Technology is constantly changing at a swift pace. One of the recent, highly interesting and state-of-the-art technologies in the market is the concept of the Internet of Things (hereafter: IoT).
First, let us form a common platform of understanding, and define what is meant by IoT. For this we will stick to Gartner’s definition, which in fact is considered universal and at the same time consistent with our understanding:
“The Internet of Things (IoT) is the network of physical objects that contain embedded technology to communicate and sense or interact with their internal states or the external environment.” (Gartner)
Moreover, IoT works through a pervasive system, where devices change their mode of action according to the changing context they sensed. Application areas for IoT cover for example smart homes, monitoring network blockage, power consumption & quality, and traffic.
A sample of a smart home application is the idea of smart plugs, which indeed is very interesting and of high economic value. These plugs can detect the user’s presence and adjust the power consumption accordingly. This in turn would make individuals save money, besides opening new opportunities for investments and businesses.
Another example, rather on a macro than a micro level, is the regulation of energy/power consumption and quality through smart meters. This in fact can make governments also save significant amounts of financial resources and narrow down national deficit gaps. Other examples would include sensors to detect traffic jams or sensors to detect problems with water leaks.
Further examples, can be taken from the healthcare industry, where wearable devices can measure body vitals and send the desired reports directly to the responsible physician.
Nevertheless, some of the above mentioned examples require huge amounts of data collection and analysis to sense different patterns and forecast the upcoming actions. One of the tools that can help you forecast that, is the ITWORX times series forecasting software module. But this is another story!
IoT is a technology that is adopted and fine-tuned by highly industrialized and technology-aware societies and countries. But it is also adopted by ITWORX, a global software solution company.
The company is working on a smart metering application that shall provide its users with near real-time alerts and near real-time monitoring options. Besides, the app is scalable to handle millions of smart meters. Last but not least, the app allows advanced analytics to be undertaken and helps that way in data accumulation and evaluation, which in turn can be used for this technology amelioration and/or forecasting purposes.