THE INTERNET OF THINGS (IOT) AND ARTIFICIAL INTELLIGENCE (AI)
One of the fastest growing areas of new technology is known as the Internet of Things (IoT). The IoT is the expanding network of interconnected “smart” consumer products, ranging from Amazon’s Echo to “smart home” products that control temperature, lighting, and even home security. While IoT devices can streamline a business’s functions in a myriad of ways, there are several key issues to keep in mind when considering acquiring IoT technology. We live in a world where phones, cars, clocks, kitchen devices, appliances, and other household products monitor consumer behavior and communicate with us and each other via the internet. The collection of data by these devices presents enormous opportunities for businesses to gain efficiency, improve quality, decrease costs, and improve performance in products and services. IoT encompasses the ability of such devices and systems to connect wirelessly and the increasing number of products created and sold that allow for such connectivity. These internet connected devices are enabled by small embedded computer processors and software. In the narrowest definition the IoT involves connecting electronic devices to the public Internet. Just as there is no widely accepted definition of IoT there are likewise no uniformly recognized IoT standards for communication or security protocols. It is estimated that the number of internet connected devices is well over 17 billion, more than 2 per person on the planet, and will likely double in number by 2025. IoT applications are projected to produce over a trillion dollars in value for businesses.
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