6 Ways IoT Is Changing The Way We Live

by Sohini Bagchi    Apr 09, 2015

iot smart

The Internet of Things is already underway with heady expectations on what we can expect in the coming decade. The groundwork for this blast of technology was developed 15 years ago by Kevin Ashton, cofounder of the Auto-IDCenter at MIT, who also coined the term “Internet of Things”

Despite being a relatively new concept, often times being built on tried and trusted foundations, IoT is no longer a future prospect, and in many areas also operational. Consulting firm iDate predicts by 2020, a well over 80 billion objects are likely to be connected to the Internet. At present, there is plenty to learn about IoT, explore its potential and understand how drastically it will change the world in the coming years.

Here are some ways in which it is changing our lives and the world around us.

1. Automated health care system

IoT can result in an automated healthcare system. It can be used on human and other living bodies to collect data, most importantly, track illness and monitor behavioural patterns. For example, chips could be placed on individuals such as hospital patients in order to monitor vital signs and help indicate what responsive action or procedure should be taken, while also notifying doctors and physicians of critical conditions before it’s too late to resolve them. For example, chips could be placed on patients in order to monitor vital signs and help indicate what responsive action or procedure should be taken. This will help in notifying doctors and physicians of critical conditions before it’s too late to resolve them.

2. Ensure better and safer driving

Automobile is an industry that will benefit the most from IoT. For years, the sector was concerned about product safety, in order to avoid car crashes. Safe driving can revolutionize through the implementation of smart devices in vehicles that collect data and then translated into metrics and insights. This will help in analyzing driving behavior such as vehicle speed and movement, steering and brake system. “The increased consumption and creation of digital content within the vehicle will drive the need for more sophisticated infotainment systems, creating opportunities for application processors, graphics accelerators, displays and human-machine interface technologies,” says James F. Hines, research director at Gartner as the research firm forecasts that about one in five vehicles on the road worldwide will have some form of wireless network connection by 2020, amounting to more than 250 million connected vehicles. 

3. Boost customer service

IoT will bring in a whole new, improved, and personalized experience to customers. Using concepts such as real time analytics and M2M, IoT will create an automated and centralized platform to understand the various challenges facing consumers. This would automatically lead to increased efficiency and greater costumer satisfaction. As VV Rajasekhar, Senior VP and CIO, ITC Infotech notes that unlike earlier, technology advancements were focused on the product alone, today’s buiness models are becoming more service-centric, paving way for IoT growth and vice versa. “For example, a­ customer-centric commerce platform can keep track of critical data like purchase history, payment methods and loyalty program information to help companies improve the customer experience and in turn boost profitability,” he says.

4. Driving smart infrastructure

The IoT movement - a confluence of technologies and thousands of tiny sensors that will measure everything from traffic management to temperature and humidity, is also driving something as big as smart cities of the future, Angshik Chaudhuri, Executive Director, Globalization, Cisco Systems India says, “Cities are growing at the rate of 10,000 people per hour even as we accelerate toward a world with more connected devices.” He believes for every device connected to the Internet, 10 more will join it in the near future. “In such a scenario, the IoT has a large role to play in future smart cities,” says he.

Read on: India’s Smart Cities: Lesson From Singapore

Governments across the world are realizing that by implementing IoT, it is likely that you will save yourself, and your business, some dollars. Real time monitoring of data provided by sensors in industrial equipment and household appliances can be used to reduce energy and water consumption, and allows for other additional opportunities for cost savings.

5. Increased productivity and revenue

IoT will allow for an increase in productivity, and an increase in revenue. With IoT, many different industries will engage in enhanced automated workflow, product tracking, inventory control, and energy conservation, all within and through the network. Unlike the current manual system, the industrial process becomes automated and monitored in real time. 

Read more: Preparing CIOs, CMOs For IoT Challenges

This not only increases operational efficiency but the devices will be able to make decisions and solve problems without error, resulting in not only time saving but also cost. Manufactures will be able to produce more in less time for less money and using less energy – this in turn will strengthen the business ecosystem.

6. Improve quality of life

In the near future we will be able to communicate with all sorts of devices as long as they are connected to the internet. The smart home market is exploding. According to Rajarshi Sengupta, Senior Director, Deloitte Touche Tohmatsu India, believes the driving force behind this is a combination of many things such as an abundance of services, cheaper and more user friendly devices, high speed broadband connection, and changes in consumer behaviour. Apart from services that satisfy our ever growing demand for comfort and pleasure, services related to eHealth, alarm systems, energy control, etc will also invade our homes and daily life , as Sengupta sums up, “IoT is set to improve our quality of life!”