Torsten Oelke clarifies the term Internet of Things as it relates to our rapidly changing business world. While the name appears to have broad implications, Oelke focuses the conversation through examining the term through the lens of business innovation. IoT allows entrepreneurs to use data in ways it could not be utilized before. Not only will it allow business owners to maximize the use of their resources, but have a greater ability to predict when new resources are needed, which prevents losses in production and profit.
- The use of technology in automobiles will increase full efficiency.
- Cars that are connected to the internet will be easily located at any moment in time.
- Farms can use connectivity to monitor growth, water levels, nutrient levels among many other things.
“So if we want to take a more business-focused look at this now huge market, I suggest a change in our terminology, IoT will now mean Internet of Tools – how connectedness can help industry tools and devices work better and more efficiently.”