Internet of things: stop debating terminology, start talking money

The term the Internet of Things was conceived when the Massachusetts Institute of Technology set up the Auto ID Center in 1998. It focussed on applying an electronic tag (RFID) to all items, effectively connecting them to a wider network - the internet. Automated monitoring en-masse throughout the value chain could make logistics faster and more cost effective, reduce theft and counterfeiting and provide other benefits such as no stock-outs in shops. However, this ambitious project took time to take off - developing the technology, standards and then finding the first financially successfully applications. The UHF RFID industry moved through the hype cycle of visionary dreaming; huge investment; disappointment in early sales, performance and user pull, to a pragmatic and now increasingly profitable approach today.