IoT (Internet of Things)

IoT can be simply described as an ecosystem of computers and smart devices or machines that can communicate or collaborate without human assistance. It is therefore ordinary electronics (fridge, watch, thermometer, etc) that, with the addition of an OS and connection to the Internet, acquire completely new uses and benefits for everyday activities.

How does IoT function?

The definition of IoT has already revealed to some extent what these devices are good for. But the question is how it all works. The Internet of Things is, as already mentioned, a network of physical, electronic devices that can send and receive data to each other.
Each IoT (smart) product has its software (operating system), sensors and some support for network connectivity (Wi-Fi, USB or Bluetooth). Through this connectivity, it communicates with the rest of the paired (connected) devices.
Individual smart products are self-identifiable and function independently of others. Likewise, they can work without an internet connection. However, network connectivity and interconnection with other devices are necessary for proper functionality or to use their full potential. For example, smartwatches work without pairing with a smartphone. However, it will not show you notifications for calls, SMS, received messages, etc. You will not be able to access your sports performance stats either. For that, you need to use a mobile app that will take care of connecting your phone to the watch and transferring data.
The most interesting thing about IoT devices is the sensors. Sensors can take many forms, from temperature sensors to air quality sensors, to location tracking via GPS, and to measure the quality of lighting. They can be part of almost every conceivable electronic device and take full advantage of the possibilities that their connection to the Internet brings.

Application of IoT

The main use of IoT is, as in the case of artificial intelligence, to improve the human perception of the world and make everyday activities more efficient. These two main pillars of the digital transformation or digitalisation of the world have ushered in a new era. An era in which all activities will be easier, faster and, with it, more fun.
The Internet of Things will thus find its application in almost all sectors:

• Customer service. IoT devices and AI assist in creating offers or subscriptions tailored to a specific customer. They also make it easier to track demand and match inventory to it.
• Data analytics. Smart products continue to expand the space for enterprise data analytics. They will offer information from sources that AI alone would not have access to.
• Consumer electronics. Smart alarms will provide better security for cars and homes. A variety of IoT sensors will make even common appliances, such as the washing machine or the coffee machine, smarter.
• Healthcare. AI has been helping for some time now, for example in the development of new drugs or patient diagnoses. In addition, smartwatches and other devices enable daily monitoring of one’s health.
• Industry. Easier reporting, more efficient power reallocation and monitoring of machine status.
• Automotive. More accurate fuel monitoring and diagnostics, reporting potential faults and minor errors that can lead to fixing a fault before it occurs and subsequently makes it unnecessarily expensive to repair.
• Finance. IoT payments via NFC, the proliferation of smart cash registers, and the creation of new financial models based again on the analysis of vast amounts of information that previously could not be obtained or processed.
• Parenting. Smarter baby monitors that can detect and report suspicious activity in a child’s room, etc.

What technologies have made IoT possible?

The idea of IoT has been around for a long time, but it has been put to practical use in recent years through a series of various technological advances.

• Machine learning and analytics. Advances in machine learning and analytics, and access to diverse and vast amounts of data stored in the cloud, are enabling companies to gain insights faster and more easily.
• Conversational artificial intelligence (AI). Advances in neural networks have brought natural language processing (NLP) to IoT devices (such as the digital personal assistants Alexa, Cortana, and Siri), making them attractive, inexpensive, and available for home use.
• Access to low-cost, low-power sensor technology. IoT technology is available to more companies because of inexpensive and dependable sensors.
• Cloud computing platforms. Because there are more cloud platforms available, both companies and consumers may access the infrastructure they need to expand without having to manage everything themselves.

Why is IoT important?

In addition to providing smart gadgets, IoT is crucial for business. Businesses can now monitor in real-time how their systems are truly doing thanks to the Internet of Things (IoT), which also brings visibility into the supply chain and logistics operations as well as equipment performance.
IoT allows businesses to automate procedures and save money on labour. Additionally, it decreases waste, improves service delivery, lowers the cost of manufacturing and delivery of goods, and provides transparency in consumer interactions.
IoT is one of the most crucial technologies in modern life, and it will only continue to grow in importance as more companies realize how linked gadgets can help them stay competitive.

4 main IoT advantages

• Customer focus. Customer satisfaction is the most crucial factor for any business. IoT technology, such as mobile card readers or smart trackers, can be used to increase customer satisfaction. Using mobile card readers can help smooth all transactions on smartphones.
  When IoT technology is used, devices interact and improve business functions. As the feedback is obtained from the customers using IoT devices, it helps to improve the services and increase the customer satisfaction level. Product deficiencies can be easily highlighted and can be resolved. By using IoT technologies, qualitative data can be collected, and quantitative data can be replaced which will be beneficial for the organization.
• Collecting data. For any type of organization, data is referred to as the most important weapon. Organizations are making extensive use of IoT models and methodologies in their enterprises to collect huge amounts of data about the company’s customers and products. By collecting this information, organizations perform various analyses and understand thoroughly so that they can improve the quality of their products so that their business can be expanded, and they can earn more profits.
• Improved security measures. IoT makes it possible for the access control system to offer more security to the company and the public. Using IoT technology in surveillance can help improve security standards in an organization and help in monitoring any suspicious activity.
• Reduction of operating costs. Advancements in IoT technologies can benefit an organization to reduce its operational costs and other costs to achieve maximum profit. Every organization is trying to reduce its operating costs, but only the business that makes the most of IoT solutions for its purposes is successful. There is a need for constant connectivity between the smart device and the organization so that the operating costs of the organization can be reduced. For example, in manufacturing industries, the use of IoT devices can help track and monitor equipment as well as reduce equipment errors. Energy consumption can also be reduced for the industry with advanced IoT solutions.

4 main IoT disadvantages

• The software is not secure. In the past, DDoS attacks were conducted through the Internet of Things devices, where servers stopped working when they receive a large number of access requests. This is because most have the same username and password, which allows others to conduct these types of mass attacks. But you can also disable them all at once, so the best thing to do is to change the username and password when we use them for the first time.
• Information is not encrypted. Another negative point that IoT technology offers us is that information is not encrypted at any point, especially among the cheapest devices on the market. This allows other people to access this information. When it comes to security cameras, you can expect a serious breach of your privacy, especially if these images end up circulating the internet.
• Lack of compatibility. Since its inception, as there is no single protocol to follow, each manufacturer adapted the first one they saw (and did it badly), so many older devices are not compatible with each other. Fortunately, Google, Apple and Amazon have committed to using the Zigbee protocol, one of the most widely used, so it will be the standard in the smart device industry in the future and compatibility problems will finally end.
• Require investment. This disadvantage is relatively small, taking into account the fact that with the spent investments we will be able to manage resources much more efficiently, so the spent investments will pay off quickly in the end.

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