Business In 2017: Internet Of Things Has Arrived

• comments
• 
• 

It is estimated that by 2020, 30 billion devices will be 'connected'. The IoT (Internet of Things) devices are giving rise to an industry that will soon be worth hundreds of billions of dollars. These IoT devices are also expected to the change the world of business, as we know it.

An article, published in the Forbes magazine, claims that IoT and related innovations in technology will change the way we do business in the following ways:

Generation of New Data opens up Opportunities for New Innovations

Now that the smart devices are able to track and record patterns of consumer behavior at various stages of consumer buying cycle.

It means that we can come up with new products and services, offer intelligent product and service recommendations, and customize searches for the target demographics to make it more intuitive in nature. It also means that we can come up with more effective advertising.

IoT can make Workplace and Warehouses Smarter too

The WeForum suggests the new IoT devices with sensors, software, and network connectivity to send and receive data can change the workplace in several ways. Machines in factories can now alert workers in case of a problem, smart locks and smart security cameras can revolutionize the building surveillance systems and alert managers about any suspicious activity, and inventory can now be tracked in real-time.

It means that business won't need workers to track inventory item-by-item and can use them for more cognitively-demanding tasks.

You may not need an Office to Run a Business

Research finds that remote workers are happier and more productive. Latest technology and connected devices make it possible for businesses to handle remote working employees easily. These employees can not only do 'their' work but can also collaborate as a team and accomplish complicated tasks too.

Buying Cycle will become Shorter and Faster

The consumers now have access to new forms of research and purchasing. With the availability of data on their health and habits, it is easier to give them better product options, and deliver their desired products to them quickly.

Achieving More in Less Time with Less Manpower and Greater Precision

Latest IoT developments allow us to accomplish much faster and with greater precision. Entrepreneurs will need to hire fewer employees and will be able to scale up operations more easily. Tasks like data analysis and management has become easier too.

Consumer Demands and Expectations will Increase

As the consumers get used to new devices, they will start expecting more efficiency, better integration with other IoT devices, and accessories to enhance their experiences.

Technical Skills will be More in Demand

As the businesses move from a structure that uses advanced IoT technology, they will need experts who can integrate these devices with various business processes as well as data analysts who can make the best use of data business acquire. It means that businesses will need to invest more to hire staff that is highly skilled.

Seeing the innovative products on offer at CES 2017, it seems that this is the year when IoT has become really big and businesses will need to make sure that they are ready for it.