A Glance On How Internet Of Things Will Change Future Businesses

Since the inceptions of the Internet technology we have witnessed various shifts on the way things generally work. We witnessed the change in sources of entertainment, the introduction of social media platform which began to take boost product marketing and ecommerce. As we continue on this path we are constantly introduced to new tech and ways in which the internet can make our daily lives easier and cost effective. Thanks to the internet we no longer need to buy newspaper of magazines to know what’s on the new. These advantages have now skyrocketed to newer inventions which we today refer as Internet of things (ioT).

What is internet of things or IoT anyway?

These are the newest devices in the market. They are internet enabled devices, meaning that these electronic devices and gadgets can be controlled through the internet? These devices are TV, microwaves, refrigerators, security cameras, home lighting, air conditioners, and lots more. Lots of devices being produced today have been inducted as IoT devices.

A lot of people may have different views about this but it’s a technology that has come to stay and with time, other forms will phase out and we will witness a complete system overhaul. There may be a few concerns on issues such as the intricacies of these devices and the time taken to adjust to operations. Some might even challenge the safety and security of these devices knowing very well that the internet is a landmine filled with issues like viruses and hackers. What is the possibility that a business using these devices is safe from a hack that might lead to chaos. These questions remain unanswered but we can leave that to the experts and focus on what we and our businesses stand to gain from this migration from regular devices to internet of things.

Businesses can profit greatly from this new changes in so many ways. Every business would like new ways to cut costs and to operate more efficiently with less glitch. These are the promises of this new technology. Here are a few ways that IoT can change your business;

  • Accountability

Being accountable in your business isn’t always easy. Often times there is so much going on that you are unaware of, especially when you have large number of employees. With devices like IoT you can easily account for everything and everyone as you would have access to statistics and metrics that would allow you monitor operations.

  • Better data collection

The introduction of IOT into your business will give birth to more data platforms which will need monitoring as well. There would be better ways to collect data from customers, giving your business better strategies to engage customers. You can learn a lot from large data collection, such as customer behavior, feedback on services, employee data, business assets and inventory, accounting statistics and lots more. The only downside to this is that it may come with complex software that would require a professional.

  • High efficiency

Everything automatically becomes faster! You can reach any information you want with a single push of a button. Everything becomes internet based, meaning high efficiency, and faster deliveries. This would also mean that customers would expect better service as their expectations would rise as well.

  • Cheaper energy

Since everything is internet based and would require a very stable and cheap source of energy, the cost for energy would drop greatly given rise to cheaper alternatives. This is great for businesses as this means they would spend less of energy, which normally is a major cost for operations.   

  • The rate of remote work will increase

The internet gives you flexibility and a wider reach. With the introduction of IoT and cloud technology you wouldn’t need to rush down to different locations for an urgent appointment, everything can be done remotely from wherever you are. The great thing with IOT is that all your devices, machines; appliances can all be connected in one single unit and accessible on your device. This also means that when you are miles away you can remotely monitor and control certain devices.

  • Increased productivity

This is an obvious turn out. When you are able to run your business remotely, cut down of energy cost, cut down on general operational cost, manage and monitor certain operations from a single unit, the result is a great increase in productivity. This buttresses the usefulness of IOT for business.

  • A few industries may close

Not everyone can keep up with this new competitive level of technology. The businesses that adopt this technology would become far more efficient, hereby stealing market shares and gaining more patronage from more customers while the old fashioned companies phase out and shut down. This may be a good thing as competition would also reduce.