What is IoT (Internet of Things) and How Does it Work?

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INTERNET OF THINGS

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The Internet of Things
The “Internet of things” (IoT) is becoming a progressively growing topic of
discussion both in the outside world and organisational workplace. According to Kshetri
(2017), The Internet of Things is the assortment of those various devices, sensors and other
technologies that are not intended directly communicate with customers’ alike computer
systems or phones. Rather, IoT devices aid in giving control, data and analytics to link a
domain of hardware devices with one another and the bigger internet. As per the data by IoT
Analytics, there are more than 17 billion joined devices globally as of 2018, with more than 7
billion of these represents “IoT” devices (Schmelzer, 2019).
There are various ways the Internet of Things technologies are transforming the
business in today’s competitive market scenario and this gives the reason to various business
organisations to integrate and implement such technology in their day to day operations. IoT
technologies transfer and record information to monitor procedures, present new insights,
accelerate efficacy and enable businesses to create more effective decisions making. IoT
technology help businesses in improving business insights and customer experience through
the help of connected equipment’s, embrace reduction in operational expenditure and
downtime, identifying ways to boost efficiency and gains productivity, assets tracking and
waste reduction, and ultimately, helping enterprises to recognise the scope to move away
from conventional business models to new revenue streams (Hobbs, 2018).
One of the real life examples can be found with Walt Disney World, as it uses this
technology to enrich its experience in theme grounds, tightening safety and attain incredible
intuition into the behaviours of visitors. More specifically, the company out its MagicBand
for early public testing in 2013, meant as a wearable device that would help as what appeared
like a simple RFID chaser to advance access to the park. In 2015, Disney has informed it has
delivered 10 million MagicBands and planning soon to launch it in other parks (McNew,
2015). The company is also planning to increase the use of this technology in other areas and
recently, it was found that Disney partners with Hitachi on IoT and analytics with an aim to
create intelligently, data driven solutions in order to enhance efficiency in operational area
(Mitchell, 2019).
Helal (2018) stated IoT as the biggest frontier which can bring improvement in
business life in many aspects. IoT technology also helps businesses to facilitate great