The Internet of Things (IoT) is one of the most powerful forces in today’s business world, without it, a lot of businesses will not be able to operate productively, but with good reason. It has increased the communication between devices, optimizing the way we do things and affecting facet of our day to day activities.
However, the IoT is set to play a major role in the business World, as Organizations are looking for new ways to maintain their competitive edge and boost their productivity; to connect things and people, as well as to deliver new services to the market.
In fact, the Information Technology Research Firm, Gartner, predicted that by 2020, the IoT will expand to reach 26 billion different connected devices. Also, Research Firm International Data Corp recently quoted that “the IoT market is set to grow to $1.7 trillion by 2020 from around 655.8 billion in 2014.” Intriguing!
Looking at the way things are going, the IoT will totally change the mode of business competition and drive new business models for user and supplier companies.
The simple truth is, it will be hard for any business without the knowledge of IoT to survive and stand out in years to come.
Below, therefore, are ways IoT has added to the optimization of business standards in 2020.
IoT changes the form of business operation
Seriously, it is fascinating to see billions of devices talk to each other every day, gaining the ability to communicate and improve business operations.
IoT has changed the form of business performance to the level where we no longer need to fear. Currently, business operation is taking progress to a level where we have greater access to data than ever before.
Henceforth, every aspect of business can be handled from remote locations if there is access to a smart device loaded with flawless software.
IoT has helped several business persons to reduce the stress of moving. With IoT, you don’t have to move from one place to another before providing your services, simply because everything is connected and synchronized through the devices.
Here are a few ways in which IoT has fundamentally change the form of business operation — enabling the virtual and physical world to connect through devices.
- Cloud computing
- Extreme customers segmentation
- Mobile solution
Business productivity and efficiency
With the rise in the level of production, a lot of businesses need proficiency to deliver products and services to their customers in the most cost-effective manner, while they still ensure a high-quality product, service, and support.
Meanwhile, IoT helps to connect the maximum number of devices to the internet which has added to the productivity and efficiency of businesses and, ensuring quality services in less time to reduce operational cost.
Furthermore, the increase in IoT development will allow several businesses and their workers to accomplish large scale tasks faster – with serious accuracy also – in management and data analysis.
Sophia C. Professional SEO expert at VFMSEO said “with IoT, companies can track every aspect of their business, from managing inventory and fulfilling order as quickly as possible, to locating and deploying field service staffs. Tools, factories, and vehicles will all be connected and reporting to their locations.”
Inventory tracking and management
IoT has brought transformation to the way companies track their asset, (tools, equipment, machinery,) and other inventories, using sensors and connectivity to track each item.
For example, the transportation industries now attach sensors to moving trucks and cars that are being shipped. This process has made vehicle shipping more convenient and reliable for both companies and their customers. Thereby enhancing a user-friendly and smooth business relationship.
Also, the practice of attaching sensors to items has helped to reduce theft and physical threats to goods and enables constant supply chain in different business sectors. Indeed, the revolution of IoT has added a great impact on the optimization of several businesses.
Increase in speed and accessibility
“The internet of things has improved, and will continue to improve processes, twenty years ago delivering a package in less than a day wasn’t a guarantee. Today we can send shipment overnight.” says, Chester Kennedy the Ceo of International Consortium for Advanced Manufacturing Research.
With the IoT in place, several businesses are embedded with access to carry out great service and faster delivery for consumers in a short period of time.
However, since most of our IoT advances tend to emphasize instant gratification, businesses will be able to serve their customers faster and better.
In this automation age of constantly growing technology, the IoT will continue to grow and help to connect more to the world. Therefore, all organizations need to consider IoT as an important aspect of business.