The Internet of Things (IoT). You might think that it’s a long-winded way of simply saying ‘the internet’. And you’re not really wrong in thinking that. The IoT is, in essence, another way of referring to all the ways we stay connected to the internet through technological goods that aren’t just personal phones or computers. Products that utilise the IoT don’t even have to have screens, like fitness trackers. But what does the IoT mean for businesses? Read on to find out how it greatly relates to just three industries (amongst many more).
IoT platforms like AWS Australia have popularised the term ‘IoT solutions’ in order to refer to the variety of ways the IoT can aid in the digital transformation of businesses. With the incorporation of the IoT into our everyday personal and professional devices, the sheer value of integrated data that is available for businesses to utilise is just too immense to calculate, and it’s still growing! For tech companies, being able to track user habits surrounding the manufactured devices that exist within their IoT ecosystem, can make a world of difference when it comes to spearheading innovation and getting ahead of your competitors.
Manufacturers can continue to improve upon their products, just as retailers can also improve upon their store’s performance by using the IoT as a means of keeping in touch with customer expectations and anticipations. Data retrieved from the IoT can be used to design and implement sales and customer incentive programmes, whether these be communicated through online advertising or even through retail mobile apps.
Even companies within the financial sector (including banks, investment firms, and insurance agencies) can reap the benefits of the IoT, with the increased accessibility of online banking and investing allowing customers greater opportunities to independently manage and expand upon their financial resources.
By providing users with this level of accessibility and efficiency, investing independently becomes a far simpler task, and so more individuals are likely to diversify their accounts. According to Absolute Market Insights, global IoT in the banking and financial services market is set to grow at a compound annual growth rate of 55.3% from 2019 to 2027 alone. By understanding how humans interact with our devices, and what we expect from user interfaces and other online interactions, financial agencies can improve their outcomes by using all of this integrated data to fine-tune their communication processes and applications.
The symbiotic relationship between the IoT and AI all boils down to interpreting data. IoT analysts use AI to apply data analytics to real-world scenarios. Being able to test the possible uses of this data is best attempted in an environment with fewer variables. When the IoT was first being utilised as a business development tool, it was actually trialled by members of the agricultural sector, as a method of monitoring the nutritional variances in soil using pH sensors.
From here on, it’s still greatly used by this sector for a growing variety of other factors, from livestock management to supplier relations. The elegant interconnectedness of the data that can be harvested through IoT devices also allows agriculturalists with a great deal of insight into what an efficient agricultural environment looks like on all sides, making operating an agricultural enterprise as simple as ever in this digital age.
The expansive nature of the IoT is incredibly useful in a world of growing interconnectedness. We’re becoming far more globalised than ever before, and the way that businesses adapt to this growth will definitely dictate whether or not your enterprise will become a major establishment in your industry, or simply just a player in the game. As it’s also expected that there’ll be upwards of 24 billion IoT devices globally by the year 2020, it’s safe to say that utilising the data provided to us by the IoT is vital if you’re looking to ensure the continued success of your enterprise.