6 Ways the Internet of Things Can Transform the Business Landscape

The fate of the business world was always shaped by the latest tech innovations. These days, when the ball usually sits at the digital side of the court, it’s perfectly reasonable to look for the next big disruptive force in the world of zeroes and ones.

According to all indicators, the IoT (Internet of Things) has the potential to become that massive force that will reshape the face of all industries and forever change the way we think about doing business.

Let us take a look then at all the subtle and not-so-subtle ways the IoT is transforming the business landscape to see how you can leverage this situation to your advantage and put your company at the forefront of the IoT evolution.

Improved customer experience

To put it simply, more devices the users interact within the IoT environment create more streams of data the companies can later use to develop a much more customized and comprehensive customer experience. It is also interesting to note that the retail industry finds itself at the top of this wave. The success of this sector always relied on reducing the friction down the sales funnel. The immersive, immediate nature of the IoT environment, coupled with rich data pools that speak volumes about the customers’ habits translate into a very enticing and effortless customer experience that is hard to emulate elsewhere.

Tracking of resources and inventory management

Both these areas have a tremendous impact on the efficiency of the supply chain and both of them heavily rely on extensive structured sets of data. The latter factor leaves the door open for various IoT-capable tools to take complete control over asset tracking and distribution. For instance, Amazon drastically increased its shipping by using warehouse robots capable of scanning QR codes. These sets of data can be used by other systems as well. For instance, a security system can use the warehouse inventory info to improve surveillance and optimize monitoring routines.

Higher level of workflow automation

Of course, seamless workflow is not related only to the supply chain – this quality should be nurtured at all instances of the company. It is good to know then that the strong presence of the IoT tech in the region can make this process a lot easier. For instance, a reputable IoT company in Australia will be able to rent you the IoT equipment, completely overhaul internal procedures and use this new infrastructure to build a new workflow that will be completely automated and use all the advantages of the IoT tech. This way, the workers are allowed to focus on what they do the best without needless distractions.

Downtime reduction and lower production costs

Improved efficiency of the workflow, in turn, drastically cuts the downtime and lowers production costs. To put this into perspective, the recent survey claims that 200 European and American companies that participated in the research lost as much as $26.5 billion in revenue due to IT downtime. This number doesn’t take into account the revenue lost in other critical business departments. With that in mind, IoT tech can be used to cut the downtime in a whole variety of applications ranging from automated factory installations to office gadgets like tablets, smart goggles, VR headsets, and smart assistants.

Delivering new value propositions

Internet of Things is one of the numerous technologies that have a tremendous influence on our daily lives. Being such, IoT also opens up the way for companies to offer new, exciting services and, in the process, create new value propositions for their clients. These benefits can come in the form of the streamlined sales funnel we have mentioned earlier or they can be made a part of your products (e.g. John Deere smart agriculture tools). Either way, you are giving your customers yet another reason to pick your company over the competitors which, in this economy, should not be so easily dismissed.

Introduction of new business models

Last but not least, we would like to point out that aside from being one of the hottest new tech trends aimed at hungry consumers, the Internet of Things also presents one of the most important building blocks of modern industry. This means that as time goes by and the technology develops we are not only going to use the IoT tools to supplement the existing business models but rather invent new business models based on this technology. Amazon is one of the prime examples of a company deeply rooted in IoT practices. It is only a matter of time before this trend will spill over to the SMB sector.

We hope these few examples gave you a general idea about the immense influence IoT tech has on the ongoing evolution of the business world. The Internet of Things is without any doubt going to become one of the main pillars of the future industry. This situation puts the early adopters into a very favorable position to disrupt the future business landscape rather than to be the one who is disrupted – a very good incentive to consider joining the growing IoT family.