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What is IoT?

IoT stands for the phrase “internet of things.” This acronym encapsulates any object embedded with software, sensors, and other technologies to connect and exchange information with other devices and technology systems over the internet.

Some well-known examples of IoT are:

· The touchscreen on a refrigerator

· Tesla car

· Wearable health monitor

Many devices and technologies fall under the “internet of things” umbrella! This proves that our world is becoming more interconnected every day.

IoT is extremely important in our modern-day world. With the creation and development of IoT in the 21st century, communication is more efficient and inexpensive. Devices and digital systems can create, monitor, record, and communicate with as little human involvement as possible.

Industrial IoT (otherwise known as IIoT) is the application of IoT technology in industrial settings. Companies have created new revenues and business models never seen before due to this technology.

In the supply chain industry, manufacturers and suppliers utilize IoT technology to improve the traceability of their products from their warehouses to delivery sites. Companies use IoT solutions to improve their inventory accounting and prevent losing products on-site or running out of stock. These solutions utilize RFID technology and sensors critical for companies trying to reduce costs and waste.

With the expansion of IoT technology in the business world, companies can cut down on costs and inefficiencies that previously could not be changed. Now businesses worldwide are equipped with the tools to cater to the ever-changing needs of their consumers.

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