What is the IoT and How Can It Benefit My Business?
Just when we thought that we had got the hang of tech talk, along comes another acronym to boggle us just a little bit more. But far from being a boring technological bolt on which only affects 2 per cent of the population, this one is incredibly exciting. What exactly is the IoT, and why are businesses so enthusiastic about it?
What is IoT?
The Internet of Things (IoT) is the phrase that has been coined to refer to all interconnected devices. If an item has a unique identifier (UID) and is connected to the Internet where it has the capacity to transfer data, then it forms part of the worldwide IoT.
The availability of inexpensive processors and ubiquitous wireless networks have brought with them the ability to connect pretty much everything; from a heart monitor to an aeroplane, a fridge to a driverless car, a street light to a smartphone.
This connectedness and the ability to communicate vast reams of data allows these devices to spew out a colossal amount of information. And it’s this stream of information that gives the IoT its tremendous value.
Exciting examples of IoT
While we may understand IoT on an intellectual level, we may not realise exactly how big this giant actually is.
We already know that we can monitor our au pair on our smartphone using CCTV cameras in our home and that some homeowners have the ability to turn on lights, close blinds, and set alarms from the comfort of their car.
But imagine if your printer sent you a message that the cyan cartridge was low and that it had ordered a new one which was due in 2 days? What if your calendar automatically programmed your vehicle to take you to your scheduled appointment on the correct day, and to get you there on time? What if your smartwatch notified your doctor that your health was impaired and that you needed urgent medical attention?
The possibilities really are endless!
The Benefits of IoT for Business
Business Monitoring
They say that knowledge is power, and this remains true in any business.
Imagine for a moment that your (expensive) factory machinery can let you know when a part is damaged when maintenance is required if it’s under any unusual stress loads, how often it gets used, and by who, and when you should order any consumables?
This information reduces breakdowns, minimises maintenance downtime, and likely prevents accidents which saves you time and money.
Employee Work/Life Balance
A happy staff complement means higher productivity, less absenteeism and higher morale. The IoT now allows more staff than ever to work remotely from the comfort of their homes, avoiding rush-hour traffic and the stresses of a daily commute. They can now collaborate with each other on projects via smartphones, VoIP and cloud computing – even when their littlest one is home sick from school.
Happy Customers
We all know that good communication with our customers is the heart of great service. The IoT allows faster, better communication via a huge variety of channels, as well as allowing us to collect detailed information on our customers’ buying behaviours or product preferences. Understanding their buying cycle makes marketing simpler, effective, and more targeted.
Getting Ahead
The IoT may comprise billions of devices, but it’s still relatively young in terms of its capabilities. Think about this for a moment; having access to so much data on your customers (and everyone else’s) places you in a unique position to change up your business model to adopt IoT devices or applications to put you ahead of your competition. Nike, for example, has embraced the IoT by branching into watches and apps which complement their sports equipment and further service their ideal market of health nuts.
We hope that we have answered your question, “What is IoT?”, and you are now considering how the IoT can help to simplify your business. The first step to harnessing this power is a simple one, and one which we can assist with: reliable, fast Internet.
Let’s connect!
