Internet of Things is commonly described as a network of services talking to each other. But there’s much more to it that includes a whole new way of re-imaging products, services, consumer expectations. IoT is going to change the way we do business. It’s fascinating to watch billions of devices talking to each other on daily basis. Business today is evolving into a networked economy, with millions of companies connecting their supplier, customer and partners to seamlessly engage in commerce and leveraging technologies that can connect 100’s of millions of people and things together. But this is just the beginning, and the Internet of things is the catalyst for hyper-connectivity in the business world. With the Internet of Things, we can monitor, analyse, and automate in ways that will greatly improve processes and create new business models by linking processes to cyber-physical systems.
On the other hand, consumers are looking for the solutions to the challenges they face in increasingly busy lives. From vehicles to security systems, household products like toasters, refrigerators, everything is being controlled by sensors these days. This brings IoT on the table. Though no one needs an e-mail notification if their toasts are ready, but people are more comfortable in automating their lives, especially with the products they need to use on daily basis. Wouldn’t it be awesome, if your fridge notifies you if you are running low on grocery or even better if it goes ahead and order it for you?
Below is a list of benefits of IoT for consumers:
Saving time and money by automating tasks such as reading energy meters or checking expiration dates of food and medicines. Interconnections between devices and aggregation of information could eliminate some of the complexity that consumers now negotiate themselves.
- Easy cooking
The idea that consumer activities such as cooking could be enhanced by IoT technology, by linking ingredients to recipe suggestions, much like reading on an e-reader enables instant access to dictionaries.
- Health and fitness
Assumptions made about habits, like how much you might walk or sleep, the amount of time spent on tasks can be more accurately understood and services related to these will no longer have to rely on assumptions.
- Safety and security
Many methods to secure valuables have weaknesses that can be mitigated to a certain extent by IoT technology. Digital keys can limit or allow access, for example, and lost objects can be tracked and found.
- Utility optimisation
Billing for supplies like energy or water could become much more accurate using real time information. Consumer benefits would include much simpler verification processes for products, leading to increased confidence.
- Home system control from anywhere
Able to exert control over home or other appliances while not physically there, such as by checking security systems or granting access to approved parties to switch lights or heating on or off.
One thing is for sure: the Internet of Things is real, massively pushed by vendors, embraced by forward-thinking organizations AND consumers, and offering more opportunities than ever.