What is Internet of Things (IoT) – Everything you need to know about

You might have come across the term IoT. However, you might not have given much thought to how to expand it. It is nothing but the abbreviation for the Internet of things. However, if you were to consider the meaning, it is as follows. It is the term used to refer to physical devices that are controlled using networks. In short, the Internet of things makes the world around us more responsive and smart.

Internet of things- what does it mean?

You would own at least a few things or might have come across things that you can operate without physically operating. This is because they are connected through the net. They collect and share data on the Internet. The Internet of things means to add digital intelligence to devices. It could be a simple addition of sensors or a more complex system, depending on how you will operate the devices and their functions. Now how is it possible? It is possible because of the computer chips and wireless networks which have evolved. Also, you have technological advancements within a short period.

What is IoT?

When you are asked what an IoT device is, the first thing that pops into your mind is the Personal computer. For some, it might be the smartphone. But you will be surprised to note that both these answers are wrong. Wondering why? Yes, the smartphone is loaded with sensors of different types, but this will not do. An IoT device has an internet connection.

Further, it can communicate to the network independently. That is why a smartphone is not an IoT device, and a smartwatch or a fitness band is an IoT device. To sum up, you can say that any object can be converted into an IoT device. You may connect it to the Internet either for controlling or communication.

History of IoT

Since the 1980s, there have been discussions on adding sensors and basic intelligence to objects. But, one could say that the internet-connected vending machine was one of the earlier projects. But, the progress after that was not that great. It was really slow. This is because the chips to be used to communicate were too bulky. They weren’t effective in communicating as well.

The use of RFID tags and chips that communicate wirelessly using low power took us a step further. However, the widespread availability and use of the Internet

added to the growth. It was spurred further by the cellular and wireless networking system that was established. The term Internet of things was coined IN 1999 BY Kevin Ashton. However, you could enjoy technological advancement to the fullest as he envisioned only a decade later.

What does IoT mean?

Internet of things means the process using which the interconnected devices in the network communicate. However, these devices might operate several functions, from the TV to printing machines, refrigerators, etc., that are connected to something like the Amazon echo dot. However, the fact is that the technology is being used significantly in recent times. Also, reports suggest that the number of devices connected by IoT will be around 31 billion by 2025.

Benefits of IoT for business

Before we consider the benefits of IoT, we have to consider the two distinct features. It includes

Automation

As mentioned earlier, IoT involves direct communication between devices without human intervention, Therefore, they can be made to function together to get the desired result without human intervention.

Connectivity

Since connections in a network are worldwide, there is easy access to various information. Because of these two features, we can infer that IoT must employ Multiple technologies for data transfer and response between multiple devices. Automation of things is possible only with Artificial intelligence, machine learning, and big data technology, while the connectivity would be facilitated by wireless technologies or cloud computing. Now for the benefits

Improved productivity

IoT can be used for business solutions that are mundane and routine. This will be done automatically. Therefore, businesses can use their human resources to attend to complex tasks requiring skill and out-of-the-box thinking. You can therefore have a reduced workforce but get more work done.

Efficient operations management

Since IoT is all about interconnecting devices that perform operations in a particular sequence and automate their operations, it will help manage these operations efficiently and effectively. The best Internet of Things example is the RFID tags. This will help track the location of goods, equipment, moving vehicles, etc. This means you will be able to track the location without difficulty.

Cost-effective

Though the initial investment might be heavy, you will save costs in the long run. This is because you do not have to hire, train, and retain workers to do these jobs. The work will be done without or with minimum human intervention. Also, IoT will facilitate the management of the individual department and the whole enterprise.

Help Improve Business and Market Development

Since there is a possibility to connect to the end-users through multiple devices and for the end-users to connect to your business, it will be helpful in business growth and market development. Likewise, it will provide the marketing people valuable data in the target audience, leads, pricing policy, etc. This will help them get more business than random marketing efforts.

Improved retention

Once you can assess what the customers expect from you, it is easy to make arrangements to fulfil it. The IoT makes it possible through follow-up services, reminders, etc.

Last but not least, the above-mentioned measures will help improve the quality and standard of products and services. This would help enterprises reduce production time too. Therefore, the enterprise will have a competitive edge.