The abbreviation IoT stands for the internet of Things. It’s a convenient acronym, which helps to differentiate products and abstract concepts from people.

You're a person reading this text on what we could call the internet of people. Actually, however, this distinction is more for analysis purposes than anything. Actually, there's only one internet.

Smart Connections

One way of brooding about the Satellite IoT, is that it connects machines, people and data during a seamless and integrated whole. It uses technology to enable people to machine and machine to machine interactions.

Smart Relationships

we can take this thinking one step further, and consider the subsequent broader definition.

The "Things" within the Web of Things aren't limited to connected devices, but also can include things that aren't and can't be connected like people and places, and abstract ideas, like events (e.g. a concert), organizations, and time periods (e.g. the 70s). Each thing can have one or more virtual representations (avatars). Ref 1

Smart Connected Products

These products have three core components:

Physical elements

Smart Technology: e.g. sensors, micro-processor and analytics

Connectivity: the power to send data to the Cloud, via cellular or satellite connections

Operational Uses of Smart Products

1. To watch

They reduce the necessity for physical proximity to the merchandise. Its' activity are often monitored via a sensible app on any suitable device.

2. To regulate

In addition to monitoring a sensible product, some also can be controlled remotely. This feature allows people to dynamically configure and operate a machine.

3. Optimize the merchandise

The connectivity of a sensible product allows factors like timing to be fine-tuned, remote diagnostic to be run and software upgrades to uploaded at any time.

4. Automation

Through the introduction of sophisticated algorithms, a product are often programmed to can act alone or in coordination with other products. It can work dynamically, counting on what's happening in its' environment.

Business Implications of IoT Products

Here are some samples of how smart products can change the way we work and do things.

The better use of resources, as an example remote maintenance saves on time and travel costs.

New functionality for an old product, e.g. a foreign control home heating thermostat.

Faster new designs, as you'll add new features to a current product in real-time.

Value added from having the ability to gather data and to analyses data from products also as people

a business can change from being a hardware product company into a service oriented company. That is, a product as a service mentality.

Summary

clearly the introduction of IoT technology may be a game changer for several companies and it can hopefully be wont to make our lives easier.