The internet of Things has become a talking point in recent years, but what is it and what value does it have for business?

What is it?

The Internet of Things (IoT) can loosely be defined as connecting your everyday “things” to the internet allowing them to “talk” to each other or communicate with websites and apps. For example, you could connect a temperature sensor in your house to the Internet and view the data on an app on your phone.

What does it mean for my business?

Traditionally, information within businesses travel along the more “familiar” routes, with information being lodged in databases, analysed in the form of a report and then passed onto management.

This information path is now changing with the physical world around us becoming an information system with more common sensors and devices being connected to the internet.

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This can have many benefits depending on your business area- for example, IoT technology could be applied to your factory line to provide management with real-time analytics data of performance on the factory line – this can then assist in predictive maintenance of machines on the factory line, saving money and downtime, allowing maintenance on machines before they actually fail.

Regardless of your business area, the dynamic nature and endless possibility of IoT technology will allow it to fit your business needs. The IoT ecosystem is an emerging market and according to Gartner, there will be more than 9 billion IoT devices by 2018 – can you afford to miss out?