The Internet has brought hundreds of millions of people together and created unprecedented connections, but this is just the beginning. The Internet of Things (IoT) is coming and life as we know it will change.
IoT connects almost every object to the internet, with everything from furniture, doors, food, cosmetics and more equipped with sensors that monitor and send data to the cloud. In other words, everything will become “smart”.
The impact of the Internet of Things will be huge, and the entire planet will become a unified, brain-like system. This may sound like a far-future concept, but the era of the Internet of Everything is indeed coming.
1. Everything will be monitored
The Internet of Things means that everything from household appliances to construction equipment to vehicles and buildings will be connected to the Internet, transmit data and communicate with other objects or people, meaning everything can be monitored and tracked at all times. Cloud-based applications and tools will be able to analyze this data and convert it into useful information, thereby facilitating better decisions and ultimately helping achieve better outcomes.
Big data has made waves in almost all industries, fully demonstrating the value of data and analysis. Imagine the possibilities if nearly every object used throughout the day could transmit data and then analyze them in real time. The potential would be limitless.
2. Data will be used in real time
IoT creates vast amounts of data that can be analyzed and used in real-time to make better decisions.
The Internet of Things turns data into action faster than ever before. Technology not only responds immediately to data and changes, it can also be used to predict problems and take steps to prevent them from happening. Continuous monitoring can identify significant issues and mitigate them before they occur.
3. Actionable data will be shared
All data generated by IoT will not exist in a vacuum – it will be shared with colleagues, stakeholders and other parties. Consider, for example, how wearable technology allows individuals to collect health data and share it with doctors to improve care. When this type of technology is applied to other industries, the impact will be huge.
When more people are involved, monitoring the effectiveness of strategies, the results of campaigns, and the efficiency of the system becomes easier and more feasible. The ability to connect and share data has the potential to bring various departments, such as accounting and human resources, together to make decisions that can be agreed upon.
4. Industries will be interconnected
The more machines communicate with each other – the more connected they are – the more connected everyone is with each other. Data will not be siled in one specific industry, it will be used across all walks of life to drive innovation.
For example, data from smart cars can help improve transportation, which can help develop and improve smart cities, leading to more efficient energy use, and more. When machines, industry and people can connect and inspire improvements, the possibilities are endless.
For entrepreneurs, IoT means new collaboration opportunities, valuable partnerships and valuable external insights to make their business better.