With the integration of the internet into almost every part of our lives, a new technology has emerged called the Internet of Things (IoT). IoT is a system that connects real-life objects to the internet to make them more accessible. IoT can help transfer data which can be controlled from anywhere. Whenever there is talk about IoT, people often discuss what its implications are on the smaller levels of our personal lives but forget how it can potentially affect the business world.
With the help of Internet of Things, businesses can easily track objects in real-time and analyze them, thus enabling them to make better decisions to greatly improve their efficiency and productivity. Not only this, but it can also help create improved opportunities for organizations and people.
The application of IoT is not merely limited to the technical world; there are a lot of different industries which can benefit from utilizing IoT. Here are some examples of how IoT is changing various industries:
In regards to the retail sector, the internet has eliminated the need to visit a store in person. With the help of IoT, e-commerce sites can easily provide consumers with the same experience a physical store offers. Augmented and virtual reality is already set to provide consumers the same advantage of trying something on before purchasing it. The concept of ‘store-in-a-box’ is prevalent, since all of the things you need will now be available in one place. Through the use of automated checkouts, inventory optimization is another area where IoT is being used.
In the manufacturing industry, IoT can be easily embedded into machinery and electronics to monitor costs and assets. This can greatly reduce the cost of manufacturing. Factory automation can also be done, which will decrease the time and human resources required. Not only this, but various factories can be connected, and energy and resources can be managed through IoT.
IoT is also predicted to change the real estate sector. Smart buildings can be constructed with the help of IoT that are aligned with the priorities and preferences of their owners. One big issue that IoT can now solve is the security and safety of buildings using innovative technologies such as facial recognition cameras and more.
IoT can be considered a major asset for the healthcare industry. It can be used to track almost anything: medical equipment, patient health status, reports, and more. Even the distance between doctor and patient will no longer be an issue, as you can easily setup a ‘virtual patient observation’ with the help of IoT.
Energy and Minerals
Energy management systems that use IoT can be very useful in conserving resources. Smart sensors can be employed to keep a track of usage for businesses and consumers alike.
Keeping track of logistics and shipments has never been easy in the transportation industry. But with the introduction of IoT, businesses can now easily embed this technology and find the best methods to increase efficiency. Connected roadways, trains, and stations will also help in the security and safety of passengers.
With the help of IoT sensors, information regarding soil, climate, weather, irrigation, and more can be collected, enabling farmers make better informed decisions. Connecting farm equipment, livestock, and more can help farmers monitor their farms from a remote location, thus automating it to a certain extent.