Know How Internet Of Things Is Going To Transform Businesses

In the recent years we all have been hearing about Internet of Things. With the introduction of products like Amazon Echo and Google Home the demand and popularity of IoT has greatly increased. It was estimated that by 2020 people will be able to witness 50 billion connected devices and it clearly depicts a big money for businesses. 

So are you still thinking about IoT for your business? Then let us tell you that IoT is going to have huge effect on businesses :

Let’s understand,

• Data

  IoT devices easily connect with consumers and so there are more chances for marketers to collect data and work on it. With devices getting smart, chances are better for the marketers and businesses to understand consumer behavior and come up with products that well suit consumer needs. Easy customization and big steps for innovation can be seen. 
  
  
  This data can be used by businesses to come up with better effective marketing campaigns based on the customer behavior, demographics, etc. 

• Tracking and Management of Inventory

  In case your business revolves around manufacturing and storing products then you must be using high-tech devices and scanners, which can help to keep a track of every single item in the inventory. With the introduction of smart devices you will be able to note down every single change taking place in the inventory without having to appoint workers. In short, you will be able to come up with a concept of ‘smart warehouse’.

• Remote Work

  In case your business has nothing to do with maintaining an inventory then for sure you will be having people to connect with and manage. With devices connected through network it becomes quite easy to accomplish the task. This way people even from the remotest locations can be connected from your office room. 

• Easy Accessibility with Speed

  With the introduction of Smart devices and technology it is very much possible that the buying cycle of the consumers will get short. They will be able to reach to your products and services simply by using some familiar phrases. The delivery will also speed up as your suppliers, logistics providers as well as partners will also be following such smart techs. In short, making use of Internet of Things in businesses will simply change the way your customers shop. 

• Increased Productivity

  With increased use of smart-tech devices the businesses will be able to improve the efficiency of the workflow as well as boost productivity. Your staff will be able to accomplish tasks within less time interval that to with great precision. Moreover, you may need fewer staff to complete the operations. 

• Need of New set of Staff

  In the above-mentioned point we saw that businesses will not need more number of staff with the introduction of IoT in the business. But, on the other hand, they will need a bunch of new staff who are capable to work on the technology and help integrating the devices across the business. These new skilled employees will work to bring the business to new realms.

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References

• https://econsultancy.com/blog/69024-three-ways-the-internet-of-things-will-improve-business-efficiency-by-harnessing-big-data/
• http://www.businessinsider.in/THE-INTERNET-OF-THINGS-2017-REPORT-How-the-IoT-is-improving-lives-to-transform-the-world/articleshow/58335244.cms
• https://www.ft.com/content/e77d1710-3bef-11e7-ac89-b01cc67cfeec