With easily accessible internet, more wifi-connected devices, reduced technology costs, and increasing demand for personalised, omnichannel customer experiences, the perfect storm for the Internet of Things has hit. But what is the Internet of Things and how are increasingly connected devices going to change how we live? Defining Internet of Things The Internet of Things (IoT) is internet-connected devices beyond computers, tablets, smart phones, smart tvs, and any devices that require human interaction for communication. These devices are embedded with electronics, software, sensors, and network connections with Machine to Machine (M2M) capabilities that allow them to collect and exchange data across a network, and to be sensed or controlled remotely. The result is direct integration between the physical world and computer-based systems, where the relationships will be between people-people, people-things, and things-things. Used correctly, Internet of Things devices are expected to improved efficiency and accuracy, while providing economic benefit. What sort of devices are part of the Internet of Things? Presently, there are a number of areas where Internet of Things devices are being developed. Current sensor and connected devices can monitor babies, remind you to take or refill your medicine, and more. Smart homes incorporating IoT thermostats for home heating and cooling, sensors to avoid security issues, and providing remote ability to turn on and off plugged in devices are currently available to help manage your home and cut down resource usage and monthly bills. Devices to reduce city and environment pollution are also underway. What can Internet of Things do for Businesses? On a business level, current IoT devices are primarily focused around consistency in manufacturing and maintenance of equipment. More and more businesses are adding sensors to people, places, processes, and products to gather and analyse information to make better decisions and increase transparency. Ultimately, the Internet of Things will enable companies to achieve enhanced process optimisation and efficiencies by collecting and reporting on data collected from the business environment. Most industries will also benefit from the generic technologies, in that their facilities will operate more efficiently through the use of smart building technology. What is the future of Internet of Things in Business? Experts estimate that the IoT will consist of almost 26 billion objects by 2020. According to a current pwc report, Asia and Latin America leads the adoption of Internet of Things capabilities in business, while North American companies are less likely to invest in Internet of Things devices. Currently the energy and mining, power and utility, and automotive sectors lead in investing in sensors. Undoubtedly, the Internet of Things is poised to disrupt industries and change business at a fundamental level, allowing companies to make smarter products, smarter business operations and decisions, and create new business models entirely. While IoT opens up opportunities for increased business efficiency, it also poses many challenges, such as the storing, tracking, analysing, and ability to gain insights from the vast amount of user data that will be generated, or potentially opening companies all over the world to more security threats. To have a deeper conversation about how this subject may affect your business, contact Vita Enterprise Solutions on 1300 139 310 or enquire online.