Internet of Things is a technology that allows objects like home appliances, cars and other devices of our daily use to send and receive data via the internet. It is a network of physical internet-connected device that collects and shares data across the network.
Have you ever thought what your Apple watch is? It is an IoT device. In the least time, IoT has taken over the world and will not stop growing. The speed at which the IoT is growing is remarkable. It is estimated that by 2020 there will be around 31 billion devices connected to the Internet of Things.
IoT device can be found all around you from the coffee machine you use to a bed where you sleep all use this technology. These devices are so smart that they monitor your sleep, adjust the room temperature to optimize sleep patterns and lot more. All these benefits actually make it essential for companies to adopt such technology to build a new level of connectivity.
Here we will know about the changes that IoT technology has brought in different businesses.
How IoT is Bringing Change in Businesses?
Don't you think that IoT is bringing many changes in the environment? There is no doubt that technology has much impact on businesses but what does the adoption of IoT mean for our customers. The biggest change that IoT brings is a bring transformation in the consumer experience. Companies have initiated customer service interactions that help in resolving issues even before they have occurred. Moreover, technology has switched the customer services from reactive to preventative model.
Whether you are talking about the air pressure of your car tyre, or sending automated messages to your loved ones on a special occasion, IoT has made all these things true. Customers are no longer spending time in describing their problem, instead, they are able to get the right way to solve it with the information that is sent to the manufacturer from your connected device. In short, technology has made the customer services ready to identify the source of the problem and offering the right solution. Companies that are using IoT services are able to respond to their customer problem in an efficient manner thus offering great benefit as compared to others.
For Businesses and Supply Chain
The internal connection within companies will help in improving the operational efficiency of the businesses. Since the connectivity helps in identifying the unprofitable and unproductive process thus helps in removing them from the list. IoT plays a major role in converting a physical world into a digital data by measuring and managing every single step. Thus it plays a major role in reducing the size of employees in the less productive area or increases the number of employees to offer support to the implementation of technology into business.
IoT when completely integrated into the system plays a very vital role in monitoring and improving business operations. Also, the technology enhances the speed of the manual data collection by allowing information to be gathered and analyzed continuously that enable employees to be more strategic and productive in doing the task.
Opportunity for Business Alternatives
The adoption of the Internet of Things on large scales helps in creating new fields of opportunity for many small to medium-size businesses. This includes building a platform business, switching to an outcome-based model, or using data as your business. Although the technology has much positive impact since the option is not right for every company or organization. This makes it essential for businesses to look for alternatives like the outcome-based model.
Since the technology is growing with the target of 31 billion connected devices by 2020, it becomes well understood that many businesses have already accepted such technology. It has created a connection among the communities and offers luxury convenience and personalization to the users. Also, it enhances engagement and has impacted the market significantly.