Internet of Things (IoT) explained
Devices and items of all sizes that have never been connected to the internet before can now become active online elements with the use of purpose build sensors. Those sensors - that are less than half size of an AA battery - can generate data that has never been collected again in the past and transmit that data on real time over the internet. For example if the family refrigerator is equipped with IoT sensors the data set collected would include what products were used, when, at what frequency and by whom, what will be replaced and what would be discontinued along with the seasonality buying patterns like Christmas groceries etc. In the near future all vehicles will be connected on the Internet of Things using multiple sensors - recording and exchanging data like speed, traffic, nearby incidents, vehicle, road and environment condition – interconnecting through Internet of Things (IoT) and sharing information that will be used by users to enhance their safety while being on the move.
This transmission can be automated under the control of an administrator directing what data will be fed where and who will have authorized access to analyze it. This data management procedure can even be regulated by any mobile device. Just imagine the endless Marketing and promotional activities applications that can be developed - based on actual facts and not estimates - since the latest IoT sensors are battery powered and completely wireless.
The potential of this technological development can revolutionize Marketing and Management becoming the prime source of information in the near future. Massive amount of data will be collected, advanced data mining algorithms will be applied to associate, classify and analyze extracted information from the Internet of Things connected devices to provide valuable and meaningful results that will dramatically enhance the decision making process.Part of the Big Data analysis is expected to be mechanized through Artificial Intelligence (AI) systems that are now developed.