Internet Of Things (IOT)

The Internet of Things (IoT) is a network of interconnected, embedded devices that can
capture and transmit data without the need for human interaction over a wireless network.
IoT applications in everyday life include smart wearables, smart health monitoring, traffic
monitoring, IoT in agriculture with many sensors, smart devices, robots in hospitals, smart
grid, and water supply, and so on.
Advantages:
 It can assist in the smarter control of homes and cities via mobile phones. It
enhances security and offers personal protection.
 By automating activities, it saves us a lot of time.
 Information is easily accessible, even if we are far away from our actual
location, and it is updated frequently in real time.
 Electric Devices are directly connected and communicate with a controller
computer, such as a cell phone, resulting in efficient electricity use. As a result,
there will be no unnecessary use of electricity equipment.
 Personal assistance can be provided by IoT apps, which can alert you to your
regular plans.
 It is useful for safety because it senses any potential danger and warns users.
For example, GM OnStar, is a integrated device that system which identifies a
car crash or accident on road. It immediately makes a call if an accident or crash
is found.
 It minimizes human effort because IoT devices connect and communicate with
one another and perform a variety of tasks without the need for human
intervention.
 Patient care can be performed more effectively in real time without the need for
a doctor’s visit. It gives them the ability to make choices as well as provide
evidence-based care.
 Asset tracking, traffic or transportation tracking, inventory control, delivery,
surveillance, individual order tracking, and customer management can all be
made more cost-effective with the right tracking system.

Disadvantages:
 Hackers may gain access to the system and steal personal information. Since we
add so many devices to the internet, there is a risk that our information as it
can be misused.
 They rely heavily on the internet and are unable to function effectively without
it.
 With the complexity of systems, there are many ways for them to fail.
 We lose control of our lives—our lives will be fully controlled and reliant on
technology.
 Overuse of the Internet and technology makes people unintelligent because they
rely on smart devices instead of doing physical work, causing them to become
lazy.
 Unskilled workers are at a high risk of losing their jobs, which could lead to
unemployment. Smart surveillance cameras, robots, smart ironing systems,
smart washing machines, and other facilities are replacing security guards,
maids, ironmen, and dry-cleaning services etc.
 It is very difficult to plan, build, manage, and enable a broad technology to IoT
framework.
  Deploying IoT devices is very costly and time-consuming.
The Ways IoT is Transforming Businesses Today.
The digital upsurge has given businesses an opportunity to adopt IoT to gain competitive
advantage and provide better customer experience. But IoT benefits can go deeper than
revenue and profit growth. Here are the 10 ways that IoT is transforming the business in
success path, and they hold common across all sectors:

Asset Tracking and Inventory Management

IoT applications can enable you to manage your inventory by granting some automatic
control options. Similarly, tracking asset in the supply chain with IoT can be an ideal solution
to catch the assets that went missing in transit.
Installing IoT products and software in your warehouses and storage units can aid you to
manage inventory changes. Moreover, embedding surveillance systems with IoT and
analytics can prevent theft before it takes place.
For example, Amazon increases its shipping capacity by engaging WiFi robots that scan QR
codes on its products and track its order.

Data Sharing & Perception

Almost all businesses function with the assistance of data collection and transmission, and the
IoT adoption has completely revolutionized how data is processed. Apart from allowing
greater access to user data, IoT applications can track the patterns in which a user connects
with the device. By learning from the patterns, the application becomes smarter and offers a
better user experience. Simultaneously, IoT products support businesses in deciphering that
data for company growth. You can use the data to study consumer requirements, buyer cycle,
the scope for enhancement & inventions and approaches for marketing & advertising.
For example, wearable devices like Fitbits and smartwatches communicate data through
sensors and offer the most precise information on our needs.

Forming New Business Lines

Companies not only develop products but also monitor their product’s performance, all
thanks to the predictive maintenance algorithm embedded in the IoT platform. The feasibility
of transferring the IoT data across the organization’s ecosystem of customers and partners
enables new paths of innovation in the form of continuous engagement and value-added
services.
For example, John Deere, a farm equipment manufacturer employs the IoT in various ways to
provide new as well as innovative products to their customers. These include self-driving
tractors, intelligent farming solutions and more where sensors constantly monitor crop levels
& soil health and offer farmers advice on what crops to plant and what fertilizer to use.
Effective Market Strategizing
As enterprises can ingest, process, visualize and respond to huge volumes & variety of data
they can ultimately build strategies to meet customers’ needs. With the internet-connected
devices, they are obtaining a 360-degree view of their customers’ preferences and building
campaigns that drive revenue from the audiences. Further, it helps to segment the customer
base, generate customized offers for boosting the customer satisfaction rate, and enhance
their experience.

Driving Real-Time Insights

Real-time data from processes, devices and people via sensors is revolutionizing businesses;
since visibility into what is really going on can be a game changer. We are already observing
innovation across the core sectors, especially in retail. By gaining real-time insights of
buyers, retailers can stock products on-shelf and increase their profits with efficient sales and
stock management.
The Internet of Things plays a key role in interconnecting devices like systems & smart
cameras, to work collaboratively. Thereby, a business can make intelligent decisions,
eventually acquiring innovations in business models that help to accomplish its business
goals.
For example, Livestock monitoring deals with animal farming. With IoT applications,
ranchers can collect data about the well-being of the cattle. By knowing timely about the sick
animal, they can whip out and prevent a large multiplicity of sick cattle.

Facilitate Omni-channel Services.

The Omni-channel approach to sales is highly acceptable today as it streamlines the entire
shopping experience. IoT plays a major role in facilitating this service and improves the user
experience manifold. Due to the incorporation of sensors on internet-connected devices, the
organizations or manufacturers are facilitated to supervise the operations, status and service
levels from remote locations and offer prompt support as and when customer demands.
For example, AWM’s Smartshelf is equipped with high-def optical sensors and edge displays,
which displays product pricing as well as information that sends data about actual inventory
levels and increases the shopping experience.

Accessibility, Efficiency & Productivity

Beyond everything, customers always demand quick deliveries. Most of the business partners
like logistics service providers and suppliers apply IoT technology solutions to ensure faster
delivery of orders. Things don’t close at processing with a great speed only. Businesses also
need high-level efficiency and productivity. With improved information about the market and
consumers, you can increase the productivity of your business. In addition, IoT can support
orchestrating extensive automation and offer a real-time response on operational efficiency.
These innovations will lead businesses to run cheaply and consequently, will expand the
landscape intensely as insertion will be economical and manufacturing will become more
feasible.
For example, IoT powered smart desks offer the ideal workstation for employees. The smart
desks learn and adjust based on personal preference to ensure individuals are set up for best
comfort as well as productivity.

Improve Customer Experience

If the customers aren’t delighted with your product, they will never provide positive
feedback, which eventually leads to a decline in your market revenue.
The feasible solution is building your product with the Internet of Things. By facilitating the
support team with improved tools for monitoring the problems faced by the clients, IoT helps
you to address and resolve them easily.
In addition, the mass integration of chatbots and artificial intelligence with IoT focus on
customer satisfaction and offer enterprise owners with a unique gateway into the lives of
customers. Chatbots synthesize data as well as spot certain issues with any service or product
that can be improved. The inclusion of AI into the IoT operations provides customer relation
managers with valuable data and offers customers with instant support; as such, they can use
the products in a better way.
Mercedes Benz’s Mercedes Me Connect is a perfect example of how the IoT connected cars
can deliver top-notch in-car customer experience. This connected car enables customers to
connect with the world using modern sensors and technologies like machine learning to
complement its IoT features.

Generate New Consumer Demands

As the customers realized the uses of IoT applications, they begin to demand new things.
Intelligent refrigerators make grocery lists based on its stock, for example. These would have
appeared clueless ten years ago. In the future, this will be a standard feature of refrigerators.

Changing the Consumption Model

The internet of things impact on business drives the changes in the consumption models.
There are flexible consumption calls for the new business model that innovates how products
are purchased. We have evolved from purchasing a product to pay-per-use. Thanks to IoT, it
facilitates to measure the utilization of a product and charge by utilization.