From smart thermostats to wearable devices, the Internet of Things (IoT) has reinvented the ways both businesses and individuals connect. Many IT experts have even labeled IoT as a “game changer,” and while we’re usually skeptical of this term when it comes to new technology, IoT devices can open up your business to a multitude of possibilities. Here are four of them.
Improved logistics
With IoT sensors, supply chain management and order fulfilment processes improve markedly to meet customer demand. For example, sensors on delivery containers and trucks in transit give managers real-time status updates, allowing them to track their items and ensure they reach the right location at the right time.
Streamlined inventory
IoT also 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, analyse purchase and consumption rates of a particular product, and automatically reorder items when IoT sensors detect that supply is running low. This minimises out-of-stock incidents and prevents excess stock build-up.
Fast payment
Given how most payments are done electronically via point-of-sale systems or the internet, IoT has the potential to revolutionise the way businesses process transactions. We’re already seeing a few examples of this today as ApplePay not only allows users to purchase goods and services using smartphone applications, but through wearable technology as well.
Soon enough, IoT devices might even allow restaurants and retailers to register or charge their customers the moment they walk through the door.
We're already seeing this with the likes of Amazon Go
Market insight
Businesses that can somehow make sense of IoT-collected data will gain a competitive edge. Marketers, for example, can gather valuable insight into how their products are used and which demographic is utilising them the most. This information can then inform future marketing efforts and give businesses more direction on how to improve their products and services for their customers.
These devices come with challenges however, gone are the days of a company having a PC for each user, now with everything from the toaster in the kitchen to your roller doors requiring an internet connection, and they must be protected. With more devices connected to a network there are more points of entry for cyber attack, do you want your door entry system giving out your wi-fi password? Thorough testing and segmentation of your network are paramount for your business data, and with more devices, comes more data. Protecting that data in the modern world will be the biggest challenge.
Although businesses will certainly face many challenges in implementing the Internet of Things, those who manage to overcome them will reap all the benefits of this burgeoning technology.
Want to discuss how you can protect your business in an ever changing technology world? Get in touch!
