How the Internet of Things is Changing the Way the World Does Business
The Internet of Things (IoT) is the interconnection of everyday objects to the Internet. These objects are embedded with sensors that enable them to collect and exchange data. Connected things can include anything from cell phones and household items, to components of machines such as the drill of an oil rig. Almost any object with an on and off switch could be part of the IoT.
Technology is rapidly advancing and changing the way that we do business. Broadband internet is becoming more widely available, the cost of connecting is decreasing, more devices are being created with Wi-Fi capabilities, technology costs are going down and smartphone use is at an all-time high. This is creating the perfect environment for the IoT.
Technology and business
Mobile connectivity, the cloud and the IoT are all changing the way that business is done. Today’s mobile technology is constantly advancing, and the cloud is revolutionizing the way that information is stored and accessed.
It is estimated that over half of all major new business processes and systems will incorporate some element of the IoT by 2020. The impact on both consumers’ lives and corporate business models are increasing, as the cost of connecting physical things to other things continues to drop. In business, the IoT can have a significant impact on offerings, product lifecycles and buying patterns.
Improving customer satisfaction
Connected devices deliver more personalized services to customers, which leads to a higher level of customer satisfaction and loyalty. The IoT not only brings new products and services to consumers, it also offers a unique opportunity for businesses to better understand their customers. The data that is collected by connected devices helps businesses understand the influences behind each customer’s purchasing decision.
Improving efficiency
Improving efficiency is the main focus of the IoT. One example of this is the sensors used in airplane engines which can predict wear and tear and alert engineers of problems in advance. This produces less downtime and fewer delays for passengers.
The IoT is expected to have a major impact on supply chains across the world. The IoT will provide more accurate tracking, increased reliability in deliveries and improved maintenance of certain products.
Mint Controls specializes in the fabrication, structure, services and maintenance of IoT systems. For more information, please contact us.