The internet continues to be a cornerstone of advancement both in the society and businesses today. The Internet of Things aims to make everyone more efficient by serving a standard connectivity in order to leverage data, implement interpretations, speed-up decision making, and work speedily on new business trend as soon as they surface.
Besides, the seamless connectivity among business devices – anywhere, anytime, anyhow and under any kind of condition, has brought business operations to another level.
As a matter of fact, it has been established that in only about two years to now, a whopping 75 billion devices would be connected to the Internet of Things. Meanwhile, a separate analysis shows that the number of devices connected to the internet seriously exceeds the number of people in the world. Wait, what? Who operates them?
However, the internet of things (IoT) has been a major point of interest among vendors, business managers, marketers and technology experts for years. Meanwhile, the technological advancement has helped human beings, businesses to stay connected and produce a better result than before. In fact, a study by IDC, shows that more than 80 percent of IoT spend through 2020 will be on B2B applications and use cases.
Howbeit that IoT has brought noteworthy transformation to business sectors: Improved efficiency in supply chain, and provides a clearer way to have a better transaction. No doubt, a lot of firms and business organizations will be transformed and a lot of business operations would, sure, be refurbished beginning from 2018. Even though you don’t deal directly with technology, IoT devices would still have an impact on how you do business; marketing, customers engagement and lots more.
So here’s the question – is your business ready for the IoT? Below, therefore, are 5 business revolutions IoT is set to unveil:
1. Inventory tracking and management
The truth, however, is that IoT will definitely revolutionize how organizations manage their inventories, by increasing the ability to track and monitor their products directly.
Product label or tag will be connected to IoT devices and each inventory will be tracked automatically – this system will reduce the stress of workers.
Also, Radio frequency identification (RFID) a form of wireless communication that uses electromagnetic coupling, will be used to get more information about an object or items and will be able to communicate that information to an inventory system. Moreso, RFID tags will be built to an object, which will make it possible to send information about temperature, damages, weather, traffic etc.
GPS location will be built into all product, which will help a company to know where their exact items is. Just as some car shipping firms uses GPS to track their customer’s product, ensuring safe delivery of a shipped vehicle to its destination.
Using IoT devices to track every single organization items, will reduce the rate of lost or stolen products, and increase the ability to view, track and monitor inventory of each organization.
2. Transforming businesses with blockchain
Blockchain will play a major role in business sectors by increasing the level of security, creating efficiencies through supply chain and provide more flawless transaction than ever before.
Several business sectors have been using blockchain technology to manage a database and record their transactions, and a lot will still do more in 2018.
A study shows that Bank using blockchain technology has the potential to save up to $8-12 billion per annum, while the amount of global blockchain market is expected to grow to $20 billion in 2024.
With the high rate of businesses adopting blockchain technology into their system, it will serve as a key implement of transformation to business in three different ways.
- It will reduce cost: IOT and blockchain will reduce the amount and time invested in each business transaction, by removing the middleman and allowing consumers to use a paper-to-paper basis, which will reduce legal or contractual cost. In fact, a Santander fintech study shows that a distributed ledger technology could reduce financial services infrastructure cost between $15 billion and $20 billion per annum by 2020.
- Increase the rate of transaction: With IOT and blockchain, consumers and business owners will experience an increase in transaction level. Which will result in fast workflow and organization will be able to deliver their contract on time.
- Increased trust among consumers and business owners: With blockchain and IOT, businesses are more secured – as it’s impossible to gain access to data of a second party unless if sheared. It will help build trust between two organizations or two individuals trying to perform transaction together.
3. Increased security in transportation sectors
With the high amount of organizations depending on transportation to distribute their products, it becomes more important for companies to increase their transportation security with IoT from an unexpected failure. IoT will thereby improve efficiency, productivity and reduce transportation and staff cost. By using a properly configured IoT fleet management system, equipment and vehicles are less likely to encounter dangerous road conditions.
IoT will, sure, enhance the shipping operations of different auto transport companies by providing GPS fleet tracking software, which allow several shipping companies to make sure their vehicles are operating under optimal condition. This aids the easy location of company’s truck, ensuring safety and accountability with a better workflow.
4. Speed and accessibility
It’s surprising to see the rate at which people are adopting online market rather than offline, just because of the speed and easy accessibility. In Fact a study shows that 67 percent of Millennial and 56 percent of Gen Xers, prefer to shop on online rather than in-store. And 96 percent of Americans with internet access, have made an online purchase in their life, 80 percent in the past month alone.
However, with IoT in place; you will definitely get more done in less time. Since consumers will have access to buy whatever they want with the help of IoT devices and save the stress of going up and down to find a particular product they need.
The consumer will have to place an order for the exact product they are looking for and they will demand delivery at their own convenient timing.
5. Big data will be in place
With IOT, businesses are coming up to implement new technologies across the globe, using big data to innovate and grow in an increasingly interconnected world. The turnout has been a huge one in 2017, and it will still be more in 2018.
No doubt, in 2018 marketers and entrepreneurs will definitely need more data. And with IoT devices connecting numbers of individuals together, companies and firms will find it easier to connect more consumer in a new way, and there will be more access to data than ever before.