The Internet of Things (IoT) can be defined as a system of interrelated computing devices or objects – ‘things’ – that contain sensors, software, and various other technologies to connect and exchange data with other systems online. In simpler terms, it is comprised of anything that is connected to and talks to each other via the internet. A thing in the context of IoT can be a person with a heart monitor implant, a farm animal with a bio-chip transponder, a car that has built-in sensors to alert the driver when tire pressure is low or any other natural or man-made object that can be assigned an Internet Protocol (IP) address and is able to transfer data over a network.
Increasingly, organizations in a variety of industries are using IoT to operate more efficiently, better understand customers to deliver enhanced customer service, improve decision-making and increase the value of the business. IoT enables companies to automate processes which results in reduced labour costs and effective time management. It also cuts down on waste and improves service delivery, making it less expensive to manufacture and deliver goods, as well as offering transparency into customer transactions. IoT is one of the most important technologies of everyday life, and it will continue to pick up steam as more businesses realize the potential of connected devices to keep them competitive.
The internet of things offers several benefits to organizations. Some benefits are industry-specific, and some are applicable across multiple industries. Some of the common benefits of IoT enable businesses to:
- Monitor their overall business processes
- Improve the customer experience (CX)
- Save time and money
- Enhance employee productivity
- Integrate and adapt business models
- Make better business decisions
- Increased revenue.
Smart home security, autonomous agriculture, smart factories, bio-metric cybersecurity, and wearable health monitors are just some of the examples of the type of control IoT technology supplies even in our everyday lives. As technology continues advancing and the demand for automation rises, IoT will be an even more crucial element to our lives than ever before.
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