January 25, 2016 1:33 am | Updated 2 years ago.
IoT (Internet of Things) enabled applications will have an impact on all aspects of business, be it inventory calculation, managing the supply chain or the security aspects. It is functional across all segments of an organization. Business events in the real world can be measured with the help of IoT to improve business operations.
Sensor-enabled devices will grant access to organizations to administer better services by tracking products and predicting the need for maintenance. It will also help in augmenting security and other regulatory requirements.
According to research consultancy firm Forrester in their report mentioned that IoT will pave the way for new business models as well. It gives the example of Kaeser Compressors, who have incorporated sensors to their industrial air compressors and offers compressed air as a service.
Forrester further gives an example of Steffen Hake, German dairy farmer, for whom IoT means to connect cows. He does it to keep a record of the fertility and health of his livestock.
Security is still a major challenge for IoT. Lack of industry standards and market norms make IoT all the more vulnerable. Deployment Cost is another issue highlighted by Forrester.