ABSTRACT
Internet of things (IoT) is an upcoming technology that helps connect various types of devices, mechanical, and digital machines with the help of appropriate hardware and sensors, which as a whole, are able to transfer data without the requirement of human intervention. Business applications are softwares designed for the purpose of performing or improving business processes (BP). More specifically analytic applications make use of historical data about the different operations in business and equip business users with information and instruments that allow them to make the business functions better and more efficient.
Through IoT, the process of business analytics (BA) is made easier and diversified since real-time analytics is possible with the use of IoT. There exist promising technologies that allow smooth and unified access to many IoT resources that are diverse and distributed in nature. Technology behind resource-oriented computing is explored in this chapter. This approach provides an architecture where the front end is incorporated into the back end IoT devices which deal with applications that deal with BP. This architecture has many desirable features like a dynamic and responsive service replacement facility, ease of access to IoT services for programmers and execution of IoT aware BP in a distributed manner. 218This chapter recognizes the need to devise a business model framework for IoT services in order to gain profits and discusses various business models and chooses a framework for the same for IoT. We further discuss how IoT offers gains in the various domain of business. To sum all this up, we present case studies to provide readers with a better understanding of all the areas covered. We also mention the challenges faced in the current scenario.
