The Internet of Things (IoT) is the interconnection of uniquely identifiable embedded computing devices within the existing Internet infrastructure. Typically, IoT is expected to offer advanced connectivity of devices, systems, and services that goes beyond machine-to-machine communication (M2M) and covers a variety of protocols, domains, and applications.
Simply stated, it’s the connection of technology devices to the Internet, everything from smartphones, coffeemakers, cars and lamps to anything with an on-off switch.
The Internet of Things is growing significantly but perhaps more important from a business perspective is the recognition of the benefits that result from connecting devices to the web. This has seeded the makings of a brave new world for enterprising entrepreneurs looking to capitalize on a market projected to add almost $2 trillion in value to the global economy by 2019.
Entrepreneurs have more freedom to explore and experiment with Internet of Things. Here are just a few ideas for Internet of Things exploration:
Hospitals collect a massive amount of data. But what if that information were connected to a central or aggregated intelligence-management structure that allowed for deep, complex analysis.
Sure, the distribution of drugs and monitoring of blood pressure is observed regularly by hospital staff. With the Internet of Things, this data could be channeled into activities to dramatically improve care, reduce the length of stays and lower the transmission of disesases and infections rates.
Take a moment to consider the typical manufacturing facility. It might be made up of hundreds of tools and processes. Many of these likely produce intelligent data that could be used to improve efficiency.
At an automobile manufacturing facility, dozens of tools are connected to networks and storage devices, but more often than not this information is kept in discrete silos. The Internet of Things could deliver this information to a central intelligence forum, where it could then be used to more quickly improve processes and achieve operational goals.
Historically, retail operations have had very few functions fully connected. Sure, point of sales systems have been connected to inventory management systems and security systems have become intertwined with video, audio and sensory technology. But overall, this has been only done mostly on the individual store level and has provided little opportunity for retail franchises to manage.
Today, with customers calling the shots and demanding a world-class consumer experience, the Internet of Things can play a central role in delivering it.