Is IoT the New
“Things,” like smartphones and thermostats, now have the ability to listen and learn and then share their experiences with other “things.” They communicate with one another on a network that we, or other applications, can control from afar. This concept of the Internet of Things (IoT) has been around in some form or another since the 1980s, but many businesses are recently finding great gains in employee retention rates and profit by putting this technology to use for them today. If you are still considering the benefits of embracing the IoT, here are a few reasons it may be time for your business to get on board.
The Impact of the Internet of Things on Business
The Internet of Things is the concept of interconnecting devices, buildings, vehicles, and other items to exchange and collect data. While it may seem like only a handful of businesses could benefit from this technology, there are real-world applications for virtually all verticals.
- Asset management: For companies who are invested in managing assets, physical or human, IoT technologies can provide monitoring and maintenance solutions by tracking where the asset is, its condition, and its lifecycle. It also provides insights from predictive data and intelligence to automatic workflows.
- Digital safety controls: For businesses in the manufacturing space, safety is key. By processing data related to safety protocols, your business can create new safety workflows and increase production during maintenance and operation procedures.
- Infrastructure management: Imagine if every area of your business was connected, and data drove every decision. Businesses are moving their infrastructure away from an app-based environment and towards the IoT. This interconnectivity allows businesses to process information on a higher level and make streamlined decisions, all while keeping data extremely secure.
- Energy management: Smart buildings are starting to take precedence in the commercial space, and the IoT is only going to broaden the impact. IoT applications allow businesses to smartly monitor their energy using data. With the government giving tax incentives for businesses to become more energy-efficient, this technology is expected to see massive growth by 2020.
- Health and medical management: So much of the healthcare industry is already dependent on data and record management. What if that could be done on a more secure, large-scale level? IoT allows healthcare practices and businesses to process patient data, all while keeping it secure in the Cloud. Tracking patients pre-and post-care can also be revolutionized with interconnected apps. Not only that, but individuals are already seeing it manifest into their personal lives with the emergence of smart watches and fitness bands.
Businesses are also finding that while the IoT can impact them internally, customers are also looking to work with companies with a dedication to technology that improves their experience. Connectivity is the future, and businesses that are not on board could be missing out.
How Can Your Business Use the IoT?
While you may not be ready to dive into a huge infrastructure overhaul, there are elements of the IoT any business can take on board. Consider the following areas, and how connective data could make an impact:
- Data insights and reporting – Use data to make informed decisions that will impact your bottom line
- Remote working and employee tracking – Track your employee’s success (or areas to work on) and perform better performance reviews
- Speed and efficiency – Utilize technology that will speed up internal processes and allow you more time to get work done
- Precision – Rely on the IoT to calculate large-scale data points with precision and accuracy
The Future of the Internet of Things
As technology develops, so will the IoT. In fact, some are calling this the new Industrial Revolution. Devices will continue to impact our daily lives and connect us in ways we never thought possible, and businesses that harness that power will come out on top.
Businesses like Nest and Amazon were early adopters of the IoT, and smart home monitoring devices and the Echo Dot are changing the way people live and work. It’s expected the IoT will impact everything from daily commutes to the way we harvest crops.
The question is – will your business be part of the revolution?