Benefits of the Internet of Things

The Internet of Things (IoT) is a name for the aggregate collection of network-enabled devices, excluding traditional computers like laptops and servers. Types of network connections can include Wi-Fi connections, Bluetooth connections, and near-field communication (NFC). The IoT includes devices such as "smart" appliances, like refrigerators and thermostats; home security systems; computer peripherals, like webcams and printers; wearable technology, such as Apple Watches and Fitbits; routers; and smart speaker devices, like Amazon Echo and Google Home.

Benefits of the Internet of Things

The use of smart devices will also likely mean a competitive advantage for businesses that use them strategically. For instance, by tracking data about energy use and inventory levels, a firm can significantly reduce its overall costs. Connectivity may also help companies market to consumers more effectively.

By tracking a consumer’s behavior inside a store, a retailer could theoretically make tailored product recommendations that increase the overall size of the sale. Once a product is in a consumer's home, that product can be used to alert the owner of upcoming service schedules and even prompt the owner to book the appointment.

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