Internet of Things (IoT) is surely going to have a big impact not only in the coming year, but this year also (2017). You may mark it as a year which will see the take-off of the expected IoT system.
Although, we do not have the exact statistics or proofs, but only a rough future estimate, which indicates that by 2020, we will have more than 50 billion devices ‘connected’. This estimate is getting revised again and again.
Now, with hundreds of billions of dollars invested in this concept, are you seriously prepared for this? Do you know that even if you are not directly dealing with technology, your business is going to have a big impact on it, owing to the ways you use your IoT devices?
If you are in business of some kind, it is time for you to raise your level of awareness about how IoT is going to have an impact on your business.
Here, I am discussing about the 5 possible and plausible ways in which Internet of Things will change Business in 2017.
Consumer Expectations and Needs:
The consumers who will get a chance to use these devices will certainly develop new needs. There will be an increase in the consumer demand of ‘Smart’ devices.
The consumers will try to integrate all the devices at their home, be it any home appliance, device, gadget and even their furniture. There will also be an upsurge in the demand of efficient tools and accessories that supports the ‘Smart-home’ concept. So the traders or the business persons, will have to dream up the ideas for their customers.
This year, the businesses will not only have to dream about the needs of their consumers, but they will also have to research on the ways and manners in which they can turn these dreams into reality. For e.g., a TV shop needs to be flooded with the chipset equipped ‘Smart’ TVs instead of the normal.
Data-based insights to consumer behaviour:
Everyone in the market loves data, be it a marketer or entrepreneur. The IoT devices are connecting the consumers in all the new ways. With the help of IoT devices the patterns of the consumer behavior can be tracked and recorded in the best possible ways.
This helps in learning the consumer demands, needs and their possible future demands. This empowers the marketers to make intelligent product recommendations.
The data gathered by the IoT devices help the marketers to know the target demographics on a qualitative level. Thus they can take the advertising, marketing strategy and product manufacturing decisions on a very informed basis.
The data gathering exercise will be simplified this year with an upsurge in the use of ‘Smart devices’.
Inventory Management will be easy:
If any business relies on manufacturing or warehousing, it requires an efficient inventory management system.
Most of the businessmen use remote scanners or some similar high technology equipped devices to manage their inventories, but then also sometimes and somewhere they get entrapped in a fall bait.
In the near future it is expected that these IoT equipped smart devices will make the process of inventory tracking process fully automatic.
The workers will be freed up to do any other important task and inventory management will be left in the hands of super ‘Smart’ devices. IoT is not just about making ‘Smart Homes’, but also ‘Smart Offices’.
Accelerated sales and purchase:
With IoT, consumers will develop new ways of research for the products and services they need. This will have a direct impact on their existing length of purchasing cycle.
Now, when they can search for any of their desired product with only a few spoken phrases, why they are going to wait for long? They will quickly search for the products and services, and order equally fast. With it, they will also expect a quick delivery.
The business houses are fortunate that their partners, logistic providers and partners are also becoming equally aware about the importance of IoT, and are constantly trying to equip themselves with all the advanced technologies needed to fit in the race of fast sales and delivery.
It is expected, that starting from this year, the business houses will be able to serve the customers fast.
Increase in Remote Working Possibilities:
In a research by Tiny Plus on the topic ‘What Leaders need to know about remote workers’, it is found that remote working workers tend to be happier and productive. Isn’t it what any business expect from its workers?
If any business doesn’t require direct dealing with any physical entity or inventory, the IoT provides endless opportunities for controlling their business remotely.
Now with IoT, when all the devices are able to be wired to the same network, the remote working employees can be networked and connected all the time. They may be able to work from the remote locations by just logging into their home, office or factory devices.
Isn’t it amazing! It is going to change the whole Business scenario this year. The IoT in many ways is going to improve the bottom lines of the business this year.
You may find the discussed changes overtly ambitious, but they are surely going to happen. In the year 2017, I am expecting to see the IoT devices gaining popularity. Its usage may be explored fully by the business houses by the year 2020.
The changes are coming and are visible as well. The only thing that we are not able to predict now, is the chronology of the events or timeline accuracy with which the events will happen. It is advisable to all business houses that they should gear up to adapt or adopt these changes.
If you are unaware about what IoT is and how to embed this in your business to achieve higher benefits, you can join Eckovation’s IoT course. You can do this course online by sitting at the couch of your home. Just visit eckovation.com site and enroll for the course.