The Internet of Things is a network of physical objects – vehicles, machines, home appliances, and more – that use sensors and APIs to connect and exchange data over the Internet. The IoT depends on a whole host of technologies – such as application programming interfaces (APIs) that connect devices to the Internet. Other key IoT technologies are Big Data management tools, predictive analytics, AI and Machine Learning, the cloud, and radio-frequency identification (RFID).
• New business models and revenue: The IoT is disrupting traditional business models and creating massive opportunities for companies to create new services based on real-time sensor data and information.
• Operational efficiency: One of the biggest benefits of the IoT is the efficiency it can offer. Many companies are using it to automate business and manufacturing processes, remotely monitor and control operations, optimise supply chains, and conserve resources.
• Workforce productivity: Wearables and other IoT-enabled devices are boosting workforce productivity and job satisfaction in many verticals. The technology is helping employees improve decision making, automate routine tasks, fast-track communication, and more.
• Enhanced customer experiences: From integrating customer care with actual product performance and usage, to delivering highly personalised products and services, the IoT offers many ways to create more compelling customer experiences across digital and physical worlds.
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