AN INVESTIGATIVE STUDY: IS IOT AN INTELLECTUAL IDEA FOR INDUSTRIES OF 21ST CENTURIES

Abstract

The study was conducted to investigate the effectiveness of IoT in decision making and increasing the operational efficiency of the business. Further, the study was aimed at identifying the important applications of IoT in Business management. The study adopted a descriptive research design, wherein the data was collected from the 103 managers belonging to 68 large-scale companies from 11 different industry. The data were collected using a structured questionnaire. Through analysis performed it was understood that most of the respondents belong to the age category between 26 – 35 years with 1 – 7 years of experience in the field of IoT technology.  According to their opinion, there is no significant difference in opinion among the respondents regarding the effectiveness of IoT during the decision-making process and in business operation management. They collectively agree that IoT is effective during the decision-making process and in business operation management. Also, they state that IoT is highly required for managing large scale business in this 21^st century. Further, it was found that there is a significant influence of IoT on the decision-making process and Business Operation Management. Additionally, Easy data storage and retrieval to support decision-making, Reduced workload and complexity, Enhanced operational efficiency, Aids in identifying and correcting errors Immediately and Improvised system monitoring and control are found to be important applications of IoT for business belonging to various industries.