• Managerial Economics: The Significance of the Internet of Things (IoT)

Devarshi Chatterjee Prof (Dr) Devapriya Chatterjee

Abstract:
The progress of the models of managerial economics, comprising mostly of the models of digital circular economy, are being made at a rapid pace. The researchers solely concentrate on the significance as well as the influence of the principles of managerial economics that are circular in nature, and the technologies of the Internet of Things (IoT) in the present environment. The present environment has been identified as the prime mover of every circular approach, as well as making the first initiative in the direction of the future solutions of the industry, at the time of generating the new possibilities of development. In order to have a comprehensive view of the digital circular economy, every field needs to be scrutinized. If we make a systematic review with an exhaustive investigation of the digital circular economy, the Internet of Things (IoT), and the cooperative partnership separately, we are able to make a research on the applications, models of business, respective features and architectures. The focus of the research has always been the Internet of things (IoT), for quite some time, through different innovations, publications as well as projects. The industry on the past has had the maximum focus among the fields of application, in view of the association of the scientific as well as technical leaps forward. The Cyber Physical Production Systems (CPPS) effected the smart transfer of data real-time and the cooperation between the manufacturing processes. With the existence of such technological features, the concepts for the future industry targeted the growth of Artificial Intelligence and a digitalized industry to a tougher and more humane approach.