Three Ways The Internet of Things Drives Business Results
The Internet of Things
For those who are not aware of the term, the Internet of Things is a concept used in reference to interconnected devices that are linked through a remotely accessible network – the Internet. Examples of this would be a smart TVs, cars or the lights in a house that are controlled by a phone or a tablet. As technology becomes progressively more advanced, the list of connected items will grow.
The Internet of Things (IoT) has established itself as a key player in the business world. Tata Consulting Services conducted a thorough investigation in 2015 highlighting how the IoT has become an almost omnipresent feature within global business operations1. Out of the corporations involved in the study, seventy-nine percent are using the IoT to gain a deeper understanding of their customers and products, forty percent are using the IoT to help expand their business, forty-five percent are using the IoT to oversee operations and the large majority of businesses are anticipating a revenue increase of twenty-seven percent by 20181.
As the study shows, the IoT is truly amongst us. Gartner has estimated that the amount of interconnected devices will have reached twenty billion by the year 20202. With levels as high as these, the inevitability of huge transformations brought about by the IoT, not only in the business world, but also in our day-to-day lives is outstanding. The chances are you have already entered into the world of the IoT, through tools such as FitBits, smart thermostats and integrated home alarm systems.
The notion that the IoT is going to have a huge impact on the way business is conducted is a widely accepted theory2. Companies across the world are gearing up to deal with this technological evolution. Here are three vehicles of change that have the potential to drive positive transformations within your business.
Increasingly Smarter Products and Services
Technology is becoming more and more advanced. Devices that in the past were simply expected to do one or two things, now perform a myriad of tasks. A prime of example of this technological evolution is the mobile phone. Around the world, people rely on their mobile phones form the moment they wake up to the moment they go to bed.
Twenty years ago, the notion that a phone could give you detailed directions to the nearest train station or connect you in a face-to-face call with someone half way across the world was an obscene thought. Now both those things have become unexciting, yet none the less helpful tasks that our phones carry out everyday. The IoT is making its way into every facet of our personal lives, as well as our business transactions. Automatic sensors and smart software are carrying out tasks, such as unlocking doors and turning off lights, as well as predicting and reacting to the desires of the consumer. As time goes on, businesses will have the chance to make continuously smarter, interconnected devices.
Smarter Business Operations And Smarter Decisions
The single most fascinating and useful features concerning the IoT are sensors. These remote, wireless devices can be installed or attached in a number of innovative ways. Their purpose is clear – to record and send crucial information back to the cloud. In this way, businesses can gather precise data on the efficiency of their products and whether or not their assets are in working order. Urbanise’s Internet of Things Sensors are attached to assets, such as coolers and HVAC units to maintain smooth operational productivity. When an asset is behaving in an erratic manner, onsite maintenance is alerted via a message from the cloud. By fixing the problem before it has turned into a serious issue, the time and money of a corporation are saved3.
Additionally, devices connected to the IoT can effectively record consumer patterns of behaviour. Using this information, companies such as Google and Amazon can garner information and use it to suggest products and services the consumer may want, often by slipping them innocuously into search engines or social media forums. Whether you like it or not, businesses are using personal information for personalized advertising campaigns. By relating to a chosen demographic on an individual level, the chances of a corporation selling their product invariably increase.
Everything Will Be Faster
The IoT will drastically transform the way things are done by significantly speeding everything up and subsequently, benefitting many businesses. Roads, highways and busy routes, for example, will all be managed through the IoT, which would offer a far more proficient and streamlined management of traffic congestion4. Interconnected devices would allow for vehicles to be tracked, which in turn would improve traffic flow by using the IoT for an automated response between cars and traffic lights, instead of relying on human intervention. As a result, commuting will be a smooth and expeditious process, which will play a pivotal role in many businesses who will be able to deliver products and services with efficiency and rapidity.
As a result of the IoT championing a faster means to delivery, customers will naturally expect products and services to arrive with almost immediacy. Furthermore, since consumers are likely to have access to new forms of purchasing, they will be able to complete an order within a matter of minutes. Due to this accessibility, consumers will expect the product with a similar haste. Since the IoT will move across most sectors, your partners, suppliers and logistics providers with all be working with corresponding technology, allowing customer service to supplied within a quick timeframe5.
In addition to the IoT speeding things up, it will allow businesses and companies to deliver with efficiency. This productivity will see many companies achieve far greater tasks in half the time and with a newfound accuracy, giving them the opportunity to allocate their additional time to expanding areas of their business.
The IoT could quite radically change everyday life and within that, alter the way companies conduct their business. It is important that enterprises move forward with these developments, as harnessing them could dramatically enhance a business’s productivity and financial returns.