The business industry is expected to be heavily influenced by the Internet of Things (IoT) over the next few years. Organizations are looking at the solutions that can be provided through the IoT to stay competitive in the industries. According to some of the leading data research companies in the world, IoT is projected to grow to trillions of dollars over the next five years. Moreover, it is estimated that over 20 billion devices will be connected through IoT technology over the next years.
There are different industries where the Internet of Things is already being used. The technology is not confined to the research and development labs of tech companies. Today, consumers are using IoT technology, even though some may not be aware of it. Good examples of IoT application in the consumer markets are the syncing of devices such as phones, fitness trackers, home security alarms and cars.
Businesses are also not being left behind in adopting IoT technology. Many organizations are investing in IoT in a bid to improve their operations. For businesses, IoT presents exciting opportunities in mobile and application management, which can be used to connect with suppliers and customers.
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Below is a summary of two ways that enterprises can leverage IoT in their operations.
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i) Next level digital innovation
Today, most customers do not take trips to the physical stores or offices of the organizations they do business with. Instead, many traditional activities are not done on social media and mobile phones. Today’s digital technologies have made it necessary for organizations to change the way they reach to customers. To address the needs of their customers, businesses need to take proactive strategies. Moreover, with more competition among businesses, it is clear that only those who go to customers rather than wait for customers to come to them will survive.
Wherever your target customers are hanging out, it is important for your company to be visible. This means being reachable through the appropriate format and content. You can use the Internet of Things technology to connect various offers of your business. Customers and prospects can be able to get information about your organization through a single device. This is good for the business as it can potentially improve its revenue streams.
ii) Improve customer experience
The Internet of Things makes it possible for different devices to be connected to each other. Your organization can benefit in different ways through connection of devices. For instance, when you allow prospects to connect to your organization’s device, you can gather data such as their preferences, shopping patterns, consumer behavior, etc. From the data, the business can monitor and analyze various analytics to know the best services or offers to produce that will solve the problems of the consumers while improving revenue.