One of the most fascinating concepts that is swiftly turning into reality is the Internet Of Things (IOT). It is basically a highly sought after and futuristic model where everything (seriously everything – for example automobiles, your refrigerator, your shoes, keys etc.) are connected and monitored via the internet and hooked with sensors. The devices can give out real time data and interact with other devices.
Businesses have to make the best use of the opportunities and continuously innovate to keep pace and with such technological advancements. We are now going to see how Internet of Things is a Game changer for businesses.
1. New Opportunities for Business
There is no doubt that IOT will amplify the communication system and change the way businesses and consumers interact with the world. It will open new doors of opportunities to the entrepreneurs who can explore this space and make the best use of it. Businesses would have to fulfill the need of new products and service required for the connected landscape.
2. Transportation and Logistics
Even the transportation system will benefit from it. Now the fleet managers will be well informed about the components which require maintenance on loading trucks and vans. The enhanced efficiently will help the fleet operators to manage and track their vehicles.
3. Real Time Operations
When all the devices and appliances are hooked over the internet, businesses will exhibit a greater level of intelligence. Businesses can reach amazing heights by constantly monitoring the real time data available to them using which the business owners can take more informed decisions.
4. Better Supply Chain Management
Another benefit of IOT is the improved Supply chain system. With more data and better statistics, the demand of customers can be forecasted and appropriate products can be stocked before there is a spike in demand. Imagine its effect in a grocery store, where adequate supplies are made available with augmented weather reports and environmental checks.
5. Diagnosing Failures and Faults
Failures and faults in the systems are common and cannot be ignored. As the Internet Of Things spreads its wings and envelops the world in its full-fledged coverage, it will greatly help businesses in detecting major faults and system failures before any mishap takes place. One practical example would be where the sensors connected to electrical equipments identify the early signs of danger (such as circuit faults, leakage etc.) before any casualty occurs.
Although IOT is a boon to the society and offers innumerable benefits, it also comes with its own share of drawbacks. IOT faces privacy and security concerns since in a closely connected world everyone can be located and every form of data is available on the internet. The threat lies in the misuse of data in case it falls in wrong hands. By building more security features (such as encrypting data and limiting access) these snags can be well addressed.
Overall I am assured of its remarkable benefits and can confidently say that IOT is a game changer for businesses and is definitely a blessing to the mankind.