The Internet of Things (IOT) is creating a big wave in the digital universe. The velocity at which start-up enterprises are adopting IoT opportunities is stimulating traditional and large size organizations to leverage this cutting-edge technology in their business. According to a research conducted by Capgemini Consulting, about 50% of the start-up firms that are less than three years old are forecasted to implement IoT solutions by 2017.

Let's dig in a little deeper to understand how enterprises across the globe are leveraging IOT technology as a connecting solution to attain competitive edge

IOT mainly brings together data, people, and processes to construct a network of connections, without requiring human-to-computer (H2C) or human-to-human (H2H) interactions. The technology offers unprecedented opportunities to both individuals as well as businesses to create new user capabilities while improve their experience.
A study by McKinsey illustrates that IoT businesses are forecasted to deliver nearly $6.2 trillion revenue by the year 2025. IOT connects real-world objects and sensors to websites and applications through the Internet. These sensors use various kinds of local area connections like Wi-Fi, RFID, Zigbee, and Bluetooth. According to industry pundits, the technology will help enterprises in gaining efficiencies while streamlining their operations and improving customer satisfaction rates.  In addition, the solutions are believed to have a significant impact on people's lives as it will improve public transportation, safety, and healthcare with better information & faster communication.
The Three Major Benefits of IOT are:

Communication: One of the major advantages of deploying this technology is that it facilitates faster communication of information between people and systems, including health and state of an equipment, or harnessing data from sensors to monitor an individual's health. The traditional cloud computing solutions lack frequent access to this type of information. For instance, in the healthcare industry, IOT can facilitate a hospital in tracking the location of surgeons, cardiac defibrillators, wheelchairs, etc.

Control & Automation: The internet connected world empowers businesses with ability to remotely control a wide range of devices, which means a company can remotely turn-on/shut-down equipment and adjust the temperature of its office environment by using the IOT technology. Additionally, consumers can use these solutions to perform functions like starting washing machine, unlocking cars, etc. Once a performance baseline is established, a process can transmit alerts and deliver automated responses.

Cost Savings: The technology is adopted by most of the businesses to save money. By automating its operations and remotely performing various functions, a company can minimize equipment failure and plan its maintenance in advance. Sensors and smart meters at homes and businesses can provide information that helps people in understanding energy consumption as well as identifying other cost savings opportunities.

To conclude, IOT solutions are revolutionizing the modern day businesses to automatically exchange mission critical information over the network.