Top 5 Ways How Internet Of Things Can Affect Businesses

Whether you are ready for it or not, Internet of Things is here. As per the research of Gartner conducted a few years back, it is estimated that there will be about 6.4 billion interconnected devices in 2016 and that will go high to 13.5 billion by 2020. It is expected that over the coming years the number of such devices influencing our lives will be more and it is going to revolutionize our living space.

What is the Internet of Things?

To start with Internet of Things is a phrase, which is used to describe internet-enabled devices that are connected over network. Today a good number of devices are influenced by IoT app development and more are expected to be designed in the future.

So now the question arises - how it is going to change businesses? The same have been explained below:

• You will know where everything is all the time

Right now, warehouses and supermarkets makes use of barcode tracking system to manage their inventory. But you will be able to have an intuitive inventory management and tracking system when all the devices, equipment and products will be integrated on the same network. You will get instant results over the items in the inventory as well as make use of the result any time you want.

• You will have more data to track and take care of

With so many of interconnected devices you will have more data to track than you have right now. You will be able to learn more about the behavior of your customers and get in-depth metrics to learn about what they think, know about your employees and their work pattern as well as learn about different business operations. No doubt all these information is going to serve you well but then, you need to be prepared to handle such large amount of data and have data analysts in place.

• Things will be faster

With the introduction of IoT in places, different operations will take place faster. This means everything from managing home to getting public transportation will be simplified. Simplified transportation will lead to shorter commute times and from organization perspective it will decrease the delivery time. No doubt people will get things faster but, at the same time, customer expectancy and demand will rise too.

• Energy and production will be cheaper

With the presence of smart grid coordination, the cost of energy is going to go down. The machines and devices will operate better and the maintenance process will get easier. This way you will need less money for your inventory and this will bring down the costs more likely.

• Feasibility of remote work will increase

With availability of portable devices like laptops and tablets along with cloud-hosted software, a number of professionals are choosing remote working option. With more number of IoT enabled devices over the network, it will become easy to manage everything remotely. With just a laptop and a dependable internet connection, it will become possible to manage a store completely.

References

• https://www.huffingtonpost.com/anna-johansson/8-ways-the-internet-of-th_b_11763836.html
• https://www.forbes.com/sites/jaysondemers/2017/01/11/7-ways-the-internet-of-things-will-change-businesses-in-2017/#5c947d2f39e6
• https://www.eukhost.com/blog/webhosting/9-ways-the-internet-of-things-will-affect-your-business/