12/10/2017
The post that we've been waiting for!!
đź“ŁWhat is that system called IoT that's making a buzz in the business world?!
Simply, IoT a.k.a. Internet of Things, is a system of interrelated computing devices, mechanical and digital machines, objects, people, and other items embedded with electronics, softwares and network connectivity which enable these objects to collect and exchange data over a network without requiring human-to-human interaction or human-to-computer interactions.
đź“ŁWhy do we need it?
Since IoT is a network of products that are connected to to the Internet, they have their own IP address and can connect together to automate simple tasks.
đź“ŁHow can it help your business?
Forbes published an article on the 11th of January starring the 7 ways IoT will change businesses in 2017. Their research concluded that even though original estimates held that we’d see 50 billion “connected” devices by 2020, revised estimates are still targeting nearly 30 billion, representing an industry worth hundreds of billions of dollars in the near future and even if you don’t deal directly with technology, IoT devices are going to have a massive impact on how you do business.
The 7 ways included:
1- Data, Data, Data
Businesses love data and with IoT connecting customers in more ways than one will help them access more of that data easily and greatly than ever before. It will help businesses track and record patterns of consumer behavior, and learn from them to make future intelligent product recommendations and customizing searches in new, innovative ways so can give the best product to consumers.
2- Inventory tracking and Management
This is very important if your business relies mainly on warehousing, manufacturing and storage since you probably use remote scanners and similarly high-tech devices to help your workers keep track of inventory item by item. With IoT, smart devices should be able to keep tabs on inventory changes completely automatically, freeing up your workers for more important, cognitively demanding tasks.
3- Remote work
What if your business doesn't use warehousing or storage? IoT will instead open up a new world for your remote work. It will help your remote working employees to get connected more than ever before and access new types of work by simply tapping on devices.
4- Speed and accessibility
Consumers will be able to access new forms of research and purchasing helping them find exactly what they want to order and demand purchase sooner. And since partners, suppliers and logistics providers will have similar devices, attaining tkon your consumer needs will be faster and more efficient.
5- Efficency and productivity
Speed however, isn't everything. Along wot quick services, you need to provide so much in a small time. The latest and greatest IoT developments will likely allow you and your workers to accomplish large-scale tasks faster and with greater precision, including data analysis and management. You'll need fewer staff members, or else you’ll be able to scale operations in new areas that allow you to expand your business so reach more in less time.
6- New Consumer Needs
With new technologies consumers will have different new needs . They’ll want things they didn’t know they wanted before, and they’ll expect more out of every new purchase they make. Consumers will also demand more integration, more efficient tools, and accessories that make their new smart home-enabled lives smoother and more efficient.
7- New Staffing Needs
I already mentioned the fact that you may have to cut some staff members or reassign them to new areas, but in addition to that, you may find yourself in need of some new team members. You’ll need experts in IoT technology if you’re going to be successful in integrating these devices into your current procedures, and data analysts if you want to make the best use of the data. These are highly skilled positions, but will serve to ensure you get the most out of your new investments.
IoT is the new trend and smart business are the ones that take this opportunity to make millions and KNB will help you do just that.
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