How IoT is revolutionizing businesses across industries?

Internet of Things (IoT) is proving to be a game-changing technology owing to its all-encompassing capabilities and benefits for users and businesses cutting across industry segments.  Prominent among new-age technologies helping us to overcome challenges in different spheres of life is the Internet of Things (IoT). The term encompasses all devices, equipment, and communication technology that enables the data transfer through sensors to offer innovative solutions to problems that we contend with in our day-to-day life. The scope of IoT application is quite extensive - from smart homes to efficient business solutions and from speeding industrial operations to handling public works, IoT is manifesting its utility almost in each and every aspect of business and life. 

With the help of smart devices, seamless communication, and well-defined architectural frameworks, IoT is heralding a new era of efficient operations throughout the world. Further, IoT is also helping revolutionize allied areas such as nanotechnology and Quantum computing by streamlining the collection, storage, and analysis of data at a speed and efficiency that has never been witnessed before. 

One of the very apparent manifestations of IoT’s prowess is Smart Appliances (SA) and Smart Home Systems (SHS). Connected to each other over the internet, these IoT devices can perform a number of functions autonomously. You can effectively manage the automation and energy management system of your home, maintain the cooking heat of the stove, set and adjust the temperature on AC, and even adjust lighting levels to suit the different levels of activity and moods. And the list just goes on and on. 

Taking the functionality one step further is the Smart Health System (SHS) which through its  scanning, recording, and monitoring properties can effectively support the holistic wellbeing of people. These devices not only actively monitor the health parameters of patients bot cal also recommend practices and procedures for improving the overall fitness level of people.  The large-scale, commercial application of these devices can be witnessed in hospitals and health centres across the globe. The various ICU wards and trauma centres of reputed hospitals are equipped with SHS as these IoT devices are used for the constant monitoring of health conditions of individuals suffering from life-threatening diseases. Summarily, the use of IoT devices in healthcare has truly transformed the sector and the best part is the cost-effectiveness of these solutions; making them affordable and usable for a majority of the population. 

Another major area where the use of IoT devices has brought profound change is the transportation industry. The sector has today become far more efficient and reliable than before and the entire credit goes to the use of IoT devices. All crucial transportation issues such as performance management, traffic regulation, and emission compliance are today handled successfully by IoT devices and sensors. In fact, many companies today have started offering cars with pre-installed sensors to sense congested routes and tell drivers in advance to take an alternative way to reach their destination on time. The use of IoT devices is helping the logistics industry by accurately tracking and monitoring the commitments of trading partners on supply and demand. Take, for instance, the electronic data interchange (EDI) which allows the exchange of information between firms to stock supplies and furnishing inventory needs in a completely automated manner. 

Scripting a similar success story in the education sector, IoT technology has opened new avenues of growth by allowing educational institutes to better manage and control the learning environment. Whether it is the safety of campuses, creation of smart lesson plans, scheduling of the timetable, and tracking of key resources, IoT is contribute significantly to making the learning experience both vibrant and dynamic for students. The industrial applications of IoT are particularly significant for developing and underdeveloped regions. The concept of Smart Factory allows for optimal utilisation of resources and helps stakeholders to make significant progress on both functional procedures and operational mechanisms. 

With so many advantages up its sleeve, IoT is indeed proving a game-changer technology for companies cutting across industries and business domains. The only challenge it faces is the safety of the data as any leakage of sensitive information can pose a serious threat to the participating stakeholders in the IoT ecosystem. Hence, it is recommended that the governing network for IoT devices must be strengthened with strong safety credentials so that the technology can be utilised for bringing transformative change in our lives and businesses without any security and privacy issues. 

The article has been written by Prateek Shukla, Co-founder and CEO, Altorum Leren