The IoT refers to the connection of devices (other than typical fare such as computers and smartphones) to the Internet. Cars, kitchen appliances, etc now connects to the internet and enables user access them remotely. Now that we know What Is The Internet of Things (IoT), How Will It Change Our World? How Internet of thing affect businesses around the world? How does the Internet of things impact our lives? First, lets look at their examples.
Examples of IoT
- Amazon Echo
- Even your coffee pot.
Despite the fact you might be thinking that “one of these above mentioned things does not resemble the other,” just know that they are all examples of the trending IoT (Internet of Things).
As a matter of fact, they are all day-by-day objects that can be easily connected to the internet and be predictable by other devices and contribute full information to a databank. Furthermore, the Internet of Things (IoT) describes Internet V.2, where data is generated by things developed by humans from different organisations.
What Is The Internet of Things (IoT) And How Will It Change Our World?
Several digital innovation experts who are credited with coining the term such as Kevin Ashton, defines the Internet of Things in the following quote below:
“For instance, if humans had computers that can know everything there was to know about things—using data they collected without any help from us the humans—then we would be able to easily track and compute everything, and significantly reduce cost, wastage and loss. Not to mention that we would know when things needed changing, fixing or recalling, and whether they were fresh or past their best.”
Since we currently know that the Internet of Things has made the physical world to be a gigantic information system, how then will the Internet of Things (IoT) impact different types of business this year and the next?
This is the foundation for the Internet of Things (IoT)
A lot of people has claimed that the IoT got off to a slow and difficult start with a lower adoption rate than was predicted some yea ago. But you would currently agree that the Internet of Things is fast growing and will continue to grow in 2019/2020 and beyond. Whether it stretches to the patronizing predictions of 150 billion connected devices by 2025 remains to be realized. For me, I strongly believe that business sections like the banking, insurance, healthcare, legal, engineering etc. who learn to harness the data being created by the IoT are the ones who will stay alive and flourish in the near future.
We all know that there are numerous new products and innovations which is now available because of the existence of the Internet of Things.
Smarter homes Technology
In the first place, there has been remarkable adoption of smart home technologies in since it started. Review experts has predicted that Amazon will sell 45 times more Echos for the 2020/2021 holiday season than the years past. They that we are to expect smart home technologies to become even more important in 2025. Respondents says that 70% of people who bought their first smart home device are certain that they are more likely to buy more, according to a Smart Home Technology Survey reports.
Smartest Wearable Technology
Reports seen online shows that there were 78.1 million wearable techs sold in 2015 and the market is expected to expand to four hundred and eleven million by 2021. All wearable technology, such as smart VR headsets, fitness trackers, watches and a lot more, generates a workload of data that different businesses are now beginning to understand the potential applications and possibilities.
Smart cars: Autonomous Vehicles
We are now seeing reports from different experts who has estimated that a staggering 82% of cars will be connected to the internet by 2021. Driverless navigation, App integration diagnostic tools, and even self-driving cars will definitely be ways the Internet of Things transforms the automobile industry for humans. Currently, the auto industry is investing heavily to determine the next IoT innovation
Change the ways People do business
For now, this articles just focuses on few highlights for ways the Internet of Things (IoT) will offer new products and possibilities for consumers. Nonetheless, it will also impact the way we the humans carry out our different businesses. I will talk about only 5 ways for now while hoping that more will surface in the future. Below are few ways I explain for now:
1. New Consumer demands:
App tech and device users will get used to smart devices and begin to expect “smart” behaviour in all aspects of their everyday lives. Both small and big inventors will have a field day coming up with new furniture, appliances gadgets, and lots more that meet this new demand and offer a new source of revenue for business communities.
2. Consumer Shorter buying cycle:
All Business sectors including the banking and insurance sectors will need to come to terms with a shorter buying cycle and consumer expectations for immediate satisfaction that the Internet of Things (IoT) supports.
3. Businesses to Learn from the data:
The amount of data generated from different types of smart devices will help businesses to learn how and what to innovate for the biggest impartation to life.
4. Off-site/Remote work:
Most people will agree that as the Internet of Things (IoT) becomes more integrated, additional remote working opportunities will be available for tasks that used to require workforce to be on-site to complete.
5. Businesses Inventory Management:
I will say that anybody who has spent a work day or week counting widgets will appreciate the beauty of the Internet of Things (IoT) for inventory management. With the help of IoT, smart devices will ultimately be able to track inventory automatically without stress.
From the above mentioned changes, there’s no doubt, the IoT (Internet of Things) is just getting started in its technology. Therefore, businesses who begins now to develop or expand IoT technology in their products, services and operations are the ones who will realize a competitive advantage in the future.
Disadvantages of IoT (Internet of Things)
Obviously, as with most upcoming new innovations, Internet of Things (IoT) comes with some downsides. At this point in time, most IoT devices are not fully secured, which makes them a very easy target for hackers and cyber-attacks. Sometime last year, several millions of online IoT devices were maliciously hacked and used to bring some of the original infrastructure of the internet. Furthermore, it is expected that IoT manufacturers should do well to give more attention to security measures. On the other hand, users should take every necessary precaution to secure their personal devices from cyber-criminals.
Now that we know what the IoT entails, what is clear, though, is that every organization, in every industry, whether a startup, already existing, big or small, needs to consider the implications of the Internet of Things and what it means for their business strategy today and the future. It allows people to personalize those devices, things or everyday objects so that it can give them the use that they are interested in. The Internet of Things allows an exclusive and personalized use of the everyday devices that people use and that are connected to the Internet.