Nowadays, we are surrounded by equipment and objects that rely on the internet and technology to perform their functions. Over time, we have seen a great evolution of technology and equipment, which are increasingly modern and connected to each other.
Gradually, different business areas are making use of IoT in order to operate more efficiently, for a better understanding of customers, and to provide better service. IoT becomes essential when it comes to adding value to business and decision-making.
Internet of Things: What is it?
The concept of IoT (Internet of Things) refers in general to the physical devices of people, institutions, companies or even cities (smart cities) that connect to the internet to collect and share data.
It can be described as a network of physical objects - 'things' - that are embedded with sensors, software and other technologies that enable connection and data exchange between devices, applications and systems.
Technology is about turning ordinary objects into simple smart devices that connect with other 'things', objects and people, so that a connection and exchange of information can be made via the internet, wifi, bluetooth or ethernet, for example.
It is not enough for devices to connect to the internet and exchange information with other devices, as the data needs to be processed and must be sent to a system that handles it - through computing, cloud, big data, analytics and mobile technologies physical 'things' can share and collect data with minimal human intervention.
In today's world, digital systems have the ability to record, monitor and adjust every interaction with connected 'things'.
It can then be said that the physical world has met the digital one and they cooperate with each other.
Why is it so important for business?
The use of IoT in enterprises is changing the world of business. IoT devices record and transfer data to monitor important processes, provide new insights, increase efficiency, and enable companies to make better decisions.
The "Internet of Things" is essential for business, as the efficient use of data collected from IoT devices enables much more accurate market analysis.
It also provides companies with real-time insight into the operation of systems providing insights into everything from machine performance to supply chain and logistics operations.
The many benefits of IoT for businesses include monitoring business processes; automating tasks to improve service quality; improving customer experience; optimizing time and reducing costs; increasing employee productivity; integrating and adapting business models; improving decision making; increasing transparency in customer transactions; improving communication between different connected electronic devices; and increasing revenues.
IoT is a form of incentive for companies to rethink the way they approach business and provides the tools needed to improve strategies.
Internet of Things will continue to gain momentum as more companies realize the potential of connecting devices in order to extract valuable insights to make better decisions and become more competitive and efficient!