic example. You will be able to listen to any song produced in any corner of the world. It is not just because, the songs are stored at another place, but because, the phone has the ability to send information (request songs) as well as receive (stream the song) it.

The thing to be smart does not require to have supercomputer or super storage within it. Rather, it simply needs to connect to the supercomputer or super storage. It is awesome to be connected.

Benefits of IoT

IoT offers business with wide range of benefits:

• Increase business opportunities: With IoT, new business opportunities open up and companies are able to take advantage of the new revenue streams that are created by advanced services and business models. Innovations that are IoT driven do help develop strong business cases, increase ROI and reduce marketing time. IoT has the potentiality towards transforming how the world is approached by businesses and consumers by leveraging IoT’s scope beyond connectivity.
• Efficient procedure: IoT is connects multiple devices to the web, allowing businesses to become smarter providing real-time insights into its operation and also reducing unnecessary expenses. Data that gathered from the factory floor, supply chain and logistics network does help to reduce market time, downtime caused by maintenance issues and inventory.
• Improved asset utilization: With implementation of IoT, tracking assets like tools, machinery and equipments becomes easy by using connectivity and sensors. The organization stands to benefit from insights derived real-time. Issues can be located easily in assets, while preventive maintenance can be run to enhance asset utilization.
• Increased productivity: Business profitability is directly impacted upon by productivity. IoT provides timely training to employees reduces skill mismatch, enhances labour efficiency along with organizational productivity.
• Enhanced security & safety: Workplace monitoring becomes highly efficient with IoT services being integrated with video cameras and sensors. This in turn ensures protection and safety against physical threats. Moreover, issues are resolved promptly by multiple teams with better coordinated IoT connectivity.
• Cost saving: Improved productivity, process efficiencies and asset utilization helps cut on unwanted expenditures. Real-time diagnostics and predictive analytics for instance, help reduce maintenance expenditure.

How IoT helping different business sector?

IoT in an industry is referred to as M2M (machine to machine) connectivity as well as IIOT (Industrial Internet of Things). Many industries have already implemented it like:

• Engineering industry: IoT network is an interface between different platforms.
• Delivery logistics: Reduce waste, promote paperless process and improve business outcome.
• Automobile: Cloud-based remote diagnostic system implemented for vehicles on highways.
• Healthcare & medical: Provides hospitals to manage and store efficiently for patients, while reducing operational cost.

In short, IoT enabled solutions in general do benefit multiple industries in several ways and enhance their productivity and client satisfaction.