The Internet of Things (IoT) and how it is transforming businesses

This week's opinion piece is from Jurjis Rapoports, Cybersecurity Lead at Deloitte

Knowing the whole phenomenon behind the Internet of Things (IoT), it would be easy to understand why it is being termed as the next Industrial Revolution. In simple terms, the Internet of Things is basically a system of interrelated digital machines, computing devices, objects, and people and the capacity to transfer data over a network without requiring human-to-human or human-to-computer interaction. IoT is now being used on a global level, in order to operate more efficaciously, improve decision-making, and to better understand customers to deliver enhanced customer service and increase the value of the business as a result.

With that said, it isn’t tough to figure out what an insane impact IoT is creating on the business of today, making them thrive and stand on par with the competition. If you are someone who is considering adopting this innovative technology for your company, these few facts about IoT and digital transformation will help seal the deal.

Accessibility of more data

A stellar way with which IoT helps businesses to grow is by generating a tremendous amount of relevant data, much more than it was ever possible. A capable business owner would use this data accordingly to attract customers and to meet their demands, which in turn would be a great source of revenue for the entire company.

Improved customer experience

IoT is constantly striving towards developing new ways of understanding the customer and their requirements. The employment of computer vision majorly helps with this, as the company gains awareness of the customer’s behaviour. This can be done through visual sensors and cameras, and by doing so, a company can better fulfil its consumer’s needs and implement better methods of interaction.

Employees working remotely

Thanks to the technology provided by IoT, employees of a firm do not have to be huddled in a strictly close working environment. Wireless technology integrated with IoT enables employees to work from various locations, including their homes. This way, they get to check off work productivity and efficiency, without wasting time in unnecessary travel.

IoT data and analytics helping in expansion

All the analytics and useful information collected by IoT tends to be meaningful in terms of future reference and use. Once the data is stored and can be recollected through IoT, a lot of time and efficiency is saved up, while also helping the business with the whole process of management and distribution. This speeds up the procedure and yields better results every time.

New business opportunities and lines

Along with the aforementioned advantages IoT has to offer for growing businesses, it also manages to create noticeable opportunities for organisations to prosper. Not only do companies get to manufacture products, but IoT also helps them offer continued services in terms of checking the performance of said products. By doing so, they get to offer predictive maintenance through specially designed algorithms, all thanks to IoT.

It is imperative to mention how this is just a small picture of what IoT has to offer at the moment, which is bound to expand in times to come.