The Internet of Things (IoT) sounds a bit unorthodox but happens to be one of many new technology trends to make headlines today, but what is it? Like many of the latest trends that FG|PG has enlightened everyone with, namely the Metaverse, NFTs, and Blockchain Technology. IoTs continue to buzz and influence the newest devices on the market, and still, many continue to have a vague interpretation of what it means. The phrase is commonly used interchangeably as “the Internet of Things” and the acronym as “IoT”, which you will see a lot of while searching online. The term becomes clear as you navigate through the purpose of IoT, and how it’s impacted brands across the board.
Automation has ramped up to increase efficiency and secure the bottom line. IoT evolved over the past few years, as devices gradually integrate with the Internet of Things. It serves more of a purpose to understand the meaning behind the new term and what makes up the latest technology as it integrates into every section of our society. There are billions and maybe even trillions of electronic devices: computers, smartphones, smart TVs, cameras, and more. However, not all devices can identify as IoT devices, so it’s crucial to understand the differences. It’s important to note that a simple way to distinguish the difference between them is that devices that usually require physical or manual interference do not fall in the IoT category. As we dig deeper into the anatomy of IoT, in many ways, you will discover that the Internet of Things is ready to transform various businesses and industries within entertainment and events.
How does IoT Work?
The Internet of Things (IoT) is a term widely used by many experts when referencing the new tech, but always falls short in explaining what it means and how it works. IoT is a system of interconnected devices, mechanical or digital machines, embedded with software, sensors, etc., and carefully engineered with the ability to transfer data over an online network without requiring human-to-human or human-to-computer action. In short, IoTs are electronics that are connected to the internet to receive or send data.
Devices that are crossing over to IoT are the future of appliances and electronics. According to TechTarget, many devices can make up the IoT; for instance, a newly popular category is innovative versions of traditional house appliances like lightbulbs, refrigerators, thermostats, doorbells, baby monitors, etc. Devices also like your Bluetooth speakers and cameras with digital assistants like Siri, Alexa, or Cortana. New industries like healthcare, transportation, and factories have found the use of intelligent devices and sensors.
In 2015, Kevin Ashton, was credited with coming up with the Internet of Things (IoT). Describes it as the new system that integrates the interconnectedness of human culture – our “things” – with the interconnectedness of our digital information system – “the internet.”
Although we are experiencing the initial stages, as consumers, we are already integrating them into our daily lives and benefiting from their usefulness. We can lock our doors remotely digitally and preheat an oven, all while tracking our steps from our Apple Watch. More importantly, businesses benefit from the network and devices and offer a lot of growth now and in the future.
Importance of the Internet of Things
Electronics, devices, and Wi-Fi networks are all technological integrations that we’ve enjoyed including as part of our daily lives for the better. The colorful palette of devices available at our fingertips can get much more influential with the new trend of IoT. People can continue improving their daily lives by living and working smarter and gaining more control in their routines. In addition to automating their homes with the newest smart home devices, the Internet of Things is growing essential for businesses by the day. IoT allows companies to see a live view of how their organizational systems operate collectively — fetching analytical insights into all their plans, from the performance of their machinery to supply chain and logistical operations.
Automating these processes allows companies to reduce labor costs that were not formerly available. A more efficient company with IoT will also provide the opportunity to cut down on waste and drastically improve delivery during a non-economical era of delivery. Essentially, making it more affordable to manufacture and deliver commodities while offering transparency with clients and customers. Staying competitive is the ultimate goal for the event and entertainment industry, and IoT will continue to grow as more businesses discover the potential of connected and networked devices.
Benefits of IoT in the Entertainment & Event Industry
Businesses should always prioritize finding new ideas to improve different business areas, and now IoT gives them the tools to improve business strategies. Just one of the many benefits that these devices will offer all organizations. Some benefits can be more industry-specific, and some will cross over to various sectors. Expected benefits of IoT allow organizations to:
- Efficiently monitor their business processes
- Better their customer satisfaction and experience
- Save time, money, and secure bottom-line
- Select better businesses judgments
- Enhance associate productivity
Recent technological advancements in sensors have allowed various industries that work with tangible infrastructure and assets to explore new angles of tracking the process of their projects. For instance, the experiential event industry is just one of many large industries that deal with high-scale projects. Sensors could monitor events or change with structural buildings, exhibits, booths, activations, and more. IoT can disrupt every industry by saving time, money, and energy by creating a collectively automated operational process.