IoT and business opportunities are the subjects of this article, which deals with the economic impact and opportunities in various sectors, such as Industry, health, agriculture, and smart cities, in addition to explaining how the Internet of Things works.
The Internet of Things (IoT) connects real-world objects through the combination of several technologies: RFID, sensors and wireless networks, embedded systems, and nanotechnology, to capture data that will be processed and treated by intelligent systems to deliver products/ superior services in the most diverse segments.
The Internet of Things, Artificial Intelligence, and Big Data are technologies that work together to complete each other.
The data generated by the IoT generates what we call Big Data.
Making an analogy with a human being is as if Big Data were a person’s memory, while Artificial Intelligence is the brain and the Internet of Things, the senses.
The IoT (senses) sends data to memory (Big Data); these are accessed and processed by Artificial Intelligence (brain), which gives meaning and context to generate the information.
As we see, the junction of these three technologies is extremely powerful.
The Role Of The Human
Computers can store and process information better than humans, but humans are much better than machines at asking questions.
This is a great advantage that humans have over machines.
That’s why for us humans, creative skills, thinking, and reflection are so important both in our daily lives and in the business world.
Therefore, entrepreneurs, in general, can take advantage of the power of technology by asking the right questions and creating the systems/products/services that find the answer.
This opens a portal for creating new products, services, and business models based on human creativity and need, supported by technologies.
IoT And New Business Models
Information technology applied to processes and connected to objects through the Internet of Things using data stored in Big Data allows for making automated decisions very quickly, practically in real-time.
New business models can be created using the information generated by IoT devices.
Would you buy car insurance from an automaker?
Probably your answer would be: not necessarily; it will depend on the advantages offered.
What if this insurance was 50% cheaper than the competition’s insurance because the car has systems that know your driving habits and allow you to do an analysis that concludes that you are a good driver and, therefore, less likely to have problems?
In this case, the automaker’s insurance would be highly competitive and attractive to the consumer, so it would likely be successful by knowing driver habits.
This is just one example of benefits that companies can exploit in new business models using data from the internet of things.
IoT And Business Opportunities In Industry
The application of the internet of things in Industry provides several advantages:
- Cost reduction;
- Scale gains;
- Productivity increase;
- Efficiency gains;
- Creation of new markets.
Internet Of Things In Healthcare
In healthcare, IoT technology can provide numerous benefits for patients, physicians, and society.
Some benefits are:
- Remote monitoring of patients (we can, for example, measure pressure remotely);
- Surgeries performed remotely with a high degree of precision;
- Patient data can be stored in the cloud, ensuring availability when needed;
- Locating health professionals optimizing routines and displacements;
Development Of IoT
Currently, several factors have contributed to the IoT being increasingly accessible; among these factors, we can mention:
- Cheapening of sensors and RFID systems;
- Greater processing power and cost reduction of microcontrollers;
- High availability of Wi-Fi networks;
- Development of various data analysis platforms;
- Spread of cloud storage;
- Technologies for identifying objects such as QR Code;
The intensive use of technology through the internet of things will allow companies to obtain information about people’s consumption and lifestyle in such a way that this information will be the input for a new range of products and services customized according to customer needs.
The application of IoT in industries is practically a requirement for Industry 4.0.
The internet of things has immense potential to reduce costs, improve products, gain scale and improve real-time decision-making.