A car that keeps you connected to friends, refrigerators that speak to you, smart electric meters. It sounds like something out of a sci-fi movie, but these are real and they’re a part of the Internet of Things (IoT). IoT is an ecosystem of information and connected devices that bring the virtual world into our realities, and it’s changing the lives of consumers and companies more and more each day. Below are five ways IoT can affect your business.
Get closer to your customers.
Smart phones, wristbands, digital consoles—your customers are already connected 24/7, in and out of their homes. These devices are creating more and more opportunities for consumers to connect, which includes connecting with your company. Whether you offer a wristband during a customer experience, have an app that can track shopping habits or track energy usage through a home device, the future is full of endless ways to collect consumer data and to know your customers better than you ever have before.
Big data means big competition.
Collecting more data from your customers means more knowledge on what they want, where they are and why they make certain purchase decisions. This information is solid data gold, and you won’t be the only business that has access to it. More data means more competition, so with these smarter devices comes smarter strategy. Using collected data in ways that align with your brand will not only enhance your business, but it will also enhance the customer experience.
Less privacy, more security.
The more we are connected, the more information is at stake. While collecting consumer data is becoming easier than ever, it’s also getting easier to steal this data. Lucky for businesses (and consumers), securing information is also getting easier. Cybersecurity can range from simple access control to more complex firewalling. What’s important is that your business understands the risks and follows the security measures that meet your brand’s needs.
Your inventory will get smarter.
Tracking technology means knowing where everything is at all times. Whether it’s products and goods, equipment or vehicles, you can geographically tag anything and track it. This means fulfilling orders faster, working more efficiently and reducing loss.
Automated resources equals more revenue.
When every device, each piece of equipment, and even energy usage is automated to work at optimum performance, your business will become extremely efficient—resulting in more revenue. Machines can work autonomously. Equipment notifies you when it’s not working properly. Printers can even order their own ink. Find what can be automated in your industry and capitalize on those resources as soon as possible.
The Internet of Things will make the future much smarter. But it’s up to you to use the technology to create better business strategies and better products and services. IoT is an advantage for both companies and consumers. Now it’s time for you to turn your smarter business into smarter profits.