Question

Define the Internet of Things (IoT), describe how IoT works, and discuss the business value of IoT. Provide examples where appropriate.

Answer 1

Internet of Things is a network of interconnected things which interact using sensors, software, network connectivity etc. to exchange information and respond.

How IoT works:

In IoT, various kinds of sensors are embedded in electron in devices. These devices are connected to each other using a network. The sensors collect various information which the devices exchange with each other. This enables the devices to do a machine to machine communication. For example: when the alarm bell rings, the coffee machine is switched on automatically.

Business Values:

• It helps in saving power consumption. For example: devices such as light, fan, AC etc are automatically switched off the moment employees leaves the office. I
• It increases productivity since many daily tasks can be automated. For example: E-mails can be read out using a voice command
• Increase customer service facilitated by data collected from various devices. For example: Data collected from customer mobile devices, smart devices in homes etc can be analysed to get more insights about customer usage behaviour which can be used to customize offerings from individuals
• Increases options for new business and revenue opportunities. For example: companies can utilize more modernized business solutions that cuts down time, effort and man power. This not only looks attractive to customers but also increases the profitability.