You walk into store for buying a pair of new sunglasses.
As you enter the store, your smartphone pings, and shows the map where the sunglasses can be found. You walk there, try a few, and decide to purchase the best one. You put the selected pair of glasses in your bag. A robot then guides you to the latest collection of daily wear outfits.
When you’re done with the shopping, all the items are scanned with the help of sensors, and you can leave the store immediately. You receive a discount code immediately on your smartphone that can be used for future orders.
What kind of impact does IoT have on businesses?
With the increasing use of internet and mobile devices, there has been a growth in connected devices and home automation systems. In our globalized world, everything is interconnected. According to a recent research, 77% of business leaders consider investing in IoT for transforming the way they do business. Internet of Technologies is all set to improve the lives of the users by delivering outstanding experiences in real time.
A lot of small and large businesses have already invested in this future-ready technology and many are still working on it to introduce IoT solutions into their business processes. This new-gen tech is sure to revolutionize the world. We all must have heard about applications such as connected & autonomous cars, connected devices and smart homes, connected healthcare, and a lot more.
IoT is likely to penetrate into all the different industries and brings in a whole lot of new opportunities and potential new threats for the business owners. What seemed fiction a few decades ago is now a reality with IoT offering a combination of devices connected to the internet. The network of devices that are embedded with software, sensors, and electronic devices, etc. are used to exchange information. Such devices can interact and communicate with each other too.
Here are some of the popular industries that use IoT:
IoT has the ability to manufacture the vehicles such as cars and analyze the decisions based on the information provided to them. You might have heard about autonomous and self-driving cars. Internet of Things can help the drivers find traffic less routes to prevent hazards. Companies can update the software and respond to the real-time mechanical repairs and issues to enable data communication system. Data communication and GPS systems can also be used to track the vehicles and cars.
IoT isn’t a new concept for the manufacturing industry. Many manufacturing units make use of machine learning and smart sensors for their manufacturing process. Internet of Things helps to optimize the manufacturing process, monitors, and maintain the equipment. IoT is also used to track the factory assets and inventory. This may help to increase he analytics functionality. Machine to machine communication and automation technologies along with big data technology help in accurate data capturing. The data captured helps companies identify the problems if any, and save a lot of time and money. Several manufacturing agencies are working on “smart manufacturing” pattern to improve the productivity and increase the efficiency of the operations.
Remote Patient Monitoring (RPM) is one of the greatest innovations of IoT for the healthcare industry helps medical professionals and doctors to access the patients remotely. “Smart pills” can be ingested in addition to the active medication depending on the patient’s medical condition. In short, IoT has increased the lifesaving potential in the healthcare industry. Clinics and hospital owners as well as doctors can deliver better patient care with the help of IOT solutions. The hospital staff members get alerts for repairing and maintenance of medical equipments like cardiac monitor, MRI machine, ventilator machines, and more.
Related: Fitness and Healthcare with IOT
The retail sector has greatly been benefited by the Internet of Things technology. Right from physical shopping to ecommerce shopping, it has changed the retail industry. People prefer online shopping as compared to visit the local stores.
A few benefits of IoT for retail industry:
- IoT improves the way people navigate through the stores. Retailers track the customers; behaviors and improve the navigation.
- Beacons and sensors help retailers provide coupons and discount codes for the users.
- IoT offers better inventory tracking to the brick and mortar stores and retailers and helps them manage the supply chain better.
- Keep an eye on the order management process and track the orders and deliveries also.
IoT has given rise to interactive learning that is not limited to text, images, and videos any more. This technology offers a broader perspective to help students in gaining knowledge. Technologies such as 3D positioning helps trainers and teachers monitor the activities and progress 24 X 7. Several educational apps are built using Internet of Things to transform the way education industry operates. Such apps have been considered to be game-changers for the education industry. IoT-devices can help schools and colleges to improve efficiency by centralizing the data and information into one system.
Smart farming is the latest buzz of the IoT industry with a lot of farmers enjoying the benefits of this technology. The farming industry faces a lot of challenges such as extreme weather conditions, rising climate change, too much population to feed, and many more. IoT based smart farming devices can be used for checking the check and air quality to improve the production of the yield. Farmers can enhance the productivity and reduce the waste with the help of IoT.
To Sum Up
IoT has a great impact on different industries. This means that each and every sector has the potential to reap the benefits of Internet of Things. It’s upto you how to take it and recognize the potential of this futuristic technology to reap the rewards. The flexibility of IoT devices and technology surely has a bright future and so, it seems worth investing for. Dive into the ocean of IoT and see it has for your business.
IoT is opening new doors for business opportunities by increasing business flow, productivity, and customer experiences.
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