IoT as a Central Disruptive Technology in the Development of Hyperconnected Business and Social Models

Mazilescu Vasile
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Mazilescu Vasile: Dunarea de Jos University of Galati, Romania

Risk in Contemporary Economy, 2021, 261-275

Abstract: Economic and social activities depend to a large extent on the technological opportunities available to the most involved users and in general to all citizens. Trends in hyperconnectivity, virtualization of computing resources, mobile communications networks, digitization and the Internet of Things (IoT) are already revolutionizing access to data, the nature of work, production methods. Health, travel, energy and food production, the environment, practically our whole life undergoes accelerated changes. This constant process is known as the digital transformation of our society, to which IoT is consistently contributing. Organizations have already begun exploring more options to take advantage of IoT's potential, accessing untapped data and using analytics that can help make decisions. With this increased efficiency, opportunities are created to reduce operational costs in many sectors. This paper examines IoT technology for a better understanding of consumer needs from the perspective of historical purchasing and decision-making models, to provide personalized services to increase revenue growth potential. With the help of IoT, organizations and even their own households can realize their efforts to focus on ensuring a safe work environment and individual and group well-being. Data processing at each stage, by segmenting networks, helps organizations control the quality of processes and activities and allows operators to take corrective action in real time. IoT can be seen as a central disruptive technology, along with Artificial Intelligence (AI) and 5G.

Date: 2021
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