Recently, the story of a man whose fall was detected on an Apple Watch made the rounds on social media. The hard fall triggered the watch to dial 911 which got an ambulance to his location. Also, tweeting from smart refrigerators and toasters is gradually becoming a norm and the integration of devices will soon affect every business.
Almost every aspect of our lives now generates data. Smart devices track our steps, offer recommendations on our health, and know our location at any moment providing insights that not only benefit the customer, but also the product maker.
The simple definition of the Internet of Things (IoT) is the interconnection of devices over the Internet. It allows devices to communicate with us, with applications, and with other devices, and businesses to continue operations 24/7 across all oceans and continents. It also offers businesses unprecedented opportunities for gathering data as patterns of use or behaviour that were previously hidden come to life, automating processes and developing new products or services, a phenomenon that will have major impact on businesses, even those that do not operate in the technology sector.
As the expectations of consumers begin to place new demands on businesses, businesses will need to employ smart technology and be aware of new opportunities so that they can keep up. Here are some of the ways that IoT devices will change the way that businesses operate.
1. New business models:
When a company understands how its customers use its products, they can better fulfil their needs and improve the customer experience. Internet-connected cars, thermostats, refrigerators, and all manner of other smart things can feed usage data back to their manufacturers and operators. The IoT will help companies create new value streams for customers, institute processes that speed time to market, and respond rapidly to customer needs.
2. Create New Consumer Demands
As consumers become more familiar with IoT technology, they will begin to demand things that they don’t currently know they want. This leaves a lot of room open for disruption as well as opportunities for maximising the use of products and services.
3. Cost and Downtime Reductions
Allied with other technologies, such as big data analytics and artificial intelligence (AI), an emerging world of predictive maintenance and proactive operations could see both operational costs and system downtime in factories and other industrial installation slashed significantly.
4. Improved Customer Engagement
The same technology that allows consumers to connect to smart devices in the home will allow businesses to monitor those devices as well as being notified when home appliances need repairing or replacing.
5. Efficient, Intelligent Operations:
Access to information from many points will allow organizations to make on-the-fly, more accurate decisions on pricing, logistics, sales, and support deployment, etc.
6. New Business Models
The IoT will allow more organisations move away from conventional business models. Few products were originally designed to be connected, but the IoT can add new value to them, and help improve their future design via the reams of data gathered about their real-world usage. The IoT can help companies create entirely new services and new revenue streams on top of traditional products.
7. Working Remotely
The IoT is likely to increase the number of people working from home because with IoT technology, you don’t have to be physically present at the venue to handle work. With access to multiple devices in the office and on the factory floor, many more tasks will be able to be completed remotely. The IoT could change the face of work and work processes to work smarter.
8. More powerful wearables
Wearables could be more powerful and provide alternatives to the smartphone for engaging with the virtual world. These wearables, like the Apple Watch, could be equipped with new, powerful features that make the virtual world and reality blend into one stream of information.
Ultimately, smart devices will increase productivity in all types of businesses. The enhanced data analyses will streamline many tasks, will provide more intelligent data and automation, and will change consumer expectations. When combined with other emerging technology, such as Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR) and the next generation of applications that address specific business needs, businesses can unlock previously untapped revenue, gain new competitive advantages, create new training methods, and produce higher quality products and services. By planning for the future and understanding technology's role in future innovations, you can keep your business one step ahead of competitors.
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