Internet Of Things And Global Business

What is Internet of Things (IoT)? Internet of Things is a network of physical and electronic devices embedded with internet connectivity in order to communicate and interact over internet for secure monitoring and control purposes. Technically, Internet of Things (IoT) is an ecosystem of interrelated computing devices as well as automated machines with an ability to compute data transfers over internet without the intervention of Human to Human or Human to Computer interaction. Millions of devices whether digital or mechanical, are connected over internet thus collecting and sharing data.

The IoT Ecosystem: How Things Work? Internet of Things also referred to as Internet of Everything (IoE) consists of web enabled devices that acts on the acquired data retrieved from surrounding environments using the communication hardware powered by embedded sensors and processors. Such “Smart Devices” can deploy machine to machine communication technology (M2M) in order to access and interpret data and information received without requiring human intervention. The information is utilised using various communication protocols with smartphones acting as the major gateway to internet. Cloud computing servers are used for the purpose of analysing the data which is then channelized using smart devices or home computers.

Components of IoT:

• Embedded Sensors: These are the devices which collect minute data information from the surrounding environments. The collected data can range from simple to being complex. From a simple temperature monitoring system to a complex automated driverless vehicle, the array of IoT encapsulates almost everything. Multiple sensors can be bundles now a days into a device to encourage multitasking capabilities. (Smartphones are getting smarter day by day isn’t it?)
• Medium of Connectivity: In order to transfer the data collected by connected devices to a cloud infrastructure, various medium of communication can be utilised such as WiFi connectivity, Cellular/Satellite Networking, WAN, Bluetooth and many more.
• Processing of Data: Data processing can range from simple to complex operations such as monitoring device performance from a remote location to event configurations for smart interactions.
• User Interface: This is perhaps one of the most important components of IoT where the collected and analysed information/data has to be made available to the end user via an accessible medium such as a smartphone or remotely controlled web server. The Impact on business IoT as a technology has changed the ways businesses around the globe gather and interpret the data to provide a better product or service. Industries around the world are standing to the benefits of IoT applications in order to run the business operations effectively thus monitoring sales and other maintenance activities. As a result of comprehensive real time data processing and analysis, production systems are getting more secure and responsive. As a result, businesses are able to leverage IoT technology to gather qualitative information to giving themselves a competitive edge in order to drive innovation.
• Innovative Business Models: IoT has inculcated new Business models that has given a radical shift towards competitive dynamics within industries. For instance, transportation as a service which is altogether integrated by smart apps and inbuilt GPS monitoring devices has utilised greatest of IoT possibilities thus morphing into robust business services.
• Reduced Operational Costs: IoT solutions can help the firms to minimize costs in order to gain competitive edge. Industries such as construction and manufacturing can use this technology to monitor equipments and machineries in order to minimize downtime by rectifying misalignments on lines of productions. IoT can also help businesses to come up with energy efficient solutions to make sure optimum utilization of resources. Presently, a lot of IoT projects are coming up with an idea of predictive maintenance to predict and avoid failures in IoT ecosystems.
• B2B Applications: Emerging markets dealing on manufacturing intensive economies are primarily adopting IoT technology thus creating a global dimension for strong Business to Business potential. The economic impact of IoT is supposed to be greater in advancing economies with an estimate of 40 % of total IoT project deployments happening in developed countries with a global shift towards work site industries such as Mining, Gas and Refineries as well as Construction sites.
• Consumer Preferences and Behaviour: IoT has helped businesses to collect, monitor and analyse the data from various platforms such as social media and search engines. This has helped the businesses to predict the preferences and trends among the targeted audience to design better product solutions and personalised services for better customer engagement thus maintain revenues and brand loyalty simultaneously.
• Improved productivity and Efficiency: IoT devices can aid sectors particularly in the field of manufacturing to accurately access the customer demand and efficiently manage various stages of production via real time tracking of equipments and raw materials in order to ensure margin of profitability. Remote troubleshooting and workstation management are the areas where IoT can provide facility management.
• Improved Customer Service and Experience: IoT technologies such as NFC, RFID tags can act as mobile card readers to connect with smartphones for seamless process of transactions thus allow customers to keep track of shipping history thus provide them with better service experience. IoT solutions can also be deployed by utility companies to rectify problems and resolve them proactively using smart grid technologies.
• Enhanced Workplace Security: IoT applications can help employers and organisations to ensure overall workplace safety. Use of embedded sensors and customised wearables can aid workers in high risk environments to monitor against accidents and exhaustions. Additionally, smart locking systems can help corporate premises to ensure protection of influential assets.