IoT Technology Could Transform The Business Models Of Essential Services, Here’s How


The IoT technology is transforming the way we interact with the devices and the business models followed currently. The Internet of Things as the name suggests is the network in which the electronic devices are connected over the cloud to share and receive information. With the installation of one or more sensors on a device, it is enabled to share the information about its state with the cloud and can receive instructions too to change the same. 

There are various common IoT enabled devices we interact with, on a daily basis like AC, Lights, Washing Machine, Oven, Microwave, Smartphones, etc which can be controlled by our smartphones. All these devices can connect to provide a better user experience. IoT connectivity empowers them to take decisions and perform actions on their own. The application of IoT in essential services is very beneficial.

IoT to Transform Business Models of Essential Services

Daily Life

We have been using AC, Oven, Electric lights for quite a long time. Earlier the only way to interact with them was to manually go to each device to control them and give instructions. But now with IoT connectivity, we can control these devices on our smartphone from wherever we are. IoT does not improve the working of the devices but the services provided by them. Now you can turn the AC ON when you are about to reach home so that the temperature of the house is already adjusted to what you like.

IoT technology
Image Source: Pinterest

It is a very common mistake that we make is, forgetting to turn the electrical appliances off before leaving the home. But IoT can solve this issue by allowing us to turn them ON and OFF from our smartphones. IoT provides physical things to have their existence on the internet to share the information collected by the sensors and electronics embedded in them with other devices.

Healthcare

One of the major benefits of IoT is in reducing the time it used to take to access medical services. There are various health care devices available which monitor our health of the user and generate real-time data.

This data is analysed and compared with the parameters like pulse rate, the temperature which is considered to be as safe. But when the data fails to satisfy any one of the parameters, then the family member and the doctor of the user is informed about it on a smart device with the essential data. This can allow the concerned peoples to provide help to the patient as soon as possible, physically or from distance.

IoT Technology
Image Source: eHealth Magazine-Elets Technomedia

IoT technology improves the quality of healthcare by providing real-time data analysis to deliver medical services in critical situations and also reduces the cost of purchasing very expensive medical equipment. This data can also improve medical research as it is more accurate and valuable than the leftover data.

Industry

For an industry to sustain, the quantity and the quality of production is very important. It should be able to produce enough quality products to make up the investments made in setting up the plant. An issue in any component which leads to pause the production may cause a lot of capital loss but IoT can solve this problem. 

With the installation of sensors on critical components, the health of the machine can be measured and corrective measures can be made to continue the production. Even the data can help to find the scope of improvement to increase the productivity of machines. The sensors can also be installed in the storage room to keep track of the raw material and the space in the storage room where the product can be stored.

IoT Technology
Image Source: SensrTrx

IoT Technology can help in improving the supply chain. The installation of a barcode on the product containing all the essential information about it will make the supply chain more transparent. At every stage, it can be scanned to track the product’s journey from the industry to the retailer.

Agriculture

Agriculture is the sector which is generally operated on instinct. Like the correct time and amount of irrigation, sowing, quality and nutritional need of soil and weather conditions. These irregularities lead to the excess expense of energy. Even it also causes wastage of resources and less production.

Specialized sensors can be used to measure the important parameters of the crop like humidity, irrigation which can be compared with the desired value. So that the components are provided only in the necessary amount. 

Greenhouse farming is one such practice that involves the creation of most accurate environment conditions for farming, artificially. All the necessary equipment like pumps, lights, fans required to maintain these conditions are connected through IoT to function on its own. These conditions are measured with the aid of sensors which share the data with the cloud and take the necessary action to adjust the light, humidity, temperature, etc to increase the yield.

Disaster Management

Disaster management is one such field that should leverage the benefits of IoT to reduce the number of life losses caused by disasters. IoT Technology, predicts the occurrence of natural disasters and informs the concerned authorities like police, rescue teams about it so that they can get some time to prepare and evacuate people to a safe place.

Natural Disasters like cyclones are life-threatening events. If they are detected and people are informed before they hit the coast, it can save a lot of lives. The destruction caused by forest fire can be reduced with the installation of sensors near the forest which can sense parameters like temperature, and carbon emission and inform the control room with the data if some risk is detected. The control room can later take the possible actions to minimize the impact it might cause.

Conclusion

IoT can increase the rate of transfer of pieces of information and eases the way of accessing it. Earlier there was no way for the physical objects to exist on the internet and humans were the only link between them. But IoT has enabled them to interact with each other and share information to improve the services provided to the customer.
Because of this generation of a large amount of data, the requirement to keep it secure is also a major challenge to deal with but still, it cannot hide the benefits of IoT technology.