Internet of Things: A Smart Solution

British Technology pioneer Kevin Ashton coined the phrase “the Internet of Things” (IOT) to describe the network connecting objects in the physical world to the Internet. Physical objects are made smart by connecting them to the internet and transmitting data through the sensors.

Why do we call IoT smart?

Physical objects are made smart by connecting them to the internet and transmitting data through the sensors. In simple words, IoT can be defined as anything connected to the internet for gathering information and transmitting them through sensors. It is made up of devices like smartphones, wearables etc. that are connected to the internet and other automated systems. They collect data and analyse them in order to help someone with a particular concern or pattern.

A device when connected to the internet is able to transfer information to a receiver and accept information from a sender. This is a smart solution. It works similar to a phone where you are connected to the internet and you can access data across the world and send back to the world.

One good example would be the healthcare industry. The realm of personal healthcare and healthcare payment applications are of huge impact on our day to day lives. IoT’s enhancing influence can range from remote monitoring to smart sensors to improved drug management and medical device integration.

IoT inventory management can be of great help in pharmacies and warehouses. Leveraging health-related data from IoT devices can lead to substantial progress in quality care.

In the automobile industry, the devices installed in the cars transmit information over the internet on a real-time basis. For instance, navigation systems that help you with route finding, traffic warnings or call-for-help systems sending out emergency call/messages in the event of accidents etc.

Businesses now have started adopting technological advancements. A simple example would be the RFID (Radio Frequency Identification) tags used by logistics industry to keep track of their supplies, primarily from a retail perspective.

IoT is applicable to various industries. It helps them in deriving valuable insights and thereby reduce costs, improve productivity and revenue.

Why is data shared?

The Internet of Things (IoT) is more than a series of sensors when it comes to sharing data. It’s also about devices’ data being shared or collected by companies and what the companies do about the bulk data. Does the data gathered drive towards success with IoT? - That is the big question now.

IoT can be further classified into two categories: to collect information and to send it; to collect information and take action accordingly.

A simple example would illustrate how data from these devices can be useful in finding a solution. Assume that a business is attempting to increase its revenue. Enterprise companies get most from the IoT data by sharing it. Let’s say, if a franchise outlet in a shopping mall uses the IoT data (for instance: pedestrian traffic, number of footfalls on weekdays and weekends etc.), they can equip their business operations in better ways. As the outlet could anticipate rush hours, they can fine-tune their business accordingly, which helps them in increasing their revenue.

The value of the data increases as more organizations share the IoT data among others. Similar to the case explained above, any industry can use the data as a resource to operate their business to their benefit.

There are lots of speculations about IoT and its impact on our daily activities. These devices with sensors read data and share the analytics to provide valuable information to organizations on specific needs such as a trend or a pattern. The information collected enables smart decision-making in real time. This helps us in saving time and money. It is said that there will be 50 billion devices connected to the internet. In total, there are thousands of devices and applications for various purposes. If predictions are to be believed, there will be 20 to 30 million devices by 2020. Still, the IoT in the current stage is in its early days.

Every industry has pinned hopes on IoT, and dependency of these IoT devices appear to be headway as time progresses.