In literal terms, the Internet of Things (IoT) is the interconnection of different types of devices which may be wearable or non-wearable. The impact of this technology on business is prominent. With a major shift in the technological world, businesses need to adapt to trending technologies to stay ahead. IoT has bridged the gap between the digital and physical realities. A crucial aspect of IoT is that it facilitates communication between devices and systems, which are miles apart, in real time.

It is predicted that the market value of IoT will be approximately $9 trillion by 2020. This reflects the pace at which this technology is booming.

The common notion that users have about the Internet of things is that it is related to the IT (Information Technology) domain precisely. However, IoT is a broader term related to almost everything in one way or the other.

Ideas for IOT applications range from a small business to big data analysts. Thus it is good to be well versed with how the internet of things impacts a society & a business.

Here are some ways IoT is affecting our lives:

Access from Anywhere

The definition of IoT says that the devices are connected over a network, virtually.

An example of this is August smart lock where the IoT user has access to the smart lock via the technology and this makes it easy for the user. Any person with access to this technology, who wishes to manage this lock sitting miles away can easily do so by connecting the personal electronic device (be it a mobile phone or any electronic device) to the smart lock. This lets us access a device remotely also.

Process Monitoring

Another use of IoT, which is highly beneficial for businesses in manufacturing and production of goods, is the monitoring of processes. Manufacturing processes that follow assembly lines are currently also highly monitored. But with the addition of IoT, these processes can be monitored in greater detail.

A lot of data that is recorded can be analyzed to improve processes, make them more efficient and also help cut down costs.

Accurate Prediction

As an environmental sensor, IoT helps predict natural disasters. This technology is used in sensors, for a real-time prediction of natural disasters.

Not only in businesses, but also for the world as a whole, predicting natural disaster and analyzing what all can occur in the near future is possible with the help of technological advancement, one of them being the IOT.

A real-time example of this is smart sensors used in Dublin, Ireland. They are already creating a real-time picture of what is happening and can help predict any natural disasters, which will be of great help to their city in the time of crisis.

Transfer of Data

In IoT, where devices are connected virtually, transfer of data packets is an easy task. This is beneficial for both businesses and people living in this society.

With the IoT, various devices connected to the internet can collect, receive, communicate with each other via IP. To increase the efficiency and to simplify the processes, IoT can be of great help for the businesses.

The points discussed above let you dig deep into the Internet of things to have a better understanding of it. Like every technology, IoT also has some pros and cons. The data scientists are still in a fix that such level of information sharing over a network is risky and can lead to a leakage of private information.