The term Internet of Things or the IoT was first coined by Peter T. Lewis who founded Cellular One in 1985. He said, “The Internet of Things, or IoT, is the integration of people, processes and technology with connectable devices and sensors to enable remote monitoring, status, manipulation, and evaluation of trends of such devices.” The Internet of Things is an all-encompassing system of connected devices that share data amongst each other about how they’re being used. This is done through the use of barcodes, sensors, cameras, smartphones, and even traffic lights to name a few. This enormous collection of data is shared through a platform on the Internet of Things through a common language so the devices can communicate with each other. Companies then extrapolate valuable information on how to improve mechanisms or increase efficiency through this surplus of data. This industry has a massive network with massive opportunity for investors. Keep reading to find out how IoT can help you save money, from incorporating IoT objects in your everyday life to buying IoT stock with the help of a brokerage.
It is estimated that by 2020, there will be 20 billion Internet of Things devices. Experts have determined that the Internet of Things could increase to up to $11.1 trillion in economic value by the year 2025. This vast network of devices will enhance bottom lines everywhere by creating more efficient services and new information.
Save Money on New Services
The primary threshold of this phenomenon is the electronic services that connect through the platform. Instead of paying a company to or a television channel to inform you about traffic, soon the IoT will have self-driving cars that navigate through traffic themselves. The limit on where these new devices will go is endless! Imagine an entire IoT city, with street lights, water systems, irrigation technology, self-driving garbage pickup, and parking meters connected to your smartphone. Imagine getting an alert from your computer saying that your milk has spoiled. Picture yourself locking your house from your smartwatch. All these new services are going to start creating a more active and productive lifestyle. No more throwing away spoiled milk! Less robbery. If an IoT Fitbit helps use your data to help you achieve your fitness goals, that’s money saved on a fitness instructor or spin class.
Businesses Becoming More Efficient
IT Firm Cisco predicts that IoT will save around $1.2 trillion in productivity costs alone, especially if you’re a business owner. If you’re a current business owner, then utilizing the Internet of Things will be hugely beneficial to you in improving your business efficiency. Predictive maintenance is a way in which sensors on equipment can detect problems before they even occur. Inputs, such as sounds, video footage, vibrations or just raw data can be analyzed to track patterns and trends that occur before a failure, so companies can almost entirely accurately predict when the issues will arise. In an era of technology, this predicting tool can be the difference to set your business apart from competitors.
There are several other ways that the IoT can help reduce business costs. Inventory management, for example, can be costly and time-consuming. With the help of the Internet of Things, your warehouse will have sensors on every product, ready to send in an order for restocking when you are running low. If you own a business where you send out employees to help repair a product, the cost of maintenance fees and transportation can add up. Instead, you can save money through the Internet of Things by sending data from the product directly to your company’s computer system. There, you can have employees troubleshoot and make a decision on how to best repair the product without stepping foot outside the office. Lastly, this could help decrease theft around your office. With the Internet of Things, the security cameras are connected to a platform of other devices, creating more ways to track down a thief and decreasing the likelihood of video evidence being tampered with.
Saving Money On Health Care Services
This could be applied to many things, such as health care services. Instead of spending money taking yourself to a doctor, the data collected on your body through a smartwatch or Fitbit, along with other devices such as photographs from your smartphone could be sent to a medical professional. From there, a medical professional with the help of the Internet of Things could give you advice on whether the injury needs immediate medical attention, or just an appointment another day. Through the collection of all this data, companies can work to create better solutions for issues in healthcare that will be beneficial for all, medically and financially! How IoT monitors our health can be used to track our glucose, activity, or the medications we need. Imagine if your smartwatch could tell you when your blood sugar was running low, or when you should schedule your next doctors’ appointment based on the data it receives on your body. Or, on the way to your next appointment, you are running a few minutes late and your car sends a text message to your doctor, not only preventing people from texting and driving but increasing efficiency overall.
Additionally, there are IoT devices that work to help many people simultaneously. Watson is IBM’s AI platform, which does everything from manage healthcare programs to use data to target alternate uses for drugs. The Watson can even help find precise cancer treatments through the data on its platform.
The Internet of Things is revolutionizing the levels of efficiency in our society. In making new products and services that will help better our health, businesses, and safety, to making all forms of technology run a little bit faster, the overall bottom line will be greatly improved in the next decade. As it continues to grow exponentially, there are rippling effects in creating a more efficient and sustainable lifestyle through the IoT.