The Internet of Things IOT is the extension of the Internet connectivity in physical devices and everyday objects Integrated with electronics, Internet connectivity, and other types of hardware, these devices can communicate and interact with others over the Internet and can be monitored and controlled remotely.
The internet of thing device has become part of mainstream elements and is been adopted faster than ever. It is estimated that by 2020 that there will be around 21 billion connected to the internet. The internet of thing is a huge part of how we interact with objects every day.
About a year ago, we moved from 5million IOT device connections to billions. The future is already happening and the device is getting smarter daily with artificial learning and machine learning.
IOT is such an important technology because IOT is of great influence to our routine activities for example for someone that usually misplace valuable items like wallet, smartphone, key etc. For people like this, there are IOT that can help. There is a tiny red square device called beacon. When you connect it to your Android smartphone, you can use it to find anything attached to it. When you misplaced anything, you can open up the app and get the map that will help you find it.
From the home to across society, IOT is a rebellion that guarantees to change the lives of people. This happens due to booms in affordable computing.
The internet of thing can sense the environment in various ways such as monitoring pressure, viscosity, temperature and geo-positioning. This system is even used in food preparations. The internet of thing also allows the use of wireless technology and transmit the information into the cloud at component levels. IOT also provide a place to save information as well as security and management.
IOT support a way to build cost-effective and system flexibility by an open set of components that are included and easily connected to your workplace.
For procurement, IOT will present a better understanding of supply and equipment usage and increase in speed visibility. This will help the procurement team know exactly what is been used and needed as well as improve catalogue content. The ability to predict this need will greatly improve contract management and budget.
Taking advantage of this procurement will require the procurement department and solution to be efficient and flexible. Even when the procurement department is working with analytic than ever, the internet of thing should increase your administration and cost of operations.
As devices become smarter as a result of more Mobile connections, the devices used to manage them is expected to do likewise. Mobile procurement has become a more vital element in the procurement strategy.
The internet of thing IOT have greatly improved procurement productivity for the entire industry. If your company is well equipped to make them actionable to the right people and process the analytics gained.
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