While Internet of Things (IoT) technology as a concept has been there for ages but in recent times it has gained traction as it became one of the most discussed topics in 2016. In 2017, IoT will bring about disruptive changes in the business environment. The digital transformation led by IoT will impact businesses as it will enable changes in work processes, productivity improvements, cost containment and enhanced customer experiences. Here are the ways IoT will impact businesses
IoT Backed Data Analytics
Businesses are now realizing the importance of gathering customer data exhaustively and deducing meaningful information from this data. IoT supported smart devices will be able to track and record patterns of consumer behavior. The data will help in providing intelligent product recommendations to the customers. It will facilitate accurately targeting the potential customers and getting better insights on the purchase cycle.
IoT Supported Inventory Management
The proliferation of e-commerce stores has rendered a more competitive business environment for online retailers. The online retailers are trying to get a competitive edge by offering same day delivery schemes for the customers. To deliver goods in a timely manner it requires well-planned inventory levels. IoT will facilitate optimizing inventory levels by tracking and managing inventory. The IoT supported sensors will keep track of inventory levels and order products as soon as the inventory levels go below a threshold.
IoT For Remote Work
The digital disruptions have altered the way business is conducted. There is an upsurge in remote workers who are working from geographically distant locations. IoT cloud will open up possibilities to conduct remote work even more efficiently than ever before. The remote working employees will be connected to the network based on the internet of things.
IoT-Based Cognitive Computing
As every passing day, the amount of data generated is increasing, it’s becoming all the more difficult to gather, analyze and make sense of the data. Cognitive IoT has the capability to combine multiple data streams which can identify patterns and offer more contexts to data. The major advantages of cognitive systems are that they are not explicitly programmed but rather they learn through interactions with people and from experiences with their environment.
The businesses will be aided by IoT marketplaces which will act as one stop solution to buy Internet of Things solutions. There will be an upsurge in IoT marketplaces as more and more technology providers will provide customized IoT solutions to suit different business needs.