Reasons for Popularity of 'Internet of Things'

We are living in an era of technology, where electrical devices are used by everyone. If we talk about business organizations, there are a number of devices used on a daily basis. These electrical devices allow better communication between various departments of the organization. 

Nowadays, the concept of 'Internet of things, also referred to as 'IoT', has become very popular among business organizations. It is basically the process of connecting various electrical devices to each other with the help of internet. The concept has proved to be very helpful to business organizations and is widely used in various industries including, healthcare, oil and gas, retail, infrastructure, supply chain and insurance.

Let's have a look at some of the major benefits of the Internet of Things. The first and most important benefits are that it increases productivity. It has been seen that when different machines are connected to each other through a wireless internet connection, it fastens the rate at which transactions are made hence increasing the productivity. It also enhances process efficiency and improves asset utilization which in turn helps businesses in cost savings. 

IoT has resulted in a better return on investments made in the areas of research and development. It also opens up new sources of revenue for business organizations. If we talk about automation and transport industry, IoT significantly improves customer experience and increase safety as well as revenue streams. It can help in predicting consumer behaviour by using data from social media and checking mobile device usage. Widespread connectivity, low cost and better productivity and efficiency are the main reasons for the growing popularity of IoT.

Be it asset tracking, individual tracking, security, shipping or inventory control, IoT is beneficial all aspects of business communication. It has also made the operation of web-based SCADA system more efficient. IoT makes machine-to-machine (M2M) communication much easier, allowing machine operators to know the condition and location of devices placed in far off places. 

When this happens, it becomes much easier to keep a track on information being circulated in different departments within the organization. Nowadays, businesses also use this concept for product promotion. For example, in the retail industry, IoT is used to do mobile promotions with regular customers. 

It helps in keeping a track of the shopping interests and history of frequent customers. Tracking is done with the help of a location-based tracking system, not only for the shopping done over the internet but also by physical shoppers.

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