Internet of Things (IoT) has been a buzzword the last years, and rightly so. It is a hugely transformative and disruptive technology that presents many business opportunities. So, it would be remiss for business leaders not to understand how IoT works and comprehend the possibilities it offers.

IoT is a system of connected devices that continuously capture data about their environment and share that data with a central platform in real-time. This platform stores and processes the data to make decisions and ensuing actions (e.g. lower the temperature in a household, contact emergency services).

This system has already given birth to technologies such as fitness wearables, autonomous cars, and supply chain tracking devices. But these examples only represent a handful of the limitless possibilities. And because of how IoT works, it can be easily augmented with Artificial Intelligence and Machine learning, and is a natural fit for Blockchain systems.

Just by having a general understanding of IoT fundamentals, leaders can begin to grasp the innumerable IoT business opportunities that exist. So, as a bit of an introduction, here are the four fundamental components that make up an IoT system:

1. Devices with sensors that can collect data about their environment.
2. Internet connection.
3. A central IoT software platform that collects, processes, and takes actions based on the gathered data from the devices.
4. Applications that act as the interface between the user and the platform (e.g. Google Home, or Apple Health).

These components are the same for any business looking to develop IoT solutions, whether for government, industrial, or consumer applications. So, taking some time to grasp them, and the other IoT fundamentals, could lead to tremendous payoffs down the road, no matter the area in which you operate.

Where can I learn more about IoT?

Do you want to capitalize on this golden time for IoT and learn more about how IoT works? Would you like to investigate further the IoT business opportunities that lie ahead?

Then, the IoT certification offered by IMD could be the solution for you. This online IoT course, entitled IoT for Business, covers both the theoretical fundamentals of IoT and the hands-on work of ideating and pretotyping your solution. It also includes real-world business cases to relate everything you learn to the current marketplace.

This course provides you with a customer-centric approach to developing IoT strategies using Design Thinking. With your customers at the forefront of your thoughts, you will get an understanding of the link between IoT and AI, IoT architecture, security, and more. You will leave this course ready to create transformative IoT solutions for your customers.