The Internet of Things (IoT) is coming, whether you like it or not. Over the next four years, we are likely to see a revolution in how we live our lives… and also how we manage and operate our businesses. By 2020, Gartner Inc. estimates over 26 billion connected devices with more than half of major new business processes and systems incorporating some element of IoT.
So What Is the Internet of Things?
IoT is essentially a network of devices that have Internet connectivity built into them, allowing them to send and receive data without human intervention. You are probably familiar with smart sensors like the Nest Thermostat, wearables like the Apple Watch or Fitbit, and Google’s self-driving car project. Waze, OnStar and Google Maps use IoT technology to locate and track your device, and feedback information based on your location and prior established likes and dislikes.
Many other industries are developing new technologies using IoT to improve their products. Some examples:
• John Deere is using IoT to boost the efficiency of prepping, planting, feeding and harvesting with the goal of improving per-acre crop yields.
• Rolls Royce aircraft engines send real-time data on the engine’s function back to monitoring stations on the ground to help detect malfunctions to help prevent aircraft disasters.
• Microsoft constantly collects data on features being used for its products to make smart decisions on how to develop their software.
How Your Business Will Change
You don’t have to worry about the Internet of things suddenly appearing one day and making your company obsolete – it will gradually develop over time. Think about where you were 15 years ago and where you are now. You have likely invested in things like wireless Internet, mobile devices, analytical software, cloud storage, virtual servers and more. This adaptation and progressive nature will allow you to stay on pace with the development of IoT.
Some factors to consider:
1- There will be more data to manage: all those interconnected devices will mean a lot more data than you currently track. IoT has potential to deliver in-depth metrics about your customers and their behaviors, your employees and how they work, and even details about how your own business operates. This is all worthwhile information … but you need to be prepared to handle it, with data analysts and business intelligence software.
2- Security becomes even more important: with more data and new types of data available, it will be more important than ever for your company to supplement these new technologies with additional security measures and preventative action techniques.
3- Business opportunities abound: many unique business opportunities will arise out of the growth of IoT. Potential areas include improved customer service and personalization; the ability to address real-time threats, improved process optimization, and more accurate and effective forecasting.
4- Remote work will become even more feasible: it will become even easier to manage your business remotely.
5- Increased complexity in systems: The more ambitious and complicated the project, the greater the schedule overruns. IoT projects may take longer to implement. You could have a hard time keeping all your integrated devices updated with the latest software and connected to the network; this will be both expensive and intense in terms of IT needs.
6- Some industries may fundamentally change when IoT becomes mainstream. Pay close attention to how your industry develops, and be prepared for some major changes. The sooner you start thinking about the future of your firm, the more proactively you’ll be able to prepare.
As technology continues to evolve and becomes readily available to small businesses and consumers alike, processes will become more efficient and life more comfortable. Regardless of how well you understand IoT and its potential benefits, it is important to remember one thing: The future is bright.
Now is the perfect time to contact us and set up an appointment with your Abilita consultant to discuss and plan how to use and implement this new technology and get your business ready to adapt to these changes gradually.