What All Businesses Need To Know About The IoT
The term “Internet of things” may sound broad, but every business today needs to be well versed in this concept if they are going to continue to stay relevant in an increasingly digital age. The term Internet of Things, or IoT for short, was first coined in 1999 to describe a vision of a seamlessly interconnected, wireless world. Today, this vision is becoming a reality, as human-based networks are steadily being implemented into computer-based systems. Our devices are an integral part of our everyday lives, and for businesses to succeed, this means catering to today’s digitally savvy consumers. In order to do so, here are a few things that every business should know about the Internet of Things.
IoT Will Help Companies Identify New Markets
Increasingly intelligent devices have opened doors for businesses to access new markets. One of the key proponents of the development of the Internet of Things is investing in research that will enable streamlined communication, not just with one another, but with our devices. Thanks to more interconnected networks, even more traditional companies can tweak their business model to be more in tune with contemporary consumer needs, ensuring their relevance in their long run.
The ability to track consumer behavior through developments, such smart security systems and smart home appliances, give business access to more accurate and qualitative data, resulting in a deeper understanding of future product demands. Today, the Internet of Things has presented an entirely new landscape of information for businesses to tap into. Identifying these new markets has granted them new opportunities for investment, which will allow companies to transition into an increasingly connected age.
IoT Allows Business To Expand Their Networks
Since the establishment of the 40 hour work week in the 1940s, the majority of workers in the Western world have been reporting to the same office, 5 days a week for over 60 years. Yet, the rise of the gig economy and the development of startup culture has resulted in the 9-5 work day becoming steadily obsolete over the last decade. The steady acceleration of a more connected world has culminated in a more autonomous and flexible work culture.
Today, businesses are establishing new networks that go beyond meetups and work-related events. The rise of digital communication tools has allowed employees and employers to work from anywhere in the world, while never losing contact with one another. This has not only proven to increase employee satisfaction, as well as productivity, but has also expanded professional networks in a whole new way. In short, automation could mean more autonomy in the workplace.
IoT Will Boost Brand Awareness In A More Intelligent Way
While the majority of businesses today are utilizing the power of big data to reimagine their marketing efforts, advanced data analysis is also causing companies to rethink their business models entirely. Emphasis has been placed on boosting brand awareness in a more organic, authentic way, based on data analysis. For example, sports- e-tailers, Under Armour, strengthened their brand and consumer base by providing fitness trackers that responded to their health-conscious consumer’s demands. Under Armour utilized data to better understand their consumer’s changing needs, and by embracing smart devices to make to create a product that's both innovative and useful.
The rapid increase of connected devices, resulting in more automation may seem daunting at first, yet it’s essential that business embrace these developments as soon as they can. While the Internet of Things is still in the early stages of growth, many companies feel confident that the future of business will be largely dependent on increased connectivity.
Charles Dearing is a seasoned journalist with over 15 years of experience using words to move people to act. He has written for various publications such as ProBlogger, Big Think, HBUK, to name a few.