The Golden Effect Of IoT On The Optimization Of Startup Business Standards
The internet of things (IoT) is one of the powerful sector in today's business world, without IoT, a lot of businesses will not be unable to operate productively, but with good reasons. IoT has increased the communication between devices, optimizing the way we do things and affecting facet of our day to day activities.
Still yet, IoT is set to play a major role in the business World, as Organizations are looking for new ways to maintain their competitive edge and boost their productivity; to connect things and people, as well as to deliver new services to the market.
In fact, the Information Technology Research Firm, Gartner, predicts that by 2020, IoT will expand to reach 26 billion different connected devices. Also, Research Firm, International Data Corp(IDC) recently quoted that “the IoT market is set to grow to $1.7 trillion by 2020 from around 655.8 billion in 2014.”
Looking at the way things are going, IoT will totally change the mode of business competition and drive new business models for user and supplier companies.
The simple truth is, it will be hard for any business, that is yet to optimize the use of IoT, to survive and stand out in few years to come.
Below therefore are ways IoT has added to the optimization of business standard.
IOT changes the form of business operation:
Seriously, it is fascinating to see billions of devices talk to each other every day, gaining ability to communicate and improve business operations.
IoT has changed the form of business performance to the level where we no longer need to fear. Currently, business operation is taking progress to the next level where we have greater access to data than before.
Now, every aspect of business can be handled from remote locations if there is access to a smart device loaded with a flawless software.
IoT has helped several business persons to reduce the stress of movement. With IoT, you don't have to move your physical data from one place to another before providing your services, everything is connected and synchronized across all your management devices -- so, you can gain access to your data and showcase your services at anytime and at any part of the world.
Here are few way in which IoT has fundamentally change the form of business operation -- enabling virtual and physical world to connect through device.
Extreme customers segmentation
Business productivity and efficiency:
With the rise in the level of production, a lot of businesses need proficiency to deliver products and services to their customers in the most cost-effective manner, while they still ensure a high quality product, service and support. Whereas, IoT helps to connect maximum number of devices to the internet which has added to the productivity and efficiency of business and, ensuring a quality services in less time to reduce operational cost.
Furthermore, the increase in IOT development will allow several businesses and its workers to accomplish large scale task faster with serious accuracy also, in management and data analysis.
Mary J. Cronin, professor at boston college said, “with IoT, companies can track every aspect of their business, from managing inventory and fulfilling order as quickly as possible to locating and deploying field service staff. Tools, factories, vehicles and cars will all be connected and reporting to their locations.”
Increase in speed and accessibility:
“The internet of things has improved, and will continue to improve processes, twenty years ago delivering a package in less than a day wasn't a guarantee. Today we can send shipment overnight.” says, Chester Kennedy the Ceo of International Consortium for Advanced Manufacturing Research.
With the IoT in place, several businesses are embedded with access to carry out great service and faster delivery for consumers in a short period of time.
However, since most of our IoT advances tend to emphasize instant gratification, customers will expect and demand faster and business will be able to serve their customers faster.
Inventory tracking and management:
IoT has brought transformation to the way companies track their asset, (tools, equipment, machineries,) and other inventories, using sensors and connectivity to track each item.
For example, the auto transportation industries now attaches sensors to moving trucks and cars that are being shipped. This has made the process of shipping a vehicle even more convenient and reliable for both companies and their customers. Thereby enhancing a user-friendly and smooth business relationship.
Also, the practice of attaching sensors to items has helped to reduce theft and physical threats of goods, and enables constant supply chain in different business sectors. Indeed, the revolution of IoT has added a great impact in the optimization of several businesses.
In this automation age of constant growing technology, IoT will continue to grow and help to connect more to the world. Therefore, all organizations needs to consider IoT as an important aspect in relating to business. As it improves process efficiency, productivity and reduce operational cost -- thereby enhancing profit margin.
Thanks for reading…..