We have all witnessed the power of Internet and how it has changed the way we live, communicate and collaborate. And now we are all geared up for the next revolutionary change wherein machines, stores, household equipment etc. will communicate with each other via Internet. Welcome to the world of ‘Internet of Things’, where there are countless new opportunities for businesses. Here we take a look at the reasons behind all the excitement about IoT as it’s usually referred.
# Every Action/Transaction Is Being Logged
You have already experienced how Big Data has changed the course of many businesses. With deep insight on customer habits and their aspirations, businesses are able to serve them better. IoT will take it to the next level where everything from your refrigerator to your vehicle will transmit data and communicate with other systems. This data would be analyzed by the cloud based app which will turn them into meaningful information for business transactions. For instance, if there is no milk left in your refrigerator it can be programmed to place an order with the local grocery store automatically. The possibilities are limitless when a large volume of data is converted into information.
# Metrics Will Be Generated/Used in Real Time
IoT won’t just put brain inside your common household appliances or keep track of your needs, it will do so in real-time. This will help businesses make better decisions and also serve their clients/customers better. It will do away with the need for human analysis of information that often delays decisions at work. For instance, if a construction material supplier’s system foresees demand for a certain type of fixtures and accessories in the next few weeks they can immediately inform the manufacturers about this to speed up supply. And it doesn’t stop there as this real-time data will help in identifying business problems and also offer the best solutions. This will help businesses mitigate risks and maximize their profits.
# Data Would Be Shared At Unprecedented Level
The tons of data that would be generated every millisecond in the future aren’t going to end up on some cloud app or in a database like what happens with most market research data right now. They would be shared at an unprecedented level across the board between co-workers, sales teams, logistic teams and every person who can benefit from the data. For example, your packet of cookies involves the manufacturer, the logistic partner, the sales team and the retailer to finally reach you. With IoT, everyone would know your stock running out (at least technically). This will help improve supply chain, which will result in more efficient marketing campaigns and offer actionable information to everyone involved in the loop.
# It Will Bring Businesses Closer
While businesses are connected in the modern world they still remain in silos when it comes to sharing of data. For instance, when a construction contractor starts procuring building materials for a new project, they would also need kitchen cabinets, bathroom fixtures, and lighting accessories. And this is where there is an immense opportunity for collaboration and valuable partnership between different businesses with IoT. It will help businesses in generating more qualified leads and convert them into sales.
Internet of Things will change the rules of business in the future. It will change how businesses gauge demand, supply their customers, generate leads and improve their bottom line. Are you ready for this change?