What is IoT and how does it work?
The Internet of Things is a network of physical devices that are embedded with software, sensors, and network connectivity to collect and exchange data. IoT makes everyday objects ‘smart’ by enabling them to transmit data and automate tasks, without requiring any manual intervention.
An IoT device could be something as simple as a health tracking wearable, or as complex as a smart city with sensors across all its regions. One of the most prominent examples of IoT is perhaps the “Smart Home”. It allows you to control everything in your home – from your thermostat to your lighting to even the surround sound. Essentially, any object that can be connected to the internet and controlled that way is a candidate for an IoT device.
What can IoT do for you?
The Internet of Things offers numerous benefits to organizations. Here are a few benefits that IoT can bring to your business.
Access valuable data at low cost
IoT platforms are designed to collect and process large volumes of data without causing any impact on system performance. Along with data collection, IoT has the ability to perform analytics on the data and make it readily available to all the right teams. This eliminates the need to hire expensive business consultants or market research firms.
Analyze big data
Since IoT generates and analyzes vast amounts of data, it is a significant driver of big data analytics projects. In particular, it can deliver large amounts of data in real-time. This gives businesses a thorough picture of how their products and services are performing in the real world, allowing them to make the necessary improvements rapidly.
Understand customer behavior
The valuable information provided by IoT platforms enables organizations to easily assess customer demand and overall purchasing behavior. Regardless of the industry, companies can use IoT devices to effectively tailor their offerings to meet the customers’ interests, deliver enhanced customer service and increase the value of the business.
Reduce operating costs
The cost of operating an office is a major expense that the Internet of Things can significantly reduce. There are a variety of products available through IoT, which automatically control energy usage and interact with other devices to reduce the overall costs. Meet the connected conference room.
Introduce remote working options
With the help of IoT, it is easy to share information and collaborate effectively with other team members, no matter where they are. Data can be collected, updated and shared with all the relevant team members in real-time, with the touch of a button. Through various IoT devices, it is possible to monitor the performance of all employees as well as improve operations at all locations.