Internet of Things or IoT as its popularly known is changing everything, including how businesses function.
A system of devices connected to the web and each other, IoT includes a plethora of devices including smart phones, coffee makers, washing machines, headphones, light switches, tablets, wearable device, garage doors, fridges and more.
IoT is applicable in the business world as well where it is used to improve business operations, make smarter decisions and design or manufacture smarter products.
Some reports predict that there will be over twenty billion web connected devices by 2020. And, these are conservative numbers. Some estimates say the numbers could exceed a 100 billion. Regardless of which figure turns out to be true, the number of devices connected to the web by 2020 will be significant enough for us to consider how IoT will impact the world in the future.
IoT and Increased Data
IoT is expected to add significant data to data streams. For this reason, it’s crucial for individuals and organizations to be in a position to manage the broad impact that IoT technology will have on technical areas, business strategy and risk management.
With IoT, it is possible to get access to a considerable amount of useful information without having to ask for it. This includes the online habits of customers and how they connect to the web each day.
Not only does IoT provide you with valuable customer data, it also increases your knowledge about machines. For example, if engines and vehicles are connected to the web, then they can inform you about problems and the software will provide you with diagnostic reports which you can use to fine-tune production.
Over time, IoT will provide you with many useful bits of data. By putting together these pieces of data that you receive over time, you can get a clear understanding of your business operations, your customers and the audience you want to target in the future.
Pre IoT, businesses had to manually perform inspections, report inefficiencies and then inform the supplier about any issues in quality or volume. Today, software connected to the web reports this data in real-time, allowing businesses to know exactly when they will run out of supplies.