Question 3.1

1 Internet of Things

The Internet of Things is a ‘’computing concept that describes a future where everyday physical objects will be connected to the Internet and be able to identify themselves to other devices’’ like home appliances, cars, etc.

It is amazing what devices can do if they are connected to the internet. It really makes you wonder are you really using your device to its full potential, and if you are not, well, you do not enjoy certain benefits. A great example is a watch that possesses all the capabilities of a cell phone, these are referred to as smart watches. As if that is not enough, Google released their glasses called Google Glass, and these glasses allow you to do all the things you could do on a tablet or smartphone.

Gone are those days when we would do our research using encyclopaedias and spending endless hours in the library. Anything we need is just a click away. Businesses are also catching up, not only can you do business over the counter, but a transaction can be fulfilled even the two parties (buyer and seller) are provinces or countries apart through e-commerce. Technology allows businesses to automate manual operations and process information much faster.

The Internet of Things has a significant impact on the way businesses transact in the sense that:

• Location tracking of valuable inventory is simplified
• The Internet of Things will provide new job roles such as Chief Digital Officer, Data Scientists, Data Analyst, to name a few.
• Making a trip to the coffee machine will mean better use of time. If the coffee machine is connected to the Internet, it will be intelligent enough to recall your preferences.
• For doctors who own their own practices or are under the employment of a hospital, IoT will enable devices to read data directly from a person’s body enabling doctors to access real time patient data remotely.
• They say ‘’knowledge is power’’ and with that said, the IoT will generate an enormous, truly unprecedented amount of precise information about buyers and their needs. This way, businesses can offer tailor-made products that exactly fit the needs of the customer.

 

In conclusion

The world is definitely evolving and businesses are following suit. The Internet of Things is surely making things easier and more efficient, however, as we usher this new development into the world, more emphasis should be placed on security and privacy and ensure that the room for fraud is impossible.