What is the Internet of Things (IoT)?

The Internet of Things (IoT) is a network of physical objects—"things"—embedded with sensors, software, and other technologies to connect and exchange data with other devices and systems over the internet. These devices range in complexity from common household items to sophisticated industrial instruments. Experts predict that by 2020, there will be more than 10 billion connected IoT devices, and by 2025, there will be 22 billion. Oracle has a device partner network.

What is the significance of the Internet of Things (IoT)?

IoT has emerged as one of the most important technologies of the twenty-first century in recent years. Now that we can connect everyday objects to the internet via embedded devices, including as kitchen appliances, vehicles, thermostats, and baby monitors, seamless communication between people, processes, and things is conceivable.

Physical things can share and collect data with minimal human interaction thanks to low-cost computers, the cloud, big data, analytics, and mobile technologies. Digital systems can record, monitor, and alter each interaction between connected things in today's hyperconnected environment. The physical and digital worlds collide, but they work together.

What technologies have enabled the Internet of Things?

While the concept of the Internet of Things has been around for a long time, recent developments in a variety of technologies have made it a reality.

Low-cost, low-power sensor technology is available. IoT technology is becoming increasingly accessible to more manufacturers thanks to the availability of low-cost, high-reliability sensors.

Connectivity. A slew of internet network protocols have made it simple to link sensors to the cloud and other "things" for fast data transfer.

Platforms for cloud computing Cloud platforms are becoming more widely available, allowing organisations and consumers to gain access to the infrastructure they need to grow up without having to handle it all themselves.

Analytics and machine learning. Businesses can acquire insights faster and more simply thanks to developments in machine learning and analytics, as well as access to diverse and large volumes of data stored in the cloud. The advent of these linked technologies continues to push the frontiers of IoT, and IoT data feeds these technologies as well.

Artificial intelligence that converses (AI). Natural-language processing (NLP) has been brought to IoT devices (such as digital personal assistants Alexa, Cortana, and Siri) thanks to advances in neural networks, making them more appealing, inexpensive, and feasible for home usage.

What is the Industrial Internet of Things (IIoT)?

Industrial IoT (IIoT) refers to the use of IoT technology in industrial settings, particularly in terms of sensor and device instrumentation and control using cloud technologies. For a nice example of IIoT, look at this Titan use case PDF. Machine-to-machine communication (M2M) has recently been employed in industries to achieve wireless automation and control. However, with the rise of cloud and related technologies (such as analytics and machine learning), businesses can attain a new level of automation and, with it, new income and business models. The Internet of Things, often known as Industry 4.0, is the fourth phase of the industrial revolution. The IIoT is commonly used for the following purposes:

• Manufacturing that is smart
• Preventive and predictive maintenance, as well as connected assets
• Power grids that are smart
• Cities that are "smart"
• Logistics that is linked
• Digital supply chains that are smart

IoT unlocks business value

Companies are capitalising on the immense business value that IoT may offer as it gets more widely used in the marketplace. These advantages include:

• Using data-driven insights from IoT data to improve business management
  
• Increasing the efficiency and productivity of company operations
• Developing new revenue streams and business models
• Connecting the real and digital worlds in a simple and seamless manner to accelerate time to value

What are Internet of Things (IoT) applications?

IoT applications that are ready for business as a SaaS service

IoT Intelligent Apps are prebuilt software-as-a-service (SaaS) applications that analyse and deliver recorded IoT sensor data via dashboards to business users. We offer a comprehensive suite of IoT Intelligent Applications.

Machine learning techniques are used in IoT applications to analyse enormous volumes of linked sensor data in the cloud. You may see important performance indicators, statistics for mean time between failures, and other data using real-time IoT dashboards and alerts. Machine learning algorithms can detect irregularities in equipment and deliver notifications to users, as well as trigger automated fixes or proactive countermeasures.

Business users may easily improve existing supply chains, customer service, human resources, and financial services operations using cloud-based IoT apps. There's no need to start from scratch with your business operations.

What are some examples of IoT application deployment?

The capacity of the Internet of Things to supply sensor data and enable device-to-device communication is driving a wide range of applications. Some of the most popular applications and what they accomplish are listed below.

Changes in business processes should be possible.

The use of IoT devices for linked assets to monitor the health of remote machines and prompt service calls for preventive maintenance is an example of this. Remote machine monitoring is also enabling new product-as-a-service business models, in which users pay for the use of a product rather than purchasing it.

Wearables can be used to track human health and environmental conditions.

IoT wearables help consumers understand their own health and allow doctors to monitor patients remotely. This technology also allows businesses to track their employees' health and safety, which is especially useful for workers who work in hazardous environments.

Create new manufacturing efficiencies through equipment and product quality monitoring.

Machines can be monitored and examined on a continual basis to ensure that they are operating within acceptable tolerances. Quality faults can also be identified and addressed in real time by monitoring products in real time.

Improve physical asset tracking and "ring-fencing."

Businesses can easily determine the location of assets via tracking. They can use ring-fencing to ensure that high-value assets are safe from theft and removal.

Improve old procedures and open up new possibilities.

One example is the application of IoT in connected logistics for fleet management to improve efficiency and safety. Companies can utilise IoT fleet monitoring to increase efficiency by directing trucks in real time.

What sectors can profit from the Internet of Things?

Organizations that would benefit from deploying sensor devices in their business processes are the greatest candidates for IoT.

Manufacturing

Manufacturers can obtain a competitive advantage by adopting production-line monitoring to enable proactive equipment maintenance when sensors detect impending breakdown. Sensors can detect when industrial output is being harmed. Manufacturers can swiftly examine equipment for accuracy or remove it from production until it is fixed with the help of sensor alerts. Companies can lower operational costs, increase uptime, and improve asset performance management as a result of this.

Automotive The deployment of IoT applications has the potential to provide major benefits to the automotive industry. Sensors can detect impending equipment failure in vehicles currently on the road and provide the driver with details and advice, in addition to the benefits of using IoT on production lines. Automotive manufacturers and suppliers may learn more about how to keep automobiles running and car owners informed thanks to aggregated data gathered by IoT-based applications.

Healthcare

The healthcare industry benefits from IoT asset monitoring in a variety of ways. Doctors, nurses, and orderlies frequently need to know where patient-assistance items like wheelchairs are located. When wheelchairs in a hospital are fitted with IoT sensors, they can be tracked using an IoT asset-monitoring application, allowing anyone looking for one to easily locate the nearest available wheelchair. Many hospital assets can be tracked in this manner to ensure correct use and financial accounting for the physical assets in each department.

Retail

Retailers may use IoT applications to manage inventory, improve customer experience, optimise supply chains, and cut costs. Smart shelves with weight sensors, for example, can collect RFID-based data and transfer it to an IoT platform to automatically check inventory and give warnings when things are running short. Customers can receive tailored discounts and promotions via beacons, making for a more engaging experience.

The Government Sector

In the public sector and other service-related sectors, the advantages of IoT are similarly extensive. Government-owned utilities, for example, can utilise IoT-based applications to alert their customers of large-scale outages as well as minor interruptions in water, power, or sewer service. IoT applications can collect data on the scope of an outage and deploy resources to assist utilities in recovering from outages more quickly.

Logistics and Transportation

A variety of IoT applications benefit transportation and logistical systems. Thanks to IoT sensor data, fleets of vehicles, trucks, ships, and trains carrying inventory can be rerouted based on weather conditions, vehicle availability, and driver availability. Sensors for track-and-trace and temperature-control monitoring could be built within the inventory itself. Temperature-sensitive inventory is common in the food and beverage, floral, and pharmaceutical industries, and IoT monitoring apps that provide alerts when temperatures rise or fall to a level that threatens the product would be quite beneficial.

Across all industries, there is a need for general safety.

IoT can be utilised to improve worker safety in addition to tracking physical assets. Employees in hazardous areas, such as mines, oil and gas fields, chemical and power plants, need to be aware of the possibility of a hazardous incident affecting them. They can be warned of accidents or rescued as quickly as possible when they are connected to IoT sensor–based apps. Wearables that monitor human health and environmental parameters also leverage IoT applications. These apps not only help consumers better understand their own health, but they also allow doctors to monitor patients remotely.

What is the impact of the Internet of Things on the world? Consider connected vehicles.

By enabling connected cars, the Internet of Things is revolutionising the automobile. Car owners can use IoT to control their vehicles remotely, such as preheating the vehicle before the driver gets in it or hailing a car by phone. Because of the Internet of Things' potential to enable device-to-device communication, cars will be able to schedule their own servicing appointments as necessary.

Car makers and dealers may use the connected auto to flip the car ownership model on its head. Previously, manufacturers and individual buyers had an arm's length connection (or none at all). When the car was delivered to the dealer, the manufacturer's relationship with it effectively terminated. Automobile manufacturers and dealers can maintain a continual interaction with their customers thanks to connected cars. Instead of selling automobiles, they may charge drivers usage fees and provide "transport-as-a-service" with self-driving vehicles. IoT allows car manufacturers to regularly update their vehicles with new software, which is a significant departure from the traditional paradigm of auto ownership, in which vehicles rapidly deteriorate in performance and value.

With Oracle IoT, you can make the smartest business decisions.

You can bring your supply chain, ERP, HR, and customer experience (CX) systems into the digital world with Oracle Intelligent Applications. Improve operational efficiency, raise worker productivity, improve CX, and develop new business models and opportunities by leveraging intelligent, predictive algorithms and digital twins.