Book Image

Smarter Decisions - The Intersection of Internet of Things and Decision Science

By : Jojo Moolayil
Book Image

Smarter Decisions - The Intersection of Internet of Things and Decision Science

By: Jojo Moolayil

Overview of this book

With an increasing number of devices getting connected to the Internet, massive amounts of data are being generated that can be used for analysis. This book helps you to understand Internet of Things in depth and decision science, and solve business use cases. With IoT, the frequency and impact of the problem is huge. Addressing a problem with such a huge impact requires a very structured approach. The entire journey of addressing the problem by defining it, designing the solution, and executing it using decision science is articulated in this book through engaging and easy-to-understand business use cases. You will get a detailed understanding of IoT, decision science, and the art of solving a business problem in IoT through decision science. By the end of this book, you’ll have an understanding of the complex aspects of decision making in IoT and will be able to take that knowledge with you onto whatever project calls for it
Table of Contents (15 chapters)
Smarter Decisions – The Intersection of Internet of Things and Decision Science
Credits
About the Author
About the Reviewer
eBooks, discount offers, and more
Preface

The IoT Business model - Asset or Device as a Service


The Internet of Things started with the simple concept of Connected Devices and Connected Assets. A small network of connected devices made a lot of tasks easier and intuitive that were not feasible earlier. Gradually, connected devices/assets opened up new opportunities with smart devices/assets. In no time, the evolution paced up, and we had a tangible implementation of smart devices in every dimension of consumer electronics, home appliances as well as industrial assets. As the technology matured, the concept of smart factory evolved, that is, Industry 4.0 or the fourth industrial revolution, and eventually smart connected operations became a reality that was complemented with success stories from different parts of the globe.

The Asset as a Service model has its roots in the vanilla 'lease model' widely adopted in the world. You can lease your house, vehicle, or some appliance for a while and earn money for the time period it was utilized...