In a report titled, “The Internet of Things”, McKinsey Quarterly outlines the benefits of technological advances allowing sensors to communicate over the Internet. The report discusses the trend that “objects are becoming embedded with sensors and gaining the ability to communicate. The resulting information networks promise to create new business models, improve business processes, and reduce costs and risks.”
The report points out two main processes that will see immediate gains from adding web-enabled sensors to objects. First, information and analysis is greatly aided since data that was previously unobtainable, can now be made available. Second, automation and control can be optimized due to the additional data.