IoT
helios
week13question.docxResearch: Major Benefits and Drivers of IoT.
Background: According to Turban (2015),The major objective of IoT systems is to improve productivity, quality, speed, and the quality of life. There are potentially several major benefits from IoT, especially when combined with Artificial Intelligence (AI).
Reference: Sharda, R., Delen, Dursun, and Turban, E. (2020). Analytics, Data Science, & Artificial Intelligence: Systems for Decision Support. 11th Edition. By PEARSON Education. Inc.
ISBN-13: 978-0-13-519201-6
Assignment/Research: Go to pages 694 to 695 of your recommended textbook and familiarize yourself with the contents therein. Go ahead and make a list of the major benefits and drivers of IoT, thereafter pick two from each list and discuss them briefly.
Your research paper should be at least three pages (800 words), double-spaced, have at least 4 APA references, and typed in an easy-to-read font in MS Word (other word processors are fine to use but save it in MS Word format). Your cover page should contain the following: Title, Student’s name, University’s name, Course name, Course number, Professor’s name, and Date.
Submit your assignment on or before the due date.
13.3 MAJOR BENEFITS AND DRIVERS OF IoT
The major objective of IoT systems is to improve productivity, quality, speed, and the quality of life. There are potentially several major benefits from IoT, especially when combined with AI, as illustrated in the opening case. For a discussion and examples, see Jamthe, 2015.
Major Benefits of IoT
The following are the major benefits of IoT:
• Reduces cost by automating processes. • Improves workers’ productivity. • Creates new revenue streams. • Optimizes asset utilization (e.g., see the opening vignette). • Improves sustainability.
• Changes and improves everything. • May anticipate our needs (predictions). • Enables insights into broad environments (sensors collect data). • Enables smarter decisions/purchases. • Provides increased accuracy of predictions. • Identifies problems quickly (even before they occur). • Provides instant information generation and dissemination. • Offers quick and inexpensive tracking of activities. • Makes business processes more efficient. • Enables communication between consumers and financial institutions. • Facilitates growth strategy. • Fundamentally improves the use of analytics (see the opening vignette). • Enables better decision making based on real-time information. • Expedites problem resolution and malfunction recovery. • Supports facility integration. • Provides better knowledge about customers for personalized services and marketing.
Chapter 13 • The Internet of Things as a Platform for Intelligent Applications 695 The following are the major drivers of IoT:
Major Drivers of IoT
· The number of “things”—20 to 50 billion—may be connected to the Internet by 2020–2025.
· Connected autonomous “things”/systems (e.g., robots, cars) create new IoT applications.
· Broadband Internet is more widely available, increasing with time.
· The cost of devices and sensors is continuously declining.
· The cost of connecting the devices is decreasing.
· Additional devices are created (via innovations) and are interconnected easily
(e.g., see Fenwick, 2016).
· More sensors are built into devices.
· Smartphones’ penetration is skyrocketing.
· The availability of wearable devices is increasing.
· The speed of moving data is increasing to 60 THz.
· Protocols are developing for IoT (e.g., WiGig).
· Customer expectations are rising; innovative customer services are becoming a
necessity.
· The availability of IoT tools and platforms is increasing.
· The availability of powerful analytics that are used with IoT is increasing.
Opportunities
