The Internet of Things (or IoT) influences every part of our lifestyle today. From the way we react to events to the very way we behave, from air conditioners that you can control with your smartphone, smart cars providing the shortest route to your destination, to receiving medical attention whilst in your own home. When you actually stop and think about it, IoT devices and IoT solutions are everywhere these days.
The Internet of Things is a giant network linking together a myriad of connected devices. By 2021 it is expected that there will be 20 billion IoT devices in use worldwide, that’s nearly 3 per human being on the planet. These devices which when used for business can also be known as ‘IoT solutions’ - gather and share data about how they are used and the environment in which they are operated. Are at work in almost everything that you come across in day-to-day life.
The sensors in the devices that provide said IoT solutions continuously emit data about the working state of the devices, but the important question to ask is ‘how do IoT solutions share this huge amount of data, and how do we use this data for our benefit? The network that is the ‘Internet of Things’ provides a common platform for all these IoT solutions and devices to use for sharing the data they collect, and a common language for all the devices to communicate with each other.
A standard workflow for IoT solutions sees data emitted from the various sensors and devices and sent to a given centralized IoT platform. The IoT platform integrates the collected data from all of the various sources, initiates responses where necessary and also analyses that data - extracting valuable information as a result. Finally. the result is shared with other devices - this is how the humans in the chain typically interact with IoT solutions, and it all works together for better user experience, automation, and better efficiency.
The IoT offers particular advantages to the manufacturing sector, enabling tracing of components and finished products not only throughout production, but once distributed to the market as well. For example, an air conditioning manufacturing business where both the manufacturing machine and the belt have sensors attached to them. Data is sent continuously regarding the machine’s health and the production specifics to management, meaning they can not only monitor line efficiency but also identify issues before they happen.
Before it leaves the conveyor belt, a barcode containing the product code, manufacturer details, special instructions etc. is attached to each product. The manufacturer can then use this data to identify where the product was distributed to and to track the retailer's inventory As a result, the IoT solutions put in place by the manufacturer enable them to make products continuously available to their retailers.
Next, new stock can be packed and sent out to the retailers that need it. Each retailer has a barcode reader to track the products coming from different manufacturers, manage inventory, check special instructions and many other applications.
IoT solutions could also be at work after the product has been sold and installed. The AC unit’s compressor could include an embedded sensor that emits data regarding its health and temperature. This data is monitored continuously, allowing customer care to contact the end user and arrange any maintenance or repair work needed before anything actually breaks.
Again, this is just one of countless scenarios where IoT solutions can be used to improve efficiency and make the end user’s life easier. We have smart appliances, smart cars, smart homes, smart cities - and in all of these IoT solutions are redefining our lifestyle and transforming the way we interact with technology.
The future of the IoT industry as a whole is huge. Business Insider intelligence estimates that over 75 billion IoT devices will be installed by 2024 And McKinsey’s Global Institute predicts IoT will have an economic impact of between $4 trillion and $11 trillion by 2025.
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