A Life Less Ordinary with IoT
The Internet of Things (IoT) brings with it a pool of opportunities for consumers as well as companies, and companies are gearing up to exploit its full potential.
The internet of things (IOT) term was coined by Kevin Ashton executive director of the Auto-ID Center in 1999, in a presentation explaining the use of Radio Frequency Identification (RFID) in P&G supply chain.
The first time the term made it to the Gartner Technology Hype Cycle was in 2011 when it was expected that it will take another 5–10 years for the technology to ripe.
What are IoT applications?
Four years down the line, in 2015, Forbes mentioned that around 87% of the people are unaware of IoT, but we are to take technologists into account, I am sure the number would be different. The same article also mentions that in 2015, there would be 4.9 billion connected devices in 2015.
Key Applications that will impact various verticals:
So, where are these devices: When it comes to consumers, these devices can range from wearable technology to even using the smartphone to control the refrigerator. The businesses have been using IoT for various purposes like tracking inventory, fleet management and the like.
IoT applications are a collection of devices that are armed with intelligent sensors and embedded processors that communicate over a network. These applications are so designed that they have the potential of analyzing real time streaming data (contributing to Big Data) collected from sensors and turn them into actionable insights. The insights are achieved by feeding data into Machine Learning algorithms and using Predictive Analytics to better business decisions.
Inventory and Warehouse Management: These applications will be primarily used by Manufacturing, Telecommunication and Transportation industry to track the inventory levels and managing day to day warehouse operations.
Facility Management: System control in buildings such as Heating, Ventilation and Air Conditioning (HVAC), Refrigeration and Security will be impacted by IoT. Google’s move to acquire Nest, a manufacturer of Thermostats, for a whooping $3.2 billion is a sign of things to come.
Fleet Management: The key verticals taking up such application would be in the utilities and telecom sector. Fleet management will start moving beyond independent systems of asset monitoring, route management and maintenance reporting to fluid interconnected solutions customized to specific business and fleet need.
Automation: Automated factory floor will be a major trend, and has already seen the light of the day. Factory operations will be integrated into the overall supply chain with the help of seamless data flow from customer orders through order fulfilment and also business planning. Use of Robotics in factory floors to get real time inputs from sensors would also see increased adoption.
With these applications, and many more on the horizon, Data Security has emerged as an area of concern for most of the businesses. It is evident that as we move into a full blown IoT era, changes in the ecosystem will be inevitable and undeniable. The need for such changes is already being acknowledged. For example, the adoption of IP version 6. The connected devices need to have an Internet Protocol (IP) address associated with them. So far, they were restricted to the number of IP addresses available with IP version 4. The new IP version 6 adoption has reduced the IP bottleneck, and is being widely accepted.
There, but almost not there is the IoT scenario, as of now. With the plethora of opportunities and benefits that the IoT offers, it can be anticipated that by 2020, business models would evolve to adapt to the changes that IoT brings along with it.
Data Source: www.forbes.com
Image Source: Getty Images
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