The Internet of Things and Its Benefits

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For a lot of businesses worldwide, the littlest amount of downtime can be absolutely crippling. Even a second of downtime for most companies can result in a large amount of losses financially, meaning that companies cannot afford to have their systems or networks experiencing downtime for even a second. Thanks to the Internet of Things, issues like this are no longer a problem. Using sensor technologies, these problems can be fixed in no time. The Internet of Things has a lot of benefits for businesses worldwide, and if used correctly, it can even change the way your company does its business. In this article, we will be going over the Internet of Things, its benefits and ways through which it can completely change your business.

Before going on, it is very important to address the fact that some people do not even know what the Internet of Things is. Not to worry, I will be explaining this in the most simplistic manner possible.

What is Internet of Things?

The Internet of Things is a technological concept where everyday objects will begin to have network connectivity. This network connectivity will then give them the ability to send and receive data. If you do not know what this means and its implications, it means that your DVD player will be able to be controlled by your mobile device. Amazing isn’t it? Well this technology is still very much under development, but some versions are already being used on a daily basis. Imagine the ramifications that this technology could provide for businesses. This means that there will be absolutely no downtime at all. For instance, if there is a large multinational corporation that is having issues concerning its network or elevators for instance, without having to contact a tech contractor, this problem can be solved from the tech contractor’s location, without having to come over. Meaning that if your company elevator is having faults for instance, the problem can be diagnosed and if possible, fixed without moving a muscle.

4 ways that the Internet of Things can change your business

1. Giving your business the power of having absolutely no downtime: Do you know the immense power that this can give to your business? This can completely transform your company and help you edge out the technology. At the beginning of this post I spoke about how some companies lose millions on a daily basis simply because they are experiencing downtime, however, with this kind of technology, you will not have to experience such problems any longer. Internet of Things can completely transform the way your company does business. Internet of Things has brought the ability to integrate forms of hardware that interacts with our business environment into a virtual world. Thanks to technological improvements, it is now possible to obtain data from sensors at any point in time and manipulate this information.
2. Asset tracking and control of inventory: If your business directly deals with a large amount of goods that need to be tracked, the Internet of Things is something that your company cannot do without. This is very common for E-commerce companies that constantly engage in shipping products. For them to efficiently monitor and control the delivery of these goods, they absolutely cannot do without the Internet of Things. It can also be very relevant for personnel tracking and monitoring.
3. Energy Conservation: As we stated earlier, the Internet of Things enhances the communication between electronic devices. For companies and factories that rely on the conservation of energy for its production of goods and services, the Internet of Things is largely beneficial. This is not only applicable to companies, it is applicable to governments that wish to conserve and manage their energy supply to citizens.
4. Detecting and understanding consumer behavior: Internet of Things brings about the capability for the consumer’s preferences to be sensed in real time. This real time detection includes data on specific location and pricing dynamics that may work hand in hand to increase the odds of a consumer making a particular purchase. It also creates a platform for the understanding of the intensity of usage of a product, which creates potentials for businesses looking to take advantage of ‘usage fees’ for consumers.

The Internet of Things is a fascinating technology that can totally revamp the way businesses operate. Businesses that excel are those that take advantage of all the technology at their disposal. The Internet of Things, if developed can present amazing possibilities for not just business, but government, healthcare and other aspects of human administration.

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Also published on Medium.