How the IoT is Changing Business

iot

If you’ve been hearing a lot about the “Internet of Things” or IoT recently, but you’re not quite sure what it is, don’t worry. Despite there being more than 7.5 billion IoT devices in the world, a vast majority of consumers are still unclear on what the Internet of Things is. 

The internet of things is everything connected to the internet EXCEPT for smartphones, tablets, and computers. There are numerous devices connected to the internet that we often take for granted. The IoT is the collection of interrelated devices, appliances, vehicles, people, etc. that contain sensors, software, electronics, or other technology to connect to the Internet and exchange data or be controlled or monitored remotely. 

Right now, there are more devices connected to the Internet than ever before, and the number continues to climb. More data is being created, transferred, and analysed and, as time goes on, technology will only continue to become more and more ingrained in every facet of our lives — and that goes double for business. 

How Businesses Are Adopting IoT?

With IoT technology steadily evolving, a lot of new opportunities are arising. Companies can use these opportunities to ramp up productivity and increase efficiency in a wide range of industries. Many companies have already taken the initiative to do just that. 

Banking is developing rapidly, and banks are using new technologies like IoT to give customers more accessibility. For example, many banks offer virtual kiosks that can be used to order on-demand services as well as speak to a specialist etc. Those in the health care industry are using wearables to gather data for monitoring accuracy, safety, and more. Retailers are using IoT to offer customers more ways to make transactions too. 

These industries and many more are adopting IoT technology, and to great success, with 94% already claiming to see returns on their investments. It’s also estimated that IoT technology could contribute to cost savings and profits in the future. 

Top 5 Ways IoT is Changing Business

There are many ways for businesses to make use of IoT for their business. There are, however, five specific advantages that are the most appealing to companies regardless of their industry. 

Data

In most companies, data is important. It helps them provide the best experience possible to their customers, promote their products and improve services. With IoT devices, companies will have access to incredible amounts of data. They use innovative devices and apps to track people’s behaviour, and this gives businesses opportunities to improve their products. 

Efficiency

IoT devices have been making waves in industrial sectors, by improving how they work. This new technology allows companies to monitor every aspect of their work and enables a higher degree of efficiency. Essentially, by using IoT technology to monitor different parts of your operations, you’ll be able to catch optimization opportunities that can improve processes. In addition to that, using IoT technology allows people to complete more tasks in significantly less time. This way, you can focus on increasing profits much faster. 

Marketing

Any company that wants to be profitable, must know how consumers are using their products. That way they can market them in a way that connects with their target audience. People these days prefer products and brands that match their interests. But how do companies know what to offer? Data collection tools can help tailor an experience for a customer, develop new products related to the market, and easily target potential clients.

Remote Work

With greater advancements in IoT applications, the need for employees to remain on the job site may diminish. For example, a factory that once employed an expansive team of technicians to attend to broken-down machines may begin using sensors going forward. That would allow one worker to monitor machines remotely, saving the company money. 

Inventory Management

For businesses that need physical inventory to move around, they’ll be excited to know that IoT can help with both tracking and management of inventory. Through IoT technology, companies may soon be able to track changes in their inventory through a completely automated system. This will allow businesses to free up time spent on mundane tasks and increase efficiency. 

The Future Is Here, and It’s Smart

The rise of IoT devices around the world is going to connect everyone and open a whole new world of opportunity. For businesses, this means there’s a lot more to think about and you have a greater potential to harness this technology to optimize your business operations and increase your profits. It also means that they must be ready for the initial investment in IoT technology and be prepared for the level of work that comes with managing the new, hi-tech infrastructure. This could mean hiring new employees and reconfiguring your current staff to meet the needs of your future business. The next boom of technology has already started, and you must be able to stay at the forefront. 

If you’re looking to find out more about IoT devices, get in touch with our IT experts.

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