8 Ways The Internet Of Things Will Affect Business In 2018

IoT

2017 leveraged technologies to a new business level. Last year average users first knew about products like Google Home and Amazon Echo, Prime Air, Advanced Micro Devices Radeon GPUs. The global market value of IoT has passed the one trillion U.S. dollars in 2017 and is projected to grow twice in 2018. The number of connected devices is stated to reach the mark of 50 billion by 2020.

And yet most industries rated IoT as insignificant if Dresner Advisory Services survey is anything to go by. However, there is no denying that IoT, AI, AR, VR change our life and alter its basic aspects. Meantime smart devices are being gradually deployed in many new ways to enhance companies business. Here are eight evident ways IoT changes business today.

1. Data-Based Insights

The IoT technology provides greater access to data analysis utilised by marketers and entrepreneurs. IoT devices allow for further tracking and recording the main principles of consumers behaviour. The possibility to store and analyse the verifiable information is instrumental in offering your clients intelligent product recommendations by picking up catalog search and potential search results. The innovative data-based insights can be utilised by businesses to perform rainmaking advertising through a more in-depth study of their targeted audience. Consequently, you’ll get more information on customer buying manners from the first visit to your website to receiving the order.

2. Inventory Management

A well-established business process implies effective inventory management. Now entrepreneurs dealing with multiple warehouses, manufacturing, and storages can avail of remote scanners, and same-as IoT devices to help their employees easily keep a check on stock. The technology will allow you to free the staff for more urgent and top-priority tasks.

3. Remote Working

In case your business doesn’t deal with any physical inventory directly but unites specialists from all over the globe, Internet of Things developers can help you better the way of cooperation. Multiple devices wired into one network permit your employees to accomplish in-office tasks remotely. They can easily tap into devices in the office without any security risks. The IoT implementation can also help you boost staff productivity since it has long been proven employees working remotely show better results.

4. Effective Logistics

Fortunately, the IoT is applicable in many business spheres. Provided that you utilize IoT to simplify and narrow product search, the process of choice has become much faster for your clients. In this case you’ll need faster product shipping and better supply. However, your partners and suppliers are provided with similar technologies, which can make the delivery process much faster and profitable.

5. High Productiveness

However, not everything is based on speed. Efficiency shouldn’t entirely depend on the execution time. Productivity largely deals with the processed data rather than a time limit. Today IoT developers are concentrated on creating an environment for employees to solve larger-scale tasks quicker with pinpoint accuracy and larger scope of processed data. Thus, fewer staff members will perform better productiveness.

6. Latter-day Consumer Needs

As we have already said, IoT is a universal technology applicable in many spheres of life. Business interest in the subject provokes customers involvement as well. Products like smart kitchens, smart gadgets, smart furniture and smart homes are on-demand among advanced users. In the time when all the solutions will naturally fall in price even larger segment of customers will be interested in its acquiring.

7. Staff Reassignment

Remote working is just a part of business changes that IoT can bring to us. With the technology advancement, many business owners may come across the problem of staffing. You may need to reassign the old employees to new posts or take on IoT specialists to work with the new technology. The highly skilled IoT positions are likely to have a high price on the market of services. So, maybe it’s a high time to grow your own in-house specialists.

8. Embedded IT

Progressive IoT developers are working at the creation of extensions that are supposed to be built into their future or current products. The modules are supposed to look for and collect the information about the products. The companies create sensors that are developed to monitor specific conditions. Consequently, IT becomes a part of the products as the intelligence that deals with the data is created before the design of the product is finished.

Final Word

IoT is Already in Use: Heat Map Software, Inventory Control System, Real-time Analytics using Data from IoT Devices and Cyber Robots, Smart Office, Medical Training IoT System, IoT System for Smart Buildings & Cities, IoT advanced remote management system and others. 

Boom on the IoT technology, which is based on a vast number of plain internet-connected things, will bring changes to major business processes. The value of the new devices is gained from fundamental data analytics developments: massive databases and storages, increased computer power exceeding analytical abilities. All the new stuff will lead to the rethinking of the main business workflows where entrepreneurs are to open new positions and comply with the emerging demands.

Harriet Tewkesbury

Harriet Tewkesbury is an independent researcher, an entrepreneur, and a business strategist. She supports HQSoftware, a custom software development company, on their way to provide IoT, AR, and VR services.