Social And Economic Significance Flashcards
What has digitizing the real world inspired?
It has inspired a wave of innovation and created a vision of a different future for people, businesses, and governments.
What capability does the Internet of Things (IoT) have in businesses and industries?
IoT can transform and digitize businesses, automate industry processes, and make certain areas autonomous.
What technologies will help capture the full potential of IoT?
Powerful and low-cost connectivity and data analytics technologies will capture the full potential of IoT.
What are some areas where IoT can improve the quality of life?
IoT can improve quality of life in healthcare, safety, shopping experiences, transportation, and education.
How do connected devices benefit businesses?
They create new revenue models, enhance productivity, monitor and track assets, and improve machine performance.
How can governments improve services and reduce costs using IoT?
Through smart city initiatives, IoT helps governments deliver better services and reduce costs.
What are some examples of IoT applications in agriculture?
Crop field monitoring, irrigation automatization, and cattle management systems are examples of IoT in agriculture.
What is the estimated yearly economic impact of IoT by 2025?
McKinsey Global Institute estimates the yearly economic impact of IoT applications could exceed $3.9 trillion.
What other economic impact is expected from IoT besides growth?
Cost savings are also expected as part of the economic impact.
How will IoT impact job opportunities?
IoT will generate millions of job opportunities in various social and industrial segments.
How can IoT disrupt consumer interactions with retailers and products?
By automating household chores, providing control over appliances, and offering personalized in-store and online experiences.
What is the estimated economic impact of household IoT applications by 2025?
Household IoT applications are estimated to generate more than $350 billion in economic impact by 2025.
How much can IoT reduce the time required for household chores?
IoT can reduce household chore time by 17 percent.
What is an example of a smart IoT appliance in the household?
A smart refrigerator that tracks groceries, shops, and monitors delivery.
How can IoT help retail managers dynamically manage in-store shelves?
By analyzing data from sensors, retail managers can adjust rental fees for shelves based on demand and usage.
How can beacons assist customers in a retail store?
Beacons can guide customers and provide personalized recommendations based on their profiles and purchase history.
What condition should innovative IoT services in retail follow?
They must not violate customer privacy.
How can IoT improve supply chain processes?
By connecting inventory, vehicles, and distribution centers to the internet, IoT can identify and fix bottlenecks to enhance efficiency.
What types of data help supply chains become more responsive and prepared for changes?
Data from consumer behavior, social media, Google searches, and marketplace trends.
How do smart shelves enhance retail operations?
Smart shelves use RFID tags and sensors to detect misplaced items, prevent theft, and notify staff about restocking.
What is automated checkout, and how can it impact the retail industry by 2025?
Automated checkout scans and processes payments via mobile apps, reducing cashier staff requirements by 75 percent and potentially saving $150—$380 billion.
How can in-store layout optimization benefit retailers?
IoT sensors track shopper behavior, enabling retailers to optimize store layouts, potentially increasing productivity by five percent and resulting in an economic impact of $79—$158 billion by 2025.
What are the benefits of smart signage in retail stores?
Smart signage provides dynamic promotions and real-time, location-based advertising, enhancing the customer experience.
How can IoT be used for personalized discounts?
IoT sensors track customers’ behavior and offer personalized discounts through mobile apps when they enter a venue.
What role do IoT sensors play in supply chain management?
They monitor conditions like temperature, humidity, and location, ensuring higher quality and faster delivery of products.
What is the potential economic impact of smart inventory systems by 2025?
Smart inventory systems could have an annual economic impact of $5—$15 billion by automating reordering and replenishment.
How can IoT improve customer satisfaction in retail?
IoT sensors monitor customer behavior, gather feedback, and provide insights to enhance both online and in-person shopping experiences.
What data sources can retailers use to improve in-store engagement and customer targeting?
Data from video cameras, Bluetooth, Wi-Fi beacons, motion sensors, social media, and external sources can be used to optimize store layout, product positioning, and marketing campaigns.
What is Industry 1.0, and when did it occur?
Industry 1.0 refers to the first industrial revolution when steam power was applied to mechanical production in the late eighteenth century.
What characterized Industry 2.0, and when did it take place?
Industry 2.0 occurred in the late nineteenth and early twentieth centuries and was marked by the use of electric power to enable mass production.
When did Industry 3.0 begin, and what was its main development?
Industry 3.0 began in the early 1970s with the emergence of computers and IT networks, leading to the automation of industrial operations.
What is considered the main driver of Industry 4.0?
The Internet of Things (IoT) is considered the main driver of Industry 4.0, as noted by the World Economic Forum in 2016.
How do intelligent machines in Industry 4.0 operate?
Intelligent machines equipped with smart sensors communicate with each other, predict failures, and have self-healing features to minimize human intervention.
What is the role of smart sensors in Industry 4.0?
Smart sensors allow machines to communicate, make intelligent decisions, and enhance efficiency in connected factories.
What is the key feature of connected factories in Industry 4.0?
Connected factories can make intelligent decisions, predict failures, and reduce the need for human intervention with self-healing machines.
Who identified IoT as the main driver of the Fourth Industrial Revolution?
The World Economic Forum identified IoT as the main driver of the Fourth Industrial Revolution in 2016
What are the main issues with traditional, disconnected industrial enterprises?
There is little visibility into operations, leading to inefficiencies and safety issues due to different components like plant floors, suppliers, and front offices operating in independent silos.
How does the Industrial Internet of Things (IIoT) improve operational productivity and reliability in factories?
IIoT enhances productivity and reliability by interconnecting smart sensors, actuators, and robots with industrial control systems like Human Machine Interfaces (HMIs), SCADA, and PLCs.
What technologies are used in IIoT to provide real-time diagnostic data?
Smart sensors, IP-enabled machines, cameras, and robots transmit real-time diagnostic and informational data.
How do machine-to-human connections benefit operators in smart factories?
They provide real-time sensor data directly to operators, eliminating the need to move between the plant floor and central control room, allowing immediate decisions to be made.
What is predictive maintenance, and how does IIoT enable it?
Predictive maintenance uses IoT-enabled devices to predict when maintenance is required. For example, Kaeser’s IoT-enabled air compressors can predict maintenance needs.
What role do Real-Time Location Systems (RTLS) and RFID tags play in smart factories?
RTLS with RFID tags help communicate the status and location of items on assembly lines, allowing operators to identify bottlenecks and take immediate action.
What are the benefits of IIoT for small and medium-sized enterprises (SMEs)?
IIoT improves products by making them smart, enhances customer service through dealer integration, accelerates product development, optimizes operations, and improves management efficiency.
What is the primary purpose of deploying IIoT technology in large corporations?
The primary purpose is to increase productivity.
What is a major barrier to the adoption of IIoT technology in industries?
Cybersecurity threats are a major barrier, as manufacturers fear losing vital business data to competitors.
How does IIoT improve product development for SMEs?
IIoT reduces the time needed to develop an idea and introduce it to the market by improving engineering processes.
Has industrial technologies and advancements transformed people’s lives?
Yes, they have improved people’s lives over the past few decades.
What role do IoT-enabled devices play in a connected world?
IoT-enabled devices sense the environment and transmit information to advanced data analysis tools.
What challenges can be addressed using innovative IoT approaches?
Challenges like climate change, air pollution, safety, and healthcare issues can be addressed.
What is the impact of IoT on human welfare?
IoT introduces innovative approaches that improve human welfare by addressing various societal challenges.
How does deploying IoT technologies impact people’s quality of life?
IoT improves people’s quality of life at home, work, and on the go by introducing smarter, more efficient technologies.
What role does artificial intelligence play in IoT-connected “things”?
AI enhances connected devices, making them more efficient and able to improve various aspects of life.
How can IoT technologies improve urban life in smart cities?
IoT technologies make urban life more attractive, safe, and convenient by supporting infrastructure with smart solutions like street lighting, waste management, traffic control, and public transportation.
What are some examples of IoT-enabled services in smart cities? (9)
Smart street lighting, energy-efficient buildings, smart waste management, smart traffic control, public transportation, smart parking meters, smart irrigation, and air pollution monitoring systems.
How do IoT services in smart cities help improve traffic and the environment?
IoT services reduce traffic jams, improve air and water quality, and optimize energy use.
What key elements of smart city services can ICT providers support?
ICT providers can support smart infrastructure like public transportation, traffic control, energy systems, and environmental monitoring.
Who facilitates smart city services?
ICT providers, such as mobile network operators, facilitate smart city services.
What stakeholders collaborate to provide smart city services?
Stakeholders include the government, citizens, industry, and scientific centers.
Which city is an example of a smart city where IoT initiatives have been deployed?
The city of Yinchuan, China
What types of infrastructure are installed in many cities for smart city initiatives?
City-wide sensors and infrastructure for various IoT purposes.
What role do mobile network operators play in smart cities?
They help facilitate the delivery of IoT-enabled smart city services.