THE BENEFITS OF A FIRM BY USING ‘INTERNET OF THINGS’ (IOT)
The internet of things (IoT) is all about connecting objects to the network and enabling them to collect and share data (BBC, 2016). The IoT, which involves interconnected devices, systems, and services that rely on the autonomous communication of physical objects within the existing Internet infrastructure (Atzori, Iera, & Morabito, 2010).
The IoT can enable the next wave of life-enhancing services across several fundamental sectors of the economy (GSMA, 2014). The IoT is ground zero for a new phase of global transformation powered by technology innovation, generating significant economic opportunities and reshaping industries (Benioff, 2015). In addition, the Industrial Internet of Things (IIoT) will afford emerging markets a unique opportunity to leapfrog developed countries in digital infrastructure. As these countries continue to build out roads, airports, factories, and high-density buildings, they can avoid costly retrofitting by installing state-of-the-art embedded sensors and connectivity from the outset. These capabilities will provide a new foundation for enabling the next wave of smart services and accelerating regional economic development (Ping, 2015).