The Internet of things is changing everything for individuals and business! These are some ways the internet can change things for you or your business.

 

 

What Is the Internet of Things? Wikipedia defines the Internet of things as “the network of physical objects—devices, vehicles, buildings and other items—embedded with electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data. The IoT allows objects to be sensed and controlled remotely across existing network infrastructure, creating opportunities for more direct integration of the physical world into computer-based systems, and resulting in improved efficiency, accuracy and economic benefit”
The Internet of Things for Individuals:
They way most people encounter the Internet of Things is through the many smart electronic devices that are now part of our everyday life. For example, smart thermostats called the nest learning thermostat https://store.nest.com/product/thermostat use occupancy sensors to detect that user is present and uses that information to run the HVAC system more efficiently by cycling it on and off less frequently when it determines by a lack of activity that no one is home. It also gives users the ability to control the thermostat remotely on their smartphones or via a web connection.
Samsung produces smart refrigerators called the “Family Hub” http://www.samsung.com/us/explore/family-hub-refrigerator/ that has built-in Wi-Fi and an LCD touchscreen with access to web apps for everything from music, digital picture displays, calendars and shareable shopping lists.
Ring, manufactures a Wi-Fi enable video doorbell http://www.walmart.com/ip/Ring-WiFi-Enabled-Video-Doorbell/47067820 that allows users to see who’s ringing the doorbell via the smartphone, the doorbell notifies the user via smartphone whenever motion is detected or someone rings the doorbell. The user can connect to the doorbell’s camera to view live video and even interact with the visitor through a built-in microphone and speaker. Ring also offers cloud-based video storage services to stores all video from motion events or doorbell rings.
The Internet of Things for Business
Business applications of the IoT include radio frequency identification tags (RFID) for tracking inventory, equipment, and employees by tracking the movement of the tags on employee badges and equipment. RFID tags are implanted in pets to help identify the owners if the pet is ever lost.
Enlighted http://www.enlightened-technologies.com/commercial.php provides thermostats a light switches that automatically adjust lights, heating, and cooling based on user parameters and automated sensors, weather conditions, time of day, and presence of occupants.
These systems can also be controlled remotely so the facilities manager can switch on or switch off lighting and climate control outside of the normal programing if needed without commuting to the office.
In summary, these are just a few of the ways the internet can help you and your business. Contact Brown CPA for assistance in matching you with providers of these and many other services.
To schedule an appointment to implement this strategy and others within the context of your unique tax situation, Contact Brown CPA Group, Ltd., at (847) 509-4100.
About the author: Ken Smith is an Enrolled Agent and Senior Staff Accountant with Brown CPA Group, Ltd. We know that success means different things to different people. While a business owner strives to maximize profits, increase efficiency and plan for succession; an individual client is more concerned with tax planning, wealth management, retirement and estate planning. At Brown CPA, we work with you on the total picture. Together, we succeed.
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