Probably you have heard the words ‘Internet of Things’ (IoT) as much as ‘artificial intelligence’, ‘blockchain’ and ‘Bitcoin’ by now. IoT is buzzing and although it is widely described and explained in blogs, papers and video posts, its potential remains quite tough to grasp. Looking beyond that handy app that lets you peek into your smart fridge to see if you still have enough milk for your Sunday morning pancakes, what is the added business value of IoT?
IoT is believed to drive businesses to the next level as network connected devices carry out automated tasks based on insights distilled from data, collected by sensors. In many occasions, IoT is associated with industry 4.0 and improving efficiency as smart objects and machines generate insights to optimize processes. Besides its business value, IoT will have a tremendous societal value as it can be a great driver for sustainability