Internet of Things (IoT) is seen as the technology of the future and is followed with interest by many industry areas. Businesses are investing in this technology, which will provide fast and precise solutions in many areas such as the communication of devices with each other on the production line, inventory management in the field of marketing, customer support systems, business management, and analytics. While the number of devices using IoT technology was 900 million in 2009, currently there are more than 25 billion. This rapid transformation provides more accurate, real-time visibility into material and product flows in the supply chain, from production line and warehousing to retail delivery and store shelves. Companies are investing in IoT to redesign factory workflows, improve resource management, material tracking, and optimize distribution costs.
In addition to the adoption of IoT by manufacturers, efforts are being made to increase market share in various service sectors, often including radio frequency identification (RFID) chip devices, video analyzers, wireless devices, and POS devices. Also, it consists of platforms that include handheld sensors, IP cameras, and video management software. Adoption of this technology is gaining momentum as technological, societal, and competitive pressure pushes firms to innovate and transform themselves. As IoT technology advances and an increasing number of companies adopt the technology, IoT cost-benefit analysis will be of great interest.
IoT technologies can be classified under three main headings in industrial applications. These are monitoring and control, big data and business analytics, and information sharing and collaboration. An organization should adopt these categories to improve the quality of the values it produces and ensure customer satisfaction.
Monitoring and Control:
Smart home technologies are a good example of the monitoring and control purposes of IoT technology for the end-user. They can be considered the protection of the house with remote smart systems, instant sending of data such as temperature and humidity of the house to the user for information purposes, and remote control of the devices in the house. In industrial production, data collection and real-time monitoring of hardware performance, energy use, and environmental conditions are provided by IoT. Advanced monitoring and control technologies such as smart grid and smart metering reveal operational patterns, identify potential improvement areas, or improve future results.
Big Data and Business Analytics:
IoT devices and machines with embedded sensors and engines generate enormous amounts of data. This data is of great importance for decision support systems as well as decision-making managers. In addition, it is used to discover and solve business problems such as changes in customer behavior and market conditions to increase customer satisfaction and provide value-added services to customers.
Information Sharing and Collaboration:
Information sharing and collaboration in IoT can occur between people, between people and things, and between things. Detecting a predefined event is often the first step toward knowledge sharing and collaboration. In the supply chain space, information sharing and collaboration increase situational awareness and prevent information latency and skewness. For example, if sensors are placed in a retail store where refrigeration is required, alerts can be sent to the store manager’s mobile device when refrigerators fail. The manager can then check the employee status report to see who is available and send task assignments to that employee via their IoT-enabled mobile device.
In conclusion, IoT is the technology of the future that will make our life easier and more comfortable. IoT applications can be found in medical, manufacturing, industrial, transportation, education, governance, mining, habitat, etc. It has numerous benefits in all areas.