How Can IoT Affect Business?

The Internet of Things (IoT) is becoming an integral part of modern life. It is expected by Gartner that the number of interconnected devices will increase up to 13,5 bln. by 2020. It will profoundly change our mode of life, leisure, and, surely, the way we run a business.

What Is IoT?

The Internet of Things is a network of objects interconnected via the Internet. These objects are able to collect and share data incoming from embedded services. The IoT devices are any stand-alone devices connected to the Internet that can be tracked or managed remotely. For example, cars, kitchen appliances, and even heart monitors can be connected via IoT. With a rapid revolution of IoT, the number of such devices will increase.

How Will the Development of IoT Change the Way You Run Business?

A lot of industries including manufacturing, transport, healthcare, agriculture, and many others benefits from using IoT-devices. Let’s take a closer look at how innovative IoT achievements can affect your business.

1. You will not worry about your inventory.

Today, supply chains are mainly managed with the help of barcode tracking. Once a company starts using IoT technologies, all its devices and products will be connected to the same network. You will be able to intuitively track and manage your inventory in the real time, to see all metrics required at any time.

2. You will get access to more data.

The Internet of Things opens access to the huge amounts of helpful data. For example, businessmen will be able to learn detailed metrics and examine how their customers’ behavior can affect sales and boost revenue. Every company must be prepared to process these amounts of data. In order to do that, they must have analysts on the staff and proper software.

3. Your business processes will gather pace.

When it comes to goods delivery, for example, IoT devices including the information about public transport and traffic lights facilitate faster delivery. This data is also used by private cars so that your employees’ commute time becomes shorter. However, you should bear in mind that this benefit will lead to customers demands to get the goods faster.

4. Reasonable prices for production and energy.

Energy is possible to become cheaper with smart energy management. You will be able to find more effective ways to operate your machines so that all production processes are easier. This will cut costs for inventory coordination.

5. Your employees will have an opportunity to telecommute.

Distance work is becoming more feasible due to the possibility to use different cloud software and portable devices. The Internet of Things has brought additional opportunities to remote employees. Currently, with a good Internet connection and a tablet, you are able to run an entire store.

6. You will need to manage your devices regularly.

To function properly, IoT devices must be updated regularly. It will take some time to keep those updated and care about the latest software but it is worth doing that.

7. Effectiveness will be higher.

You will be actually able to run your business more effectively. IoT technology helps companies reduce expenses for salaries, energy, and machines.

8. Some industry sectors will change greatly or disappear at all.

IoT revolution allows shifting from human labor to completely automated work done by robots or other machines. Some industries like logistics can become absolutely automated. With regard to this, today entrepreneurs must be ready for these changes. Here is a vivid example of how DHL company effectively uses the technology of IoT:

To monetize the data incoming from the Internet of Things, companies must have a good sense of its abilities and strategies of implementation. The complexity of data ecosystem may require the collaboration with experts in data analytics to follow and implement the new trends and business models.

Whatever your type of organization is, you must foresee a constant monitoring of your assets. It will help you get new means of income and craft new pricing strategies based on productivity and customers behaviour.

Predictive analytics, for example, helps find and solve evolving problems with machines and devices. The control in real time allows getting valuable information on time.

How Can IoT Affect Business? was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.