Everything You Need To Know About The Internet of Things (IoT)
There’s a lot of buzzes right now about the Internet of Things (or IoT) and its impact on everything from how we travel and buy to how manufacturers manage inventories. But, what exactly is the Internet of Things? What are the benefits of IoT and How does it function? Is it really so crucial?
In this post, OutsourcingVN will bring you the answer to all of your questions.
1. What Is The Internet Of Things?
In a word, the Internet of Things is the concept of linking any device (with an on/off switch) to the Internet and other connected devices. The Internet of Things (IoT) is a massive network of interconnected things and people, all of which collect and share data about how they are utilized and the environment around them.
This includes an extraordinary variety of objects of all shapes and sizes, ranging from smart microwaves that automatically cook your food for the appropriate amount of time, to self-driving cars with complex sensors that detect objects in their path, to wearable fitness devices that measure your heart rate and the number of steps you’ve taken that day, then use that information to suggest exercise plans tailored to you. There is even Internet of Things with footballs that can track how far and fast they are thrown and save that information via an app for the internet of things future training purposes.
2. Why Is the Internet Of Things Important?
IoT is viewed as a crucial frontier that has the potential to improve practically all aspects of our life. Most devices that have never been connected to the internet can be networked and respond in the same manner as smart devices do. The world will be totally IoT-oriented by 2021. Here are some of the advantages of the internet of things.
- The Internet of Things encourages efficient resource utilization.
- It reduces human effort in many facets of existence.
- Enabling IoT will lower production costs while increasing returns.
- It enables analytical decisions to be made more quickly and correctly.
- It improves product marketing in real-time.
- Improve the client experience
- It ensures high-quality data as well as secure processing.
Given the complexity of the IoT ecosystem, it is necessary to highlight the competitive advantages of the internet of things and the stakeholders in allowing users to continue being in complete control of safely sharing their data and relying as much as they can on their content.
Technology is now a part of our lives, redefining the enjoyment of every activity, and the Internet of Things plays a vital role in making this happen.
3. Benefits Of The Internet Of Things
Let’s have a look at how these characteristics result in a slew of benefits of the Internet of Things technology and services. However, it is important to note that this brief study focuses exclusively on the IoT benefits for businesses and hardly touches on the relevance for individuals and households. Furthermore, these benefits of the internet of things are typically interrelated, to the point that one leads to another, resulting in a positive chain reaction.
3.1. Increased staff productivity and reduced human labor
Because IoT solutions may automate monotonous operations, human resources can be shifted to more complicated jobs that demand personal abilities, particularly out-of-the-box thinking. As a result, the number of employees can be reduced, resulting in lower business operating costs.
3.2. Effective management of operations
Another key advantage of smart device connectivity is automated control over numerous operational areas, such as inventory management, delivery tracking, fuel, and replacement parts management. For example, the internet of things under this strategy, RFID (Radio Frequency Identification) tags and a network of sensors are used to track the position of equipment and items.
3.3. More efficient utilization of resources and assets
The automatic scheduling and monitoring enabled by networked sensors allow for greater resource efficiency, such as enhanced power management and water consumption. Simple motion detectors, for example, can save huge amounts of money on electricity and water bills, making both small and large enterprises more productive and environmentally friendly.
3.4. Economical operation
Because of the reduced downtime times, which are ensured by autonomously scheduled and controlled maintenance, raw material supply, and other manufacturing requirements, the equipment may have a higher production rate, resulting in more profitability. Again, IoT devices considerably simplify management within specific departments as well as throughout the entire company structure.
3.5. Increased workplace safety
In addition to the benefits of the internet of things listed above, planned maintenance is extremely beneficial for guaranteeing operational safety and compliance with the applicable standards. In turn, safe working conditions make the company more appealing to investors, partners, and employees, improving brand reputation and trust. Smart gadgets also lower the likelihood of human error at many phases of corporate operation, contributing to a higher level of safety. A network of IoT devices, such as surveillance cameras, motion sensors, and other monitoring devices, can also be used to ensure an enterprise’s security and prevent thefts and even corporate espionage.
3.6. Comprehensive marketing and business growth
Home-based smart devices, particularly voice assistants and other appliances that can interface directly with end-users regularly, are an excellent source of information for business research. IoT assists businesses by collecting enormous amounts of user-specific data that may be used to establish corporate plans, focused advertising, fine-tuning price policies, and other marketing and management tasks.
3.7. Increased client satisfaction and retention
The above-mentioned collection of user-specific data obtained via the use of smart devices also assists organizations in better understanding client expectations and behavior. IoT also improves customer service by enabling post-sales follow-ups such as automatic tracking and notifying consumers about required maintenance of purchased equipment after its predetermined time of use, the expiration of warranty periods, and so on.
3.8. Improved business opportunities
Last but not least, the benefits of the internet of things are improved business opportunities. Because of the enhanced effectiveness, the company that uses IoT solutions can offer a broader selection of services or products, or improve their quality in comparison to competitors, all while charging the same price. As an alternative, such a business may take on more demanding jobs in terms of production difficulty, time, or quantity. Overall, the deployment of smart solutions increases an enterprise’s competitiveness and attractiveness as a possible business partner.
3.9. Increased trustworthiness of the company’s image
A company that uses high-tech solutions, particularly IoT, often produces a favorable impression on consumers, investors, and other business partners who are aware of the numerous benefits provided by the Internet of Things. Furthermore, if a company provides a safe and secure working environment provided by a network of smart devices, it is simpler to attract highly sought-after experienced workers.
4. History Of The Internet Of Things
Source: Ajabsamrai
Did you know about the history of the internet of things? The term “Internet of Things” has been around for 16 years and Kevin is the one who identified a true statement about the internet of things. However, the concept of connected gadgets has been around for much longer, at least since the 1970s. Back then, the concept was sometimes referred to as “embedded internet” or “pervasive computing.” However, the term “Internet of Things” was invented by Kevin Ashton in 1999 while working for Procter & Gamble. Ashton, who worked in supply chain optimization, wanted to draw the attention of senior management to a new and innovative technology called RFID. He titled his presentation “Internet of Things“ since the internet was the biggest new idea in 1999 and it made sense.
Even though Kevin piqued the curiosity of some P&G executives, the term “Internet of Things“ did not catch on for the following ten years.
5. Internet of Things Applications
The coolest things in the industrial internet of things are Smart devices, often known as “connected devices,” which are built in such a way that they record and use every bit of data that you share or use in your daily life. And these devices will use this information to connect with you and execute activities daily.
5.1 Smart Home
With IoT causing a stir, the most searched IoT-related feature on Google is ‘Smart Home.’ But what exactly is a Smart Home?
Wouldn’t it be great if you could turn on the air conditioning before you get home or turn out the lights even after you’ve left? Alternatively, open the doors allowing friends to gain temporary entry even when you are not at home. Companies are developing items to make your life easier and more convenient as the Internet of Things takes shape.
Smart houses have become the revolutionary rung on the residential success ladder, and it is projected that they will become as prevalent as smartphones.
The cost of owning a home is the single most expensive expense in a homeowner’s life. Smart Home devices are advertised as saving time, energy, and money. Smart home firms such as Nest, Ecobee, Ring, and August, to mention a few, will become household names and will provide a never-before-seen experience.
5.2 Wearables
Wearables have seen a surge in popularity in marketplaces all over the world. Companies such as Google and Samsung have made significant investments in the development of such gadgets. But how do they function?
Sensors and software are included in wearable devices to collect data and information about their users. This data is then pre-processed to derive key information about the user.
These devices address a wide range of exercise, health, and entertainment needs. Wearable apps must be highly energy efficient or ultra-low power, as well as tiny in size, according to the Internet of Things technology.
5.3 Smart Cities
Another significant IoT application that has piqued the interest of the world’s population is smart cities. Internet of Things applications for smart cities includes smart surveillance, automated transportation, improved energy management systems, water distribution, urban security, and environmental monitoring.
IoT will alleviate fundamental difficulties that city dwellers confront, such as pollution, traffic congestion, and a lack of energy supply, among other things. When a bin needs to be emptied, products like the cellular-enabled Smart Belly garbage will notify municipal authorities.
Citizens can identify free parking spaces throughout the city by placing sensors and using web applications. The sensors may also detect meter manipulation, general failures, and any installation issues in the power system.
5.4 Connected Car
The focus of automobile digital technology has been on optimizing the vehicle’s internal functions. However, this focus is shifting to improving the in-car experience.
A linked automobile is a vehicle that can optimize its own operation, maintenance, and passenger comfort by utilizing onboard sensors and internet connectivity.
Most major automakers, as well as several daring startups, are developing connected automobile solutions. Major automakers such as Tesla, BMW, Apple, and Google are aiming to usher in the next automotive revolution.
6. Examples of Internet of Things
6.1 Amazon Echo and Google Home – Home Automation
AI voice assistants such as the Amazon Echo and Google Home are among the most popular consumer IoT-connected gadgets. Users can ask voice assistants like Alexa for assistance with a range of tasks such as playing music, providing a weather report, retrieving sports scores, ordering an Uber, and more.
6.2 Fitbit Charge 3 – Wearable Technology
Fitbit Charge 3 monitors your steps, floors climbed, calories burnt, and sleep quality. The device also syncs with PCs and cell phones via wifi, allowing you to monitor your progress by displaying your fitness statistics in easy-to-read charts.
6.3 Barcelona – Smart Cities
The Spanish city is one of the world’s leading smart cities, thanks to the implementation of various IoT initiatives that have improved smart parking and the environment.
6.4 AT&T
When talking about the examples of the internet of things, we must talk about Connected Car: AT&T. It was the first telecom company to build a research and innovation center for connected cars.
Conclusion
The internet of things future is more intriguing than this, where billions of devices will communicate with each other, and human intervention will be minimal. The Internet of Things will cause a major shift in the way we live and work.
I hope you enjoyed reading about all of these amazing and exciting Internet of Things applications. There are numerous other sectors where IoT is having an impact. Did you find this article interesting? Tell us in the comments section below.
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