January 23th, 2020
THE FUTURE OF THE INTERNET OF THINGS (IOT)
IoT or internet of things is a network of devices, appliances, vehicles and others that are embedded with sensors, electronics, software, connectivity and actuators; enabling them to connect and exchange data. In simple words, IoT devices share data in a wired or wireless network. The definition mentioned above itself showcases the endless possibilities that IoT inventions can provide the world; changing it right at the roots. The impact of IoT is felt most in the business world because not only has it changed the methods of different business operations, but also the way information is collected and exchanged. The business world is changing with the introduction of IoT in the following ways.
Productivity And Efficiency
With better information about the consumers and the market, the productivity of any business can be increased notably. IoT devices can be connected to each other and controlled to improve efficiency, which in turn has direct effects on the productivity of the business. More can be done in less time. IoT software and appliances allow workers to accomplish large-scale tasks in a faster and error-free fashion. The increment in productivity and efficiency will increase your profits significantly. You just have to make sure that all equipment has a quality finish and are maintained on a regular basis to prevent adverse impacts on efficiency and productivity.
With IoT technology, you don’t have to be physically present at the venue to handle work. If your business does not have to deal with physical inventory, then you can make maximum use of IoT technology because it allows your employees to connect and work remotely, and studies have proven that remote workers are happier and more productive, which will significantly improve your business functions.
Speed and Accessibility
Having access to the things they want easier and more efficiently, customers will be ordering faster, cutting down on the amount of time it takes to get what they want. This may even result in the customer wanting delivery faster since the ordering process is so much easier. Since any third party shipping company you may use will have the same tools as you, they will be able to help you serve that customer even faster.
With customers connecting in new ways there will be plenty of data that needs to be stored or quantified. Smart devices will be able to track customer behavior and maybe even learn from it. This data could be used to personalize ads and suggest orders in new and interesting ways.
The freedom of the “smart house” will now translate into the “smart warehouse.” You’ll be able to track inventory automatically, freeing up your workers for other tasks. You could track an item from the warehouse to the customer to reorder all through the internet.
IoT technology has made the concept of smart homes possible, and now the time for smart workplaces has arrived. Businesses that are accepting the change will see a higher growth graph than the ones who are still skeptical about this idea.
Contact YTL for further information about IoT and the impact on business.