How Can IoT Impact your Business?

For some of us who are not aware of what the Internet of Things is, this refers to billions of physical devices around the world that are now connected to the internet, collecting and sharing data (ZDNET). A cheap processor and a wireless network can connect anything to the internet. So anything in your house or in your surrounding can actually be an IoT device. In this article we are going to tell you how the Internet of Things can impact your businesses.

If you want to start on adopting IoT for your business or home, now is the time to do it. Being created by Hitachi itself, support for Lumada will be effective. It is time to take up smart solutions and empower your business or home now. Check out Hitachi Lumada at their website above.

First off, UPS will tell us three things that we need to know about the Internet of Things. Let us read below.

Demystifying the Internet of Things: 3 things you need to know

For many businesses, the Internet of Things (IoT) can seem like an abstract concept – or just a prop ripped straight from the screenplay of a big-budget science fiction flick:

Whether it’s self-compacting garbage cans that automatically empty when full, a thermostat that “learns” what temperature you prefer and detects when you arrive home, or an artificial intelligence “personal trainer” app that monitors your health habits while providing real-time feedback, even the most simple tasks are turning “smart.”

But while industry gurus, ominous studies and even Stephen Hawking predict a total tech takeover of Earth, you’ll be more convinced the day Doc drives up to you in a DeLorean. At your business, you have more down-to-earth objectives to deal with on a daily basis, like turning a profit and keeping your customers satisfied.

Which is exactly why the Internet of Things is becoming more critical for business owners to understand, and act upon, than ever before. Read more here.

Given above are top three ways the Internet of Things will affect your businesses. First is that real-time data will revolutionize the supplier relationship. Second, universality is potentially dangerous. And lastly, the web will only continue to thicken and expand – and mostly for good.

In the next part of this article, we are going to assess the impact of IoT in business. Fran Howarth will help us in his article below.

The Sky Is the Limit: Assessing the IoT Impact on Businesses

The Internet of Things (IoT), in which all manner of devices and things are connected, is enabling digital transformation in many walks of life. It’s also heralding the promise that we will soon live in hyperefficient smart cities. But how does this affect business?

A recent report from The Economist Intelligence Unit (EIU) gauged the current IoT impact on business in comparison to similar research the firm conducted in 2013. The study looked at how businesses are deploying IoT, the perceived barriers to deployment and the expected consequences for organizations.

How Does the IoT Impact Business?

According to the report, one-fifth of respondents have already seen the IoT impact their business, and 30 percent believe they will see these effects in the near future. Among the cited benefits of IoT are cost reductions, efficiency gains and new insights that enable innovation and new revenue opportunities. So far, the IT, financial services and retail industries are making the most progress when it comes to using IoT technologies for external products and services, rather than just internal projects. Read more here.

Cost reductions, efficiency gains and new insights that enable innovation and new revenue opportunities are just some of the benefits mentioned above. There are also examples of specific companies using IoT and included are the ways on how the IoT made an impact in their business.

Next up, Scott Koegler will give us five more ways the Internet of Things will change your business.

5 ways the Internet of Things will change your business

The Internet of Things (IoT) leverages network connections to facilitate communication between devices and systems. Companies have been deploying smart devices in many new ways to enhance their businesses.

Here are four trends you should pay attention to:

  1. Continuous customer engagement

Adding “smarts” to products can give users the ability to interact with and control appliances and other household products by using network connections and the Internet. These same communication capabilities can be used to monitor products and provide proactive support.

For example, if something needs servicing or otherwise fails, a message can be dispatched to both the customer and to the manufacturer’s customer service system. Similar functions are now available in some cars, and IoT technology will extend these services to other devices, such as security systems or even light bulbs. Read more here.

There are four trends given above and one is continuous customer engagement. This means that users are now able to control appliances or other devices through the Internet. Who wouldn’t want that? The other three trends are business process monitoring, automated services, and expanded big data. With all the pieces of information given above, we now understand how helpful the Internet of Things is not only to companies but to users as well.

 

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