THE FINANCIAL ASPECT OF IoT PROCESS AUTOMATION IN CREATING NEW VALUE FOR THE ECONOMY

Abstract

In today’s world, devices with possibility to communicate, are emerging and growing daily. This advanced technology is bringing ideas of how to use these devices, in order to gain financial benefits for enterprises, business and economy in general. Purpose of research in this scientific paper is to discover, what are the trends in connecting these devices, called internet of things (IoT), what are financial aspects of implementing IoT solutions and how leaders in area of cloud computing and IoT, are implementing additional advanced technologies such as machine learning and artificial intelligence, to improve processes and gain increase in revenue, while bringing automation in place for the end users. Development of informational society is not only bringing innovation to everyday life, but is also providing effect on the economy. This effect reflects on various business platforms, companies and organizations while increasing the quality of the end product or service that is being provided.