Innovation is something which eases the life of common man. With technology improving every day and new innovations improving the life of people, there has to be something out of the box which will dominate this era like a king along with rich user experience. Internet of Things (IOT) is one such technology.
What is IOT?
IOT is Independent communication that happens between the objects which helps to optimize the operations, reduce the cost, boost the productivity, and improve the life.
How Internet of Things(IOT) works?
Smart devices such as mobile phones, Smart cards, Laptops, surface computers generate a lot of data every day. All these web enabled devices have embedded sensors and processors with powerful hardware. These devices often communicate with other smart devices and exchange a lot of useful information called as Machine to Machine communication. This real time information can be used for different useful purposes.
How useful is the information from this data?
The real-time information comes handy when
- You are feeling sick and need urgent medical attention.
Currently doctors are curing the patient with face to face interaction. With the information being generated via sensors and other smart devices, in case of medical urgency like abnormal heartbeat, Heartrate Sensor directly sends the rate of your heartbeats to an internet network to nearby hospital and hospital sends ambulance to your doorstep.
- You want to improve Business and increase revenues
This data can be used to know what items are most consumed at store X and which are rarely sold. You can maintain your warehouse according to the sales, and thus reduce material waste. This information can also help in tracking items and equipment in real time.
- You want to get out of traffic jam
Traffic sensors can help you to find an alternative path if you are stuck in traffic jam. With this information, you spend less time in traffic and more time doing other vital things. This also leads to reduction of emission.
And this is not all. You can control the amount of greenhouse gases being emitted; control the pollutants in the rivers.
The IOT wave in startup companies
With the advent of newer technologies and increasing growth of smart devices, many companies including big giants and smaller startups are putting their eyes on IOT.
Starting your business with right checkpoints is important. These checkpoints can be illustrated as:
Understand Consumer: Innovate on the things which will help people so that they should prefer your product.
Find right Business model: With a startup, it is really important to put your money having right business model which can succeed in longer terms.
Be alert of the market. With the ever increasing competition, there is no guarantee that the you will always be a market leader. You might need to invent or bring improvisation to your product.