The internet of things, or IoT, is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.
The internet of things helps people live and work smarter as well as gain complete control over their lives. In addition to offering smart devices to automate homes, IoT is essential to business. IoT provides businesses with a real-time look into how their companies’ systems really work, delivering insights into everything from the performance of machines to supply chain and logistics operations.
IoT enables companies to automate processes and reduce labor costs. It also cuts down on waste and improves service delivery, making it less expensive to manufacture and deliver goods as well as offering transparency into customer transactions.
IoT touches every industry, including healthcare, finance, retail and manufacturing. Smart cities help citizens reduce waste and energy consumption and connected sensors are even used in farming to help monitor crop and cattle yields and predict growth patterns.
As such, IoT is one of the most important technologies of everyday life and it will continue to pick up steam as more businesses realize the potential of connected devices to keep them competitive.