How the Internet of Things Can Benefit Your Business

January 18, 2021 (Investorideas.com Newswire) The world's most valuable resource is no longer oil but data. The quote from Economics holds true even more so today. Data in the 21st century is like oil in the 18th century. And the Internet of Things is one of the pillars of the fourth industrial revolution. With the increase in adoption of different technologies, such as machine learning, augmented reality, cyber physical systems, embedded devices, and the Internet of Things, a whole host of new digital metamorphoses are about to occur in the near future. According to the famous futurist, Raymond Kurzweil, we are living in one of the most exhilarating times in human history. The evidence of dramatic change is all around us and it's happening at exponential speed.

How it all happens...

Humans are linear by nature. We tend to link up events logically in a linear flow through space and time. So it's difficult and against our intuition for our minds to comprehend the technological changes that are happening now. So, here's another way to think about it. The fundamental measures of information technology follow surprisingly predictable and exponential trajectories based on Moore's law. In 1965, engineer Gordon Moore predicted that the number of transistors on a chip would double every ten years. More than half a century later, this trend continues despite the predictions that it cannot last much longer. Computers have been shrinking from filling up a room to filling up your pocket, at the same time becoming more powerful and cheaper. The Internet of Things is responsible for the growth of global automation that can be seen in any industry and sphere of life. Connected machines can easily interact, visualize, and decisions autonomously, and perform countless other tasks previously performed by humans. That's why some many companies harness the limitless potential of the Internet of Things to widen their business horizons.

Business opportunities

Nowadays, IoT is opening more and more opportunities for business growth and expansion. Nowadays, companies rely on IoT to maintain equipment, transfer data, track business operations and expenses, make informed decisions, and lots of other things.

Retail industry

Retail industries and e-commerce businesses can use the Internet of Things to perform a wide variety of tasks and boost their profitability. IoT can go a long way towards helping them conduct and manage inventories in a more efficient way. Thus, with the help of sensors, beacons, and RFID tags, the essential data can be collected in the blink of an eye, stored on the cloud for analysis, and delivered to the supervisors. Furthermore, when it comes to effective information identification, traceability of manufactured products, and supply chains, IoT has a large role to play. This is really important for the industries like food and pharmaceuticals, which involve constant monitoring of temperature, humidity, and other environmental variables. IoT systems can also help business owners cut down on employee thefts and shoplifting by giving them the power to increase accountability at all operational levels. With the availability of smart shelves and video surveillance equipment, keeping an accurate account of everything has never been so easy. So, what you can do with IoT in your retail industry include NFC payments, automated home replenishment, predictive maintenance of store facilities, supply chain inventory tracking, sensor-based proximity marketing, sensor-based security solutions, and much more.

Auto industry

The benefits of the IoT technologies to the automotive industry are indisputable. No wonder more and more companies are currently tapping into its potential. It won't be an exaggeration to state that in the next 10 years, the auto industry will undergo a drastic transformation. The cars, manufacturers, and the consumers will look significantly different. It's hard to believe that presently, fully autonomous cars are being tested on roads today. And the first commercially available autonomous cars can be on the road in the next one to two years. Connected cars communicating with each other, as well as other objects, will not only reduce accidents and alleviate traffic congestion, but also have powerful effects beyond the automotive industry. Insurers, for example, will have new ways to monitor driving behavior, reward good drivers, and apply penalties for poor driving. Ride-sharing companies, in their turn, will be provided with more efficient tools that will let them connect idle cars with the potential customers.

Manufacturing industry

Another industry that will be most heavily affected by IoT is the manufacturing industry. Smart machines can operate autonomously and communicate directly with manufacturing systems. With the help of the Internet of Things technologies, these machines will be able to access highly computing resources and carry on work beyond what they are initially programmed to do. By evaluating sensory input and distinguishing between different product configurations, these machines can solve problems and make decisions independently. This will have a strong impact on the factories of the future.

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