| | June 20168CIOReviewThe Internet of Things (IoT) is now firmly enmeshed in our lives. From fitness bands and Bluetooth enabled keys, to health monitoring devices, we are already leading a well-connected life. And yet, some of the numbers around IoT can still take our breath away. According to Gartner, by 2016 we will have 6.4 million `things' connected to the Internet and that 5.5 million new things will get connected every day. Yes, you read that right!The Internet of things (IoT) is a network of objects embedded with software, sensors and internet connectivity allowing them to send and receive data. Now, what does this mean for businesses? Through our own experiences, we know that the evolution of `smart and connected' devices is poised to deliver tremendous benefits and efficiencies to businesses as well as individuals. But that is not the only value IoT offers. `Things' connected to the Internet generate huge volumes of data, which can be leveraged by businesses to improve their operations, enhance their understanding of their customers and also devise new offerings and products. Business Models around IoTWhile IoT primarily revolves around the devices, products or appliances that are connected, the business models deal more with the data generated from the In the coming years, IoT will fuel `as-a-service' offering, with companies providing fully managed devices or appliances with performance guarantees built indevices. Consider the Healthcare industry for example. Wearable devices today help many people monitor their fitness, sleep and health habits. This has led to healthcare and other ancillary businesses using this data to offer highly personalized nutrition and fitness solutions. Monitoring devices are helping hospitals and healthcare providers get real-time patient data and deliver timely care.In manufacturing companies, data-collecting sensors in factories give visibility into performance status and real-time alerts, enabling preventive maintenance. There are many potential cases for the Internet of Things: New Business Models and the Road AheadBy Vijay Anand, SVP, IntuitIN MY OPINION
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