6 Ways The Internet Of Things (IoT) Is Changing The Way We Do Business
What is the Internet of Things?
In a word… connectivity!
IoT refers to the process of connecting devices (like TVs, washing machines, cars) to the internet. An IoT enabled device will be able to talk to you and feed you information related to the function of the device.
It’s the future of the way businesses and consumers will interact with the physical world. And it is, and will continue to, change the way we do business in many amazing ways.
1. More Demanding Consumers
Did you know? By 2018, Millennials will have the most spending power of any generation.
Millennials, as a generation, are more demanding of brands. With the constant evolution of connectivity, they expect brands to evolve with the times. They don’t want to have to log service calls, they expect their device to be smart enough to do it itself.
2. Enhanced Inventory Management
It all started with the “smart home”. Now the IoT is changing the way businesses track and manage their inventory. Bringing in an age of “smart offices” and “smart warehouses.”
Businesses are already tracking inventory with remote scanners and barcodes. But the growing world of automated devices connected to the IoT will revolutionise tracking systems. Changing the way you do inventory.
Now you’ll be able to keep tabs on inventory changes completely automatically. This means your workers will be able to focus their time on more important, cognitively demanding tasks.
Take a moment and think about how that will change your business processes.
3. Artificial Intelligence
The concept of an artificial lifeform has been around for decades. And there are many people who fear the consequences to introducing A.I. into the business world. The reality is, some jobs will be obsolete by 2040.
But this doesn’t mean that you’ll be thrown out on the street.
On the contrary, A.I. will create new jobs in the future. It’s something people will become reliant on and unable to function without.
Just think about this. Back in 1968 when Stanley Kubrick’s “2001: A Space Odyssey” hit cinemas, people relied on secretaries to schedule their lives. And now, almost 50 years later, most people can’t schedule a meeting without Siri (which was inspired by the A.I. computer in 2001: A Space Odyssey, Hal 9000. Go on, ask Siri if she can open the pod bay doors).
So, your business needs to move with the times and adapt to these changes. Both by filling the gaps created by the job shift, and providing customers with systems that meet their new needs.
4. Smart Devices
Right now, the smart device in your pocket is tracking how many steps you take and recording every place you go.
This data is invaluable for businesses!
It gives your business insights into your customers. Which allows you to predict and create intelligent product recommendations. And customise your messaging in new, innovative ways. Opening the door for businesses to take advantage of data-based insights. Which breeds more effective advertising, and more personal customer interactions.
And as smart devices evolve, so will the way customers interact with brands. The introduction of smart watches proves that people want smaller, more efficient ways to interact.
5. Changing Working Environment
For businesses who don’t deal with on-site inventory, IoT is opening up a world of new possibilities for remote work.
This is great news!
Why? Because 89% of Millennials say they’d prefer to choose when and where they work, rather than a 9-to-5 position.
The Internet of Things connects multiple devices into the same network. And because they’re more connected than ever before, employees can work remotely with ease.
Plus, remote workers tend to be happier and more productive. So, the arrangement helps improve your bottom line.
6. Remote Maintenance
IoT enabled devices are the future of asset maintenance.
Right now, your technicians waste time and money on service calls that could be resolved remotely with ease. That’s where IoT comes in.
You’ll now be able to connect any asset in the Field using intelligent technology. This allows you to manage by exception. Because assets will tell you when something is wrong… before the customer experiences an issue.
Here’s an example.
An IoT enabled aircon system’s temperature is fluctuating. Because the device is connected to a CRM system via IoT, it tells the manufacturer something is wrong. The technician assesses the problem and repairs it remotely… before the customer even realises there’s a problem.
Now IoT helps you save on technician’s time, saving you money. And you’ll cultivate better customer experiences.
So, what does this all mean for your business?
That IoT devices are going to have a massive impact on how you do business. Even if you don’t deal directly with technology.
The latest and greatest IoT developments will make your business more efficient. Allowing you and your workers to accomplish large-scale tasks faster and with greater precision.
We recommend you embrace IoT by implementing a great CRM solution. This will help you manage the world of IoT, giving you a system to connect your devices to.
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