How Can Business Benefit From the Internet of Things?

Posted on August 20, 2017

What Is The Internet Of Things

If the home can house that many IoT devices, imagine the possibilities for business.

We live in a connected world, where powerful processing power resides in our mobile telephones, wearable tech can send and receive data on the fly, and social media makes connecting more accessible than ever before.

So what is the next step? Imagine a world where all machinery can access the internet, sprinklers, traffic signals, conveyor belts.

Now imagine that these everyday devices all feed data back to your business to help improve your operations. Imagine no more, because this is becoming reality. This is the Internet of Things (IoT).

Global market intelligence form IDC predicts that the worldwide spend on the IoT market will increase from US$591.7 billion in 2014 to US $1.3 trillion in 2019.

Internet of Things Alliance Australia chair Gavin Smith said the IoT was the next evolution of the internet.

"Increasingly, the internet is being talked about to connect devices," he said. "The 'things' could be power tools, household appliances, cars, televisions—you name it.

"Literally any device that uses electricity, and has any form of electronic control, can be connected to the internet in the future."

Where the Internet of Things began

While the IoT is a relatively new concept, it's genesis began way back in the 1800s when the wireless telegraph was invented.

This was man's first endeavour at getting machines to talk to one another. Following this, we saw the first radio transmission in 1900, the beginnings of the internet put together as part of the United States' Defense Advanced Research Projects Agency in 1969. and GPS becoming a reality in 1993. 

The first time that IoT was actually named was in 1999, when a vending machine at Carnegie Melon University was modded by programmers to be able to use the internet to determine if a drink was available and cold before delivering the product.  

Where IoT is at today

Homes and businesses are already rolling out IoT devices, with home assistants from Google and Apple becoming popular, and sensors being used to set up IoT systems in agriculture and assembly line operations.

These systems are already allowing for the automation of crop management, waste management and construction purposes.

Countries around the world are studying, debating and planning entire smart cities in the future using IoT technology.

Dubai is the pioneer in this sphere, with $8 billion in funding assigned to transform it and neighboring Abu Dhabi into major smart cities.

This bold plans in the Middle East include driverless cars, Google Glass technology to connect law enforcement like never before, and even the ability to create artificial weather.

The stumbling block

The more we connect, the more of a concern online security becomes. And it should.

This has led to a group of US senators introducing legislation this August that would require all internet-connected devices to pass government approval.

On home soil, Prime Minister Malcolm Turnbull has unleashed unprecedented military technology and expertise on attacking hackers before they can strike first.

As exciting as this technology is, internet security measures need to match it at every step.

When is it likely to become mainstream?

It already is, or at the very least, businesses are open to it.

Research and advisory firm Gartner did a study that revealed that 29 per cent of IT and business professionals across 18 business sectors are already using IoT. A further 21 per cent plan to implement it in the future.

Internet connectivity is an issue block, but technology research firm Telsyte predicts that by 2021, the average Australian household will have around 31 IoT-enabled devices.

If the home can house that many IoT devices, imagine the possibilities for business.

Want to learn more about setting up your business for the Internet of Things? Contact Vocus Communications on 1800 032 290.

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