The Internet of Things (IOT) is fundamentally changing the way we conduct business. We are entering a new world by connecting devices and sensors to the internet in which data analytics, connectivity, and automation drive innovation and progress. As this new revolution gains traction, we will see more and more connected devices and embedded systems become common in our daily lives. McKinsey Global Institute has called it the fourth industrial revolution and says it will have a value of $11 trillion dollars by 2025.

 

As you may know, IoT stands for “Internet of Things.” According to Gartner, the Internet of Things (IoT) is “a network of physical objects that contain embedded technology to communicate, sense, or interact with their internal states or the external environment.” This means that devices all around us can be linked to the internet and to one another to enable automation, collect more data, and control devices and processes remotely.

 

In the end, the biggest benefit of IOT is that it will make the way we live our lives easier. The IOT improves the way we execute mundane tasks like parking our car or doing our shopping. Or it improves the way we experience services from businesses we interact with. In this article we will talk about how the IOT is impacting this customer experience. We have identified 4 key benefits:

 

In big cities like London and New York, traffic congestion is a major problem and often a big contributor to this congestion is lack of parking spaces. Drivers spend a lot of time circling around trying to find a parking space. This in turn increases the traffic of already congested areas. Some cities are looking at IoT to address this issue. By placing sensors on the street and on lighting posts, cities can track which parking spots are available and offer this information to drivers who can find a spot to park and pay the parking fee, all from a single app. The parking information is also aggregated in the Cloud and allows cities to study traffic patterns and plan for better cities in the future.

 

As electric vehicle adoption increases, people will need to charge their vehicles just as they fill up the tanks with fuel today, hence EV charging stations are going to be a big thing in near future. The IoT enabled smart EV charging systems will allow drivers to find the nearest charging station that is available with the required charging capacity, book a slot and make a payment all from a single app.

 

IoT is helping people in need of care by enabling remote monitoring of their vital health signs like blood sugar, O2 level, heart rate and fall. If any of these vitals exceed the normal range, an immediate alert is sent to the healthcare provider to take appropriate action. This improves the overall life of the person in need but also their family members who have the peace of mind that their loved ones are safe and being continuously looked after.

 

IoT is also playing a major part in providing a safe and healthy work environment. Inside buildings, smart sensors are constantly measuring air quality levels. This data is then used to adapt the ventilation systems to keep the environment safe and healthy. This in turn improves the workers’ experience and productivity levels.

 

Sensors are being deployed to monitor critical infrastructure like Power grid systems that are connected to the cloud via IoT. Real time data is constantly analysed using Predictive Analytics to prevent any major faults in the system thus avoiding any service outage. In this way, IoT is playing a key role in ensuring that customers enjoy uninterrupted supply of critical services.

 

The Internet of Things is still in its infancy. Every organisation, no matter how large or little, must think about the Internet of Things and what it means for their current business. Those businesses that are looking now to implement IoT technology into their products, services and operations, will have an advantage over their competitors tomorrow.