The Internet of Things (IoT) refers to billions of interconnected physical devices all around the globe, which collect and share real-time data, which helps in making prudent decisions.
I’m pretty sure we’ve all seen or heard of a lightbulb installed in a home that can be turned on and off with a smartphone app. These are known as IoT devices. It’s not the only IoT device, so don’t get confused.
Suppose there is a refrigerator that can replenish grocery orders of eggs or juices from the local mart or an air conditioner that adjusts to your body temperature when you enter your home. Anything can become a part of the Internet of Things, from a pill to a plane, thanks to the availability of low-cost computer chips and wireless networks. According to IDC, one of the leading technology analyst firms, there will be 41.6 billion connected IoT devices by 2025.
Let’s take a look at how IoT can help businesses:
Manufacturers can sweep components of their products when they are likely to fail by adding sensors to the component. Another interesting use case is the just-in-time delivery of material, which will significantly reduce the requirement for working capital and production management from start to finish, increasing workforce productivity, and so on.
How can the IoT help consumers?
We can use IoT to make our environment smarter, be it in our home, office, or vehicle. You’ve probably used, seen, or heard about Amazon’s Echo or Alexa. It can play music, set reminders, and even retrieve data for you. Smart homes conserve energy by turning off lights and electrical appliances when they are not in use, thus also lowering heating costs. Another interesting use of IoT is how it enables older people to be self-sufficient by allowing family members to remotely manage and monitor their day-to-day needs.
Challenges of IoT (Internet of Things)
- Security: The data collected by the sensors are extremely sensitive; if it’s not encrypted while in transit and at rest, it may be prone to hacking. Hackers use IoT devices to track users’ whereabouts, listen in on conversations, and even communicate with them. In the case of business, industrial espionage or a destructive attack on critical infrastructure are both potential risks.
- Privacy of Business: Imagine the risks – if the board members are holding a meeting in a conference room equipped with sensors and devices capable of leaking confidential information, or a smart lock at your office refused to open one morning, even worse, hackers broke into your network through a smart weather station in the CEO’s office.
- Cyberwarfare: The enemy territory can cause havoc by exploiting IoT devices, from spying on citizens to destroying a company’s critical infrastructure.
From the IoT (Internet of Things) to the IoB (Internet of Behavior):
The IOB is the extension of IoT; it can be defined as the collection and use of data to drive behaviors. This information is collected across connected devices and is used to change or influence on decisions making.
IoB is a combination of three fields:
- Data Analytics
- Behavioral Science
We’ve talked about technology; now let’s talk about the behavioral aspects of it; IoB provides insights into how users interact with products, gaining deeper insights into shopping patterns, provides real-time assistance, and communicating with the customer in previously unseen ways.
Personalization is a key to service effectiveness, according to marketers and behavioral scientists, and it can be achieved through IOB. As a result, consumers will be persuaded for services they truly need, resulting in less spam.
As a whole, the future looks bright, and this space should definitely be on your watch list.
Writer: Suraj Kar
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