Exceptional IoT Value-creation Opportunities
IoT is considered as one of the emerging technologies that would have a reverberation on global businesses. IoT enables the process of data sharing in an interconnected network of physical devices, vehicles, encapsulated with electronics, software, and sensors enabling to collect and exchange data. IoT devices can communicate and interact over the internet which enables remote access and control. IoT is the convergence of multiple technologies like machine learning, real-time analytics, sensors, and embedded systems. Adoption of IoT in various areas has various use cases apart from home automation for which IoT is popularly known.
IoT in the healthcare industry is beneficiary for data collection, analysis for research, and monitoring patients on a real-time basis. This helps the doctors to monitor a patient’s health condition remotely and receive alerts in case of emergency through notification systems. There is a wide range of health monitoring devices from blood pressure and heart rate monitors to advanced devices capable of monitoring pacemakers, hearing aids. IoT has shown its impact in supply chain management through communications amongst vehicles, smart traffic control, logistics management, vehicle control, and safety road assistance. Surajit Sengupta, Director of Iconex, provided an example of IoT-enabled transportation of perishable goods, where the technology will be able to monitor the condition of goods and traffic conditions that suggest a driver reach the nearest store.
IoT has collected the information on weather, temperature, rainfall, and soil content over many years in the field of agriculture. This IoT data is used to automate farming techniques and take decisions to improve the quality and quantity of crops. IoT in manufacturing uses sensors to know which areas in the showroom are much popular. The sensors are also helpful in the sales data to identify which components are selling faster so that they can fill the stocks immediately. Despite several benefits, IoT applications are challenged with data privacy and security. Validating and securely storing the data and is a significant task for IoT applications. Regardless of these challenges, IoT continues to grow. The main benefit of the future IoT is to extend and complement the human performance. The ability to create secure IoT depends on the security standards and agreements made among the companies and vendors. Companies, who invest in IoT technologies today, are those who will be rewarded with competitive advantages tomorrow.
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