IoT (Internet of Things) and How Does it Work?

It is hard to imagine a time when the internet didn’t exist and rightly so. Our everyday lives revolve around it and most of our work gets done with ease, thanks to several advancements that have been made since its inception. Especially in western countries such as the USA where people depend too much on technology.

Internet is used on different devices, be it one’s computer, phone, or even smartwatches. This has impacted our lives to a considerable extent as we can’t imagine going a day without using any of these services. This is what we refer to as the Internet of things or as it goes by its acronym IoT.

Internet of Things, in the most simple language, refers to several types of devices, not only limited to smartphones, watches, TVs, etc., via which you can access the internet and easily share data amongst them. Few examples to help you understand better include amazon echo, automatic vehicles, etc.

These are things that you have often come across, however, IoT is a bigger industry than this. Most of the devices used under it are present in big industries to help them get their work done with ease. It has helped in saving cost, increasing efficiency, and overall helped factories, businesses, etc., perform better in the past decade. It provides a real-time report about the workings of various systems and also gives insight regarding everything that helps in running a business successfully.

In short, IoT means connecting every possible thing in the world to the internet so that people can have easy access to information from any device at any given point in time. The top internet-of-things (IoT) examples to know are smart home security systems, wearable health monitors, wireless inventory trackers, biometric cybersecurity scanners, etc.

To have a better understanding of things, let’s have a look at how IoT devices are used for different purposes:

1. IoT in Transport

When the internet wasn’t the common thing around, it was quite hard to track the vehicle at any point in time. Ever since IoT devices are being used by transport businesses and other logistics firms, it’s easy to keep an eye on where the vehicle is moving, how long before it reaches you. Not only you, even deciding the best route for the journey ahead has been made easy, all thanks to IoT.

2. IoT in market analysis and forecasts

If there’s one thing we as human beings hate, it is the unpredictable nature of life. That is why we are so keen on keeping an eye on forecasts so that we can accommodate ourselves accordingly. IoT has played an important role in market analysis and forecasts.

By using the sensors and embedded systems that work together to detect a change in an object, asset, or environment and then providing the data collected on a real-time basis to the right people, has helped in preventing damages to a great extent.

3. IoT in Customer service

Customer service is quite an old industry and something most people have required at one time or other. Earlier, it used to take quite some time for people to connect to them as there were several callers per day. With the internet, things have been made a bit easy as they can simply mail their queries.

Another interesting addition to customer service, thanks to IoT has been – Chatbots. Everyone is busy and having a person sit in front of a screen and answer queries all day isn’t the best use of resources. Chatbots are quite easily accessible and if designed properly can help people with most of their queries. iGaming businesses such as Scanteam make use of these IoT applications to gather data for their clients.

4. IoT in manufacturing

The Internet has surely changed the face of many things in our world, including manufacturing. Who would have thought that extending internet connectivity in the manufacturing sector would’ve helped in any way, as the internet is mostly linked to IT-related stuff? As it turns out, IoT has helped the manufacturing industry in several ways.

Michelle Thomas, says that one can easily monitor production flow to ensure that resources are being used optimally with less waste and unnecessary work. You can now also manage equipment remotely, track vehicles and assets, which has ultimately helped in improving supply chain operations.

5. IoT in retail

The retail industry has benefited greatly from the introduction of IoT applications in its services. Managing retail stores is a tiresome job since you come across many angry customers daily. Also, manual work isn’t always efficient and there was always room for some error on the part of the individual. IoT devices have made it easy for retailers to go on about their businesses and have their work done efficiently.

Retail businesses use several types of equipment, few of them are heavy and need proper maintenance. Since you cannot expect the store to shut in case something fails, IoT has helped in analyzing that in advance so that people can make necessary arrangements.

Also, people can now easily check the inventory levels of the store and also the in-store price of things they need, which ultimately helps the retailers to provide them with the right products at the best possible price. This has increased customer satisfaction.

6. IoT in the healthcare industry

How many times have people lost someone close to them by not getting the right diagnosis at the right time? Also, how many times have you wanted to keep a check on your physical health but you had to go to the doctor for it? With the induction of IoT in the healthcare industry, things have only changed for the better.

With IoT devices that are used in the industry, doctors can easily monitor their patient’s health remotely and give the right advice accordingly. This has helped in reducing patients’ stay at the hospital and automatically their bills. Wearable fitness bands have helped people in keeping regular checks on their physical wellbeing such as blood pressure, heart rate, glucometer, calorie count, etc.

It has also made it easy for the hospitals to manage their inventory in real-time as they can immediately update when equipment, tools, or medicine is out of stock and order it immediately. It can be later tracked to know when it’ll be delivered.

7. IoT in finance

People involved in the finance sector have to work very meticulously. One error can cost them quite a huge sum of money. Ever since few processes have been automated in this sector, people have heaved a sigh of relief, especially the ones working in banks.

Bankers have to deal with a lot of pressure from the public. By automating services and making most of them available online, a lot of loads have been lifted from the staff so that they can focus on other important aspects of their job. People can now track their spending habits and see for themselves where they should cut off. It has helped in inculcating proper management of one’s finances.

8. IoT in hospitality

The hospitality industry is one of the most demanding industries across the globe. If something isn’t up to the expectations of the customer, one can expect a backlash. That is why IoT has come as a savior to the people in this industry.

Several IoT applications greet people with their names when they arrive. In addition to this, they also save the preference of their guests automatically to provide them with a smoother experience on their next visit. With the tablets provided to the customer, they can also customize things in their room for a more personalized experience. People have had memorable stays, thanks to these additional features.

Conclusion

IoT is still in the development phase and there are quite a lot of things to tap on in this field. Many companies are investing heavily in IoT as ultimately it’ll help increase their efficiency and profits.

Many companies also make use of IoT gateway, which is the central hub for connecting all the IoT devices used in the company. This function has made it easier for people to send information across and have the important part of it filtered and translated to the end-user.

We believe this is just the beginning of applications of IoT devices and there are several more to come in the next few years as technology is surely taking over most manual processes.