What is the Internet of Things?
It’s a physical object that connects to the Internet. It can be a fitness tracker, a thermostat, a lock or an appliance – even a light bulb
Imagine shoes that track your heartbeat… and can flag potential health problems. You don’t have to imagine – these “smart” shoes already exist!
The IoT may sound like a sci-fi series where everyday objects come to life, but it's more subtle than that.
Think:
- Smart switches that talk to smartphones
- Smart TVs playing videos from a laptop
- Smart thermostats that sync with your smartwatch
Overview:
IoT systems allow users to achieve deeper automation, analysis, and integration within a system. They improve the reach of these areas and their accuracy. IoT utilizes existing and emerging technology for sensing, networking, and robotics.
IoT exploits recent advances in software, falling hardware prices, and modern attitudes towards technology. Its new and advanced elements bring major changes in the delivery of products, goods, and services; and the social, economic, and political impact of those changes.
How will it affect me?
The Internet of Things has arrived and it’s going to introduce incredible opportunity over the next five years. And while smart things are exactly that, the IoT industry has a long way to go in terms of overall security. Many of today’s IoT devices are rushed to market with little consideration for basic security and privacy protections: “Insecurity by design.”
This puts you and everyone else at risk: from unwittingly being spied on or having your data compromised to being unable to lock your own home. You could even become part of a botnet that attacks the Internet. Your insecure webcam – along with millions of others – could be used to attack the power grid of an entire country.
From dental sensors that can monitor what a person eats to kitty litters that can track a cat’s every movement, it can be difficult to sort fact from fiction when it comes to the Internet of Things. Can you tell which is real and which is not?
Benefits of the Internet of Things
Industrial Automation
Enterprises are using the Internet of Things as a way to increase the reliability of anything they may be doing that is automated.
This is especially true for the manufacturing industry, as an example.
Take, for instance, the smart factory. Modern automation in multiple areas of production relies on robots building things. Traditional maintenance would mean that production would be slowed or shut down for the purpose of inspection, repair, or replacement. In the realm of IoT, manufacturers gain an advantage.
They use devices that are Internet-enabled.
Data Collection
The amount of data in the world has never been larger than it is today. And looking forward, the speed of generation is increasing constantly, pointing to an even more data-rich future. But what good is all that data if we don’t have the ability to access, aggregate, analyze, and also improve the way that data is used?
The fundamental appeal of IoT is that the devices will generate unprecedented volumes of data. The wealth of information offers the potential for individuals and businesses to make better, more informed decisions. However, the data has to be retrievable.
One challenge with the IoT is how to get the data being generated off the device to a place where it can be meaningfully analyzed. For consumers, a lot of these questions are answered by the accompanying applications that pair with wearable heart rate monitors and smart appliances. Businesses are still addressing the challenge around how to get the data. And this doesn’t begin to address the security questions of IoT, but more on that later.
Customer Experience
IoT allows for more personalization than ever before. Because all these devices are connected, customers expect a certain level of customer support that is ingrained within the device itself. Services can be adjusted on the fly, and refined based on what a customer is asking for at that particular moment, whatever it might be. Devices are also able to improve over time as they gain more data and can make more accurate decisions tailored to each customers’ needs.
Increased Revenue
Internet of Things can drastically reduce overhead and lower a business’ expenses. At the same time, IoT will increase efficiency by allowing an enterprise to take advantage of a new business function. For instance, organizations can benefit from knowing exactly how much they need and when in terms of inventory. IoT devices can be used to track 7-eleven Slurpee® machines or McDonald’s beverage stations. IoT provides better inventory management, which means fresher food gets delivered, and the food is easier to track.
Internet of Things Companies
Many major vendors have taken advantage of the potential of IoT by creating hardware and software and offering the services that stand to reshape multiple facets of businesses that embark on an IoT initiative. Other early adopters and innovative companies have incubated IoT projects or created platforms that are now in full swing and driving significant market interest:
Amazon’s AWS IoT platform
Features smart warehouses, core interconnection layer, and sync via AWS Greengrass, the AWS IoT platform started in 2015 that allows consumers to quickly place an order.
AT&T IoT Platform
With APIs and device connectivity, the AT&T platform helps developers build, deploy, and scale IoT solutions.
GE Digital
Concentrating on next-generation industrial processes, GE is one of the first companies to form a digital ecosystem around IoT with over 700 interconnected companies.
Google Cloud IoT
Google’s Cloud Core IoT offering is a managed service to connect devices via protocols such as MQTT and HTTP.
IBM Watson
IBM is focusing on artificial intelligence or A.I. as a way to make sense of all the data IoT generates in a number of industries such as automotive where there are potential applications for driverless vehicles. IBM is facing steep competition from Google and Amazon in the so-called A.I. War.
Microsoft Azure IoT Hub
Microsoft Azure is a cloud platform that supports data storage for IoT-generated data and is a popular choice of the cloud for the infrastructure that sits between the devices and analytics applications.
Qualcomm
Qualcomm produces processors and 4G LTE and 5G modems that can be used in mobile and IoT devices.
The Future of IoT
The future of this cutting-edge technology within the enterprise is going to be very interesting, to say the least. Intelligent companies that explore IoT may realize the significant business advantage. For instance, a third-party logistics outfit can use IoT plus new streams of data and analytics to optimize routes driving down the cost of doing business and increasing operating margins.
However, like any nascent technology, the risks are inherent. The issue will start to evolve from the need to address the challenges outlined above, from what do these things look like, and where are they located, to how can the individual or the organization get the information to an application or a system that’s meaningful?
Through connection, integration, and maintenance, how businesses choose to create worthwhile interactions with their data will determine whether the Internet of Things is successful or not.For the majority of organizations, IoT remains unknown territory. And going forward, companies must be able to manage these devices and all the data in a responsible, well-governed way in order to minimize risk and fully capitalize on the true potential.