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How IoT changes business value

The Internet of Things is not simply “the rise of the machines” – it’s an opportunity to improve the efficiency of your business.

The Internet of Things – or IoT for short – has the potential to not only offer business value and efficiency increases, but allow for cost savings.

Connected devices already outnumber the world’s population by 1.5 to 1, and the addition of everyday items could turn the world of physical machines and objects into a large, interconnected information system.

Analyst firm Gartner predicts that by 2020 the number of devices connected to the IoT will be 26 billion. Cisco’s latest Visual Networking Index shows the amount of devices connected to IP networks in 2016 will be nearly three times the global population.

What this means for your business

While the IoT is still in its infancy, it can already change the way you do business – allowing companies to prevent financial loss by eliminating waste or human error in the following ways:

  • Computers gathering information can tell when items need replacing, and are able to keep track of stock and place orders.
  • Computerised trucks are able to guide drivers while parking or navigating, and alert them to faults before they occur.
  • Data analytics can result in business intelligence that affects all business functions from business strategy to customer service.
  • IoT is also set to dramatically increase productivity, with seamless location-tracking that saves time and money, while reducing waste.
  • ‘Smart grid’ technologies can help to control and minimise the use of power, while accessing alternative sources of energy – such as solar and wind.
  • In future, context-aware applications will be able to adapt office environments according to workers’ moods by changing the brightness of the lights or any music that is playing.

The IoT is set to change the way we live and work, boosting productivity and improving the performance of your business.

This article was published in partnership with Telkom.

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How IoT changes business value