Practical ApplicationsIndustry Sectors using Internet of Things (IoT)
This is one of the industries that benefit from IoT the most. Data-collecting sensors embedded in factory machinery or warehouse shelves can communicate problems or track resources in real time, making it easy to work more efficiently and keep costs down. The Internet of Things (IoT) is changing business models, increasing output, and automating processes across a number of industries but no other sector has been more impacted by this technological revolution than manufacturing.
The farming industry will become arguably more important than ever before in the next few decades. The world will need to produce 70% more food in 2050 than it did in 2006 in order to feed the growing population of the Earth, according to the UN Food and Agriculture Organization. To meet this demand, farmers and agricultural companies are turning to the Internet of Things for analytics and greater production capabilities.
Smart meters not only collect data automatically, they make it possible to apply analytics that can track and manage energy use. Likewise, sensors in devices such as windmills can track data and use predictive modelling to schedule downtime for more efficient energy use.
Banking is becoming more convenient thanks to the Internet, and the future of the banking industry is growing increasingly digital.
Whether discussing the future of retail banking or the future of mobile banking, technology is playing a larger role in our everyday transactions. The Internet of Things (IoT) is part of this rapid evolution toward the bank of the future, and both consumers and financial institutions need to adapt to these retail and mobile banking trends.
The Internet of Things is about to transform the way we live and work. And if it reaches its fullest potential, it will fundamentally change every aspect of our lives. That sort of disruption is evident in the healthcare sector, where the pen and paper have been the primary means of recording patient information for decades. But now, healthcare technology is changing in major ways.
Many people have already adopted wearable devices to help monitor exercise, sleep and other health habits – and these items are only scratching the surface of how IoT impacts health care. Patient monitoring devices, electronic records and other smart accessories can help save lives.
The Internet of Things (IoT) is set to transform the way we work and live. Eighty-one percent of insurance executives believe the IoT and connected insurance will significantly or completely change the industry.
By 2020, an estimated 50 billion devices will connect the 8 billion people on our planet to their cars, homes, communities, medical information and work. This will generate a huge amount of data to be analyzed and monetized.
Insurers that make use of better data and embrace digital transformation will become leaders in the industry.
(Includes Retail, Wholesale and supply chains)
The IoT has already started working its way into retail stores, and technologies will continue to disrupt the traditional retail process in the coming years. Both consumers and stores can benefit from IoT. Stores, for example, might use IoT for inventory tracking or security purposes. Consumers may end up with personalized shopping experiences through data collected by sensors or cameras. Smart shelves, meanwhile, automatically monitor inventory in stores and notifies the manager when an item is running low. This is crucial for inventory management, which can be an expensive and tedious process for managers. Mistakes and human error in this process can lead to an oversupply or, worse, a shortage of key items in stores. But connected devices handle all of this automatically to relieve managers’ stress and improve operating efficiency, which in turn saves the retailer money.
What is Internet of Things (IoT)
What is the Internet of Things (IoT)
The Internet of Things, commonly abbreviated as IoT, refers to the connection of devices to the Internet. Cars, kitchen appliances, and even heart monitors can all be connected through the IoT. And as the Internet of Things grows in the next few years, more devices will join that list. The internet of things, or IoT, is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
Why IoT can be the next paradigm shift.
In general, the IoT promotes a heightened level of awareness about our world and a platform from which to monitor the reactions to the changing conditions that said awareness exposes us to. And, like the advent of the Internet itself, the IoT enables myriad applications ranging from the micro to the macro, and from the trivial to the critical. Since we’re focusing here on why the IoT is important, let’s turn our attention to the “macro” and the “critical” first, and look at some provocative ideas that are already in development across the globe.
The ideas above barely skim the surface of the deep sea of possibilities afforded by the coming IoT age, and they all share a common (and not accidental) adjective here: “smarter”. If “smart” is defined by the confluence of access to information and the ability to utilize that information in meaningful and appropriate ways, then the promise of the Internet of Things is, simply, a much “smarter” planet that keeps us safer, balances the personal good with the greater good, and improves humankind’s chances at providing a more sustainable legacy for future generations.
Smarter Natural Disaster Management
The ability to predict, with fine-grained accuracy, the onset of conditions that promote forest fires before they get out of control or even begin, allow containment teams to respond more quickly and first responders to rapidly manage targeted evacuations. This same concept applies equally to the smarter detection of and reaction to mudslides, avalanches, earthquakes and other natural disasters.
Smarter Urban Management
Cities and counties automating traffic management that effectively notices and governs the flow of traffic based on ever-changing conditions; parking applications that intelligently guide cars to open spots, eliminating wasted time and energy and dramatically cutting back on emissions; automating utility consumption, generation and distribution on a grand scale, all with an eye to the mitigation of waste that far exceeds the capabilities of existing systems.
Wearable devices that detect a host of health problems, potentially before they even occur, and immediately administer life-saving drugs or deploy emergency responders with detailed information placed instantly in their hands or alert family members as-needed.
Are You looking to dive into IoT?
Developing a IoT use case
To Create Business Value, You Need to Identify and Prioritize the Right IoT Use Cases
While many organizations are creating tremendous value from the IoT, some organizations are still struggling to get started. To help these organizations begin their IoT journey, we have developed the IoT Value Roadmap, a guide to help organizations create business value in a smart, connected world. The IoT Value Roadmap defines the top 24 IoT use cases based on hundreds of customer interactions and organizes them by the business function or stakeholder they benefit.
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