When the Internet became a mainstream product, many businesses quickly realized the benefits of going online and creating a presence. Some completely embraced the concept and adopted it into how they work, but many others dismissed it as a passing wave. The businesses that dismissed the Internet eventually found themselves lagging behind when it came to competing with other businesses that had made it international.
This scenario is likely to replicate itself when it comes to the Internet of Things (IoT) – a couple of businesses will fully adopt it and take advantage of the best opportunities available. Others will be dismissive, and will likely find themselves struggling to compete as a result. While the original estimates indicated that around 50 billion devices would be connected by 2020, the revised figures show a target of about 30 billion, an industry worth billions in the near future.
Today, the million-dollar question is whether your business is prepared for IoT. Even if you are not directly dealing with technology, devices in the IoT world will have a huge impact on how you do business. Here are things you can expect once you jump on the IoT bandwagon.
Entrepreneurs and marketers love data for breakfast, and IoT devices are connecting their consumers in new ways that offer more interactions, offering greater access to more data than was possible before. A smart device can track and record consumer behavior patterns, and even learns from them. This makes it possible for product consumers to make informed and intelligent decisions when it comes to choosing products – for marketers, this means new and innovative ways of making product recommendations.
Your business should be taking advantage of this by taking in data-based insights to help create effective advertising. The data can be used to learn the exact demographics at a better qualitative level. In fact, you will likely gain data into every purchasing cycle of your consumer – all the way from research to purchasing and finally implementing.
Improved Inventory Tracking and Management
Next, IoT is likely to revolutionize how your business tracks and manages inventory. If you rely on warehousing, storage or manufacturing, you have probably come across remote scanners that work in conjunction with payment processing tools like business to business merchant services to keep track of inventory movement, item by item. Not so far in the future, expect yourself to be using smart devices for keeping tabs on inventory movement, automatically, freeing up your staff for business-critical tasks – the smarts will go into creating a smart office and smart warehouse.
Increased Remote Working Opportunities
If your business venture does not deal with physical inventory directly, IoT will open it up to a world of possibilities in the remote work arena. Multiple devices will be wired to a single network and remote workers will be more connected in better ways than ever before, allowing you to effectively accomplish a host of new tasks in diverse locations at the tap of a device in your factory floor or office. Using tools like Clockspot, your remote staff will be more productive and happier – the kind of result that will inevitably improve your business’ bottom line.
Improved Efficiency and Productivity
IoT is not only about faster speeds, it also allows you to do more in less time. Apart from the instant gratification, the technical revolutions will also favor productivity and efficiency in your business. The latest IoT developments are likely going to allow you and your staff to complete big-scale tasks with greater precision, including items like data management and analysis – this may require fewer employees and you can scale operations into areas that support business expansion.