Quality Control Techniques
Introduction Quality of product and services determines success or failure of the organization. Consumers expect the company to maintain high-level of quality and consider it an important aspect of satisfaction. Quality management, therefore, becomes very important as far as any organization is concerned. Quality management can be accomplished through various quality control techniques. Quality assurance […]
Production and Operations Management – Meaning and Important Concepts
Introduction The very essence of any business is to cater needs of customer by providing services and goods, and in process create value for customers and solve their problems. Production and operations management talks about applying business organization and management concepts in creation of goods and services. Production Production is a scientific process which involves […]
How Big Data and Algorithms along with Platform Capitalism Rule Our World
The Elements of the Digital Economy If you have ever transacted on an eCommerce site or have used your Smartphone or Mobile for commercial purposes as well as have taken a ride in the digital aggregator cab services such as Uber or have ever used Mobile Wallets and other forms of digital payments, chances are […]
The Economic Effect of the American Deep Freeze
In the beginning of 2019, America has been hit by a weather phenomenon known as the Polar Vortex. This phenomenon has brought chilly winds and freezing temperatures to the United States. In many parts of the country like Chicago, the temperatures have hit historic lows and were close to -50 degrees! The daily life of […]
Finished Goods Inventory Classifications and Terminologies
While inventory classification of raw materials for Inventory Management purposes follows ABC Classification, Finished Goods inventory is classified under additional categories based on various attributes including sales volumes/patterns, functional attributes and operational requirements. Stock Category depending upon Sales Channels Finished Goods at the very basic level is manufactured and stocked separately depending upon the Business […]
Internet of Things (IoT) is often thought of as being a high-tech concept. It is a common belief that such high tech concepts are only used by mega-corporations and that they have no place in the life of a common person. This is not the case as far as the Internet of Things (IoT) is concerned. This is believed to be the technology of the future. It is said that Internet of Things (IoT) will have an impact on almost all aspects of our lives. In this article, we will understand how technology is about to change our lives.
Parking is a major hassle in most urban centers of the world. Commuters have to spend a significant amount of time, fuel and energy to find a parking spot. This situation gets worse during the peak hours.
Internet of Things (IoT) has the potential to change this. In fact, startups have already implemented technology to solve this problem in many parts of the world.
These startups provide a view of all the legal parking spots in a neighborhood. They then allow the user to view availability and even book a spot from their home. They can make payments via e-wallets. The result is that the time required to find parking is saved and the commuter is spared the hassle of navigating the entire parking lot several times before they can find a parking spot.
Major urban centers of the world face a problem with public transport systems as well. There is no visibility about the arrival of buses or trains.
Commuters have to wait in line for these buses. Once the buses arrive, there are chances that they will be full, and hence commuters are not able to board them. This problem is being solved by startups who are using the Internet of Things (IoT).
They can communicate with commuter and provide them real-time information about the location of the bus and the availability of seats in them. They also provide information about the route and suggest alternative means of transport.
Internet of Things (IoT) is playing a vital role in the bus rapid transport systems (BRTS) in several countries. The moment a passenger arrives at a bus stop, they are provided information about the current location of the bus and when it will reach the stop. The commuter can then decide whether or not they want to wait for the bus.
Home automation is a big field where tech companies are concentrating. Home automation offers several advantages. Imagine being able to set the lighting and temperature of your room without even moving out of your chair.
Imagine a system that can store these settings and can always have the lights and temperature set up based on the weather. Also, imagine if you could remotely trigger your appliances so that your clothes can be washed at a specific time or your brewed coffee can be ready just when you reach home! All this is possible with the Internet of Things (IoT). Right now it is very expensive. As a result, these technologies are only being utilized in the residences of the wealthy! However, over time the cost of this technology is going to decrease, and this comfort will be available to everyone.
Experts often say that Internet of Things (IoT) is the new electricity! Another major benefit of the Internet of Things (IoT) is that it cuts the utility bills of the house. Hence, even though the equipment may be expensive, it prevents wastage of electricity and brings down the bill.
Car breakdowns are inconvenient and expensive. Since the breakdown happens unexpectedly, it leads to a lot of unnecessary expenses. The broken down car has to be towed to a garage where the workers may not be up to the quality. The vehicle owner has to spend money on a hotel and even risk their own safety. This entire thing can be avoided by installing predictive vehicle management systems.
Cars don’t just break down. Often the health of the vehicles is deteriorating for a long period.
Vehicle management systems continuously obtain statistics about the performance of the car. As soon as any abnormality is detected, the same is brought to the notice of the owner. The owner can then get the car checked and fixed before any major breakdown takes place.
The proper maintenance of the car increases the life expectancy as well as fuel efficiency. This translates into savings which more than justify the cost of the Internet of Things (IoT) enabled device that is providing this vital information.
To sum it up, the life of the common man is going to change drastically. Internet of Things (IoT) enabled technology is going to change the way people do things. This will lead to certain businesses becoming obsolete whereas other startups will go on to become multi-billion dollar businesses. The change is already upon us regardless of whether we like it or not.
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