When a network of physical objects including vehicles, home appliances, machines, production units and even everything around you and when they are get connected as a network through sensors and internet and exchange the data and control through commands using application programming interfaces (APIs) – we call it simply Internet of Things. In IoT objects are handle through embedded technologies to communicate at their internal state and sense the external environment. Think how the millions of devices, outside your line of sight and producing oceans of events, will put added pressure on your capability to gulp, store and process data. Many existing technologies from electronics, computer softwares and hardware can be applied in IoT analysis and IoT data handling but due to modernization in technology the organizations are more technology conscious in serval key areas of enterprises level IoT applications and their impact.
Workforce and Efficiency
Wearables devices and other Internet of Things enabled devices are boosting labor productivity and job satisfaction in many verticals. The technology is helping employees automate routine tasks, improve decision making, fast-track communication, and many more. Production infrastructure enabled through Internet of Things technology can provide hassle free integrated procedures that require little human involvement and create a unified flow of information that leads to an exact delivery of products or services. Along with other technological innovations such as AI (artificial intelligence) and massive data analytics, Internet of Things is set to deliver a digital transformation in modern organizations.
Modern Business Models
Internet of Things is troublemaking for traditional business models and creating enormous opportunities for the industries and enterprises to create new services based on real-time sensor data and information system which eventually help to improve the operational efficiency and enhanced the customer experiences. The Industrial Internet of Things (IIoT) is completely converting the way of production from outdated ways of production. Manufacturers are using the Industrial Internet of Things and Machine to Machine (M2M) communication to drive their automation, predict, improve worker safety and prevent equipment failures.
Paybacks of the Internet of Things
In very short time, professionals and industrialist have sense great benefits of IoT and in coming times there will be huge economical benefits of it including sensor driven decision analytics, process optimization, instantaneous control and response in complex autonomous systems. The companies which are jumping into building IoT products and services they are getting paybacks from their business plan based on subscription models, out-comes based models, assets-sharing model, pay-per-usage models etc.