The term “Internet of Things” was coined by researchers at MIT in the 90s. It describes an environment where everyday devices are connected to the Internet. IoT represents a seismic shift for businesses, because a connected device is a significant learning and revenue opportunity.

Why is Internet of Things (IoT) important to businesses?

IoT is about the collection, analysis and use of unprecedented amounts of real-time data that disrupt the way many organizations do business today.
IoT involves connecting machines, facilities, fleets, networks and even people to sensors and controls and then feeding the sensor data into advanced analytics applications and predictive algorithms as a way of enhancing automation and improving the maintenance and operation of machines and entire systems—and in some cases even enhancing human health.

In a nutshell, IoT refers to devices other than computers that are connected to the Internet and can send and receive data, Machine to Machine (M2M) communication.

IoT has a role to play in helping companies create more sustained value through moving from a one-time transaction focus to a continuous, relationship focus with customers, suppliers, workers and assets.

Harnessing IoT data is about creating systems of insight

Business value is delivered via actionable insights in the physical world. New insights could lead to new sources of revenue, new ways to delight your customers and new markets. Examples of ways in which IoT systems of insight are creating value include:

• Vastly improved productivity in manufacturing at every stage as supply chain logistics are coordinated

• Smart appliances working with smart electric grids that run themselves or perform their chores after peak loads subside

• Subcutaneous sensors or implanted chips that provide patients’ real-time vital signs to medical providers, caretakers and self-trackers

• Remote-control applications that allow monitoring and adjustment of household activities via a user’s phone—from controlling appliances to alerting a user or first responder of a potential leak or a fire

• Ubiquitous sensors and GPS readouts that allow for smoother flows of city traffic; warnings and suggestions to commuters about the best way to get around traffic can perhaps be combined with smart alarm clocks synced to owners’ eating and commuting habits and daily calendars

• Sensored roadways, buildings, bridges, dams and infrastructure that give regular readings on their state of wear and tear and provide alerts when repairs or upgrades are needed

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