More of our devices are able to connect to the internet than ever before. The devices in our life are now getting connected, serving us data, and helping us with our day to day lives. As more devices are added to the internet, they make up a larger ecosystem called the "Internet of Things" (IoT). More and more of our devices are able to connect to the internet or sync with our phones in order to provide a richer application experience, but is your company ready to take advantage of these IoT technologies?
Analysts describe the Internet of Things as "the interconnection of machines and devices through the internet, enabling the creation of data that yields analytical insights and supports new operations." IoT solutions use these connections to cross-utilize wireless communications, networks, the cloud, and data storage.
How IoT Can Help Your Business
Aviva Wolmer, CEO of Pacesetter, writes that the primary benefit IoT provides business lies in its capacity for boosting day-to-day efficiency. These solutions use data collected from social networks, traditional media, as well as internal and external networks to provide actionable intelligence that empowers machines and people to optimize their behaviors. Well integrated IoT technologies can offer company leadership valuable feedback into how a company might improve their product functionality and better their user experience as well as streamline production processes and supply chain management.
Because these solutions can process more real-time data in a set period than a human could ever hope to, they also play a crucial part in developing financial decisions by providing real-time insights into the state of the business as a whole. The actionable intelligence sourced from IoT solutions complements that from a company’s accounting systems and enterprise resource planning (ERP) and, when taken together, can provide executives with a bird’s-eye view of the venture’s state and provide insights into potentially lucrative financial strategies.
Utilizing the Data
Utilizing the data extrapolated from the IoT products is the largest advantage you can have as a business owner. For example, network-based cameras can now share foot traffic data with you to help understand when your store is busy. Other IoT devices can inform you of air quality in your area or help you control the music from your phone outside of the business network.
The benefits that IoT solutions provide are invaluable, however, some researchers have managed to put a number on the potential financial gain. According to a 2015 McKinsey study, IoT stands to save global businesses up to $11 trillion annually by 2025. Other experts in the field project that the technology will boost corporate profits by as much as 21 percent by 2022.
So, take advantage of the newest technology and internet based devices. If you have questions about installing or utilizing new software or hardware for your business, contact us today!
