Reference no: EM13463557

1. The "Internet of Things", IOT, is the process of identifying and tagging physical and virtual objects and link them to the Internet by embedding with sensors and actuators, and automatically transferring data over the network without human intervention. There are many different utilization of IOT today with smart technology. The smart meter replaced two years ago in Greater Vancouver area is one such example. The smart meter will transfer the hydro usage to the central system periodically without the need of human reading and recording the usage. This automation eliminates the human error and can also detect failures or misuage.

2.IOT will help business by increasing the profits and reducing costs. Today's Business models are based largely on static information with manual process. Information obtained are through a slow process and sometimes out dated. With IOT, the business can always obtain the first-hand dynamic information and this will help them make the right decision quickly and efficiently. Many business are using the IOT to provide the real time stock information to the vendor and consumers. Furthermore, when a customer's buying preferences are sensed in real time at a specific location, dynamic pricing may increase the odds of a purchase. Companies that take advantage of these capabilities stand to gain against competitors that don't.

3‘The Internet of Things' (IOT) is a scenario where people, products, or systems are provided with unique codes, or identifiers, that enable the linkage of these objects to the internet. Such a linkage provides the ability to obtain more information about the object - e.g. its status, location, cost, more detailed specification etc.

The unique identifier allows for automatic transfer of data about the object, without the need for any human-to-human or human-to-machine interaction.

4.IOT has already had tremendous impact on business and the way we see and interact with the world and it will continue to do so as we keep surrounding ourselves with ‘smart' technology and devices.

IOT has the potential to one day connect everything and everyone at all times. Such an inflow of real-time information would significantly improve the organization's ability to respond to their customers' needs. Not only would it change the timeliness that the information is received it, but it would also increase the amount and detail of that information - creating a more personal and potentially more ‘ customized' relationship between the business and the customer.

This will lead to the ability of the businesses to make more effective decisions - i.e. ability to respond to customer feedback, react to most recent trends, and consider customer behaviour in their decisions and planning.