4 Ways Internet of Things (IoT) will Change the Business World

4 Ways Internet of Things (IoT) will Change the Business World

The Internet of Things (IoT) is a network of vehicles, appliances, and devices. It is embedded with actuators, connectivity, software, electronics, and sensors that allow users to connect and swap data. The business world is steadily changing with the implementation of IoT in the following methods.

Improved logistics

With IoT sensors, supply chain management and order fulfillment processes improve markedly to meet customer demand. For example, sensors on delivery containers and trucks in transit give managers real-time status updates. This allows them to track their items and ensure they reach the right location at the right time.

Streamlined inventory

IoT presents automation opportunities for businesses that need to manage and replenish their stock. When data recorded from IoT devices are tied to your enterprise resource planning (ERP) system, you can accurately monitor your inventory. It's also easy to analyze purchase and consumption rates of a particular product. You can automatically reorder items when IoT sensors detect that supply is running low too. This minimizes out-of-stock incidents and prevents excess stock build-up.

Fast payment

These days, most payments are done electronically via point-of-sale systems or the internet. IoT has the potential to revolutionize the way businesses process transactions. For example, ApplePay allows users to purchase goods and services using the usual smartphone applications. It also inhibits state-of-the-art wearable technology as well.

Soon, IoT devices might even allow restaurants and retailers to register or charge their customers the moment they walk through the door.

Market insight

Businesses that can make sense of IoT-collected data will gain a competitive edge. Marketers can gather valuable insight into how their products are used and which demographic is utilizing them the most. This information can then inform future marketing efforts. It also provides businesses more focused direction on how to improve their products and services for their customers.

Although businesses will certainly face many challenges in implementing the Internet of Things, those who overcome them will reap all the benefits of this burgeoning technology.

Want to know if an IoT deployment is right for your business? Contact our certified IT consultants today.