How Will the "Internet of Things" Affect Your Business?

Thu, Feb 25, 2021 7:00 PM

Whether you like it or not, the Internet of Things (IoT) is coming. The number of interconnected devices in 2016 will leap 30 percent to 6.4 billion in general usage, and more than double to 13.5 billion by 2021, according to the report.

We're likely to see a change over the next four years in how we practice our lifestyles... and, of course, how we run and operate our companies.

Internet Of Things

The Internet of Things is a generic term used to refer to Internet-enabled devices such as smart home devices that are all interconnected via a single, remotely accessible network if you are not familiar with the concept. Your smart TV, thermostat, and refrigerator, for example, will all be accessible from your personal tablet for power.

More types of devices and fixtures will be planned to join such networks in the future.

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How it will affect the business

And how is this trend going to change the businesses?

Track everything at once

Most businesses currently rely on barcode tracking systems for inventory management. But when you merge virtually all your equipment, computers, and even items into the same network, inventory management, and monitoring will become so intuitive that you do not even have to think about it. You will be available to change numbers immediately at all times, and you will be able to tap into those stats whenever you choose.

You'll have far more details to keep track of.

Those same connected devices will open the floodgates to much more details than you are currently tracking. You can learn in-depth statistics about your clients and their habits, how they work and your staff, and even the technical specifics of how your industry operates. This is all worthwhile material... but with data analysts and visualization tools, you need to be prepared to handle it.

It'll all be faster.

All is going to be quicker with the IoT in place, as integrated systems could involve everything from traffic lights and cars to public transport. You'll have shorter travel times for yourself and your colleagues while that's the case. This implies quicker deliveries, which is more important for the effect on your company. This will be a privilege on the one side, you will get what you need quicker, but it also suggests that customers will expect and demand faster, more consistent service.

It would be cheaper for energy and production.

Energy is going to be cheaper due to smart grid coordination. Not only that, the computers will be able to find new and smoother ways to work, and it will even become simpler for your maintenance routines. The bottom line is that you're going to spend less cash producing your stock, and most of your costs are likely to reduce.

It will become much more possible to do remote work.

Remote work is now a solid alternative for many technical positions, thanks to cloud-hosted applications and conveniently portable devices such as tablets. It will become much easier to handle anything remotely when IoT technology becomes popular, and all devices are manageable on one network. You can be able to run an entire production line, or a whole shop provided one tablet and an Internet connection. Most practitioners won't be prepared to immediately cross this distance, but as a possibility, it will be there.

It'll increase productivity.

Your business as a whole would be able to run more productively, at lower costs, as a general rule. Initially, the cost of updating all your devices will be steep, but you will end up paying less for workers, and due to the productivity problems your new technology will have overcome, you should be able to manufacture more goods.

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