In case you haven’t heard yet, the world is currently entering a phase, aptly termed the Internet of Things. But what is this new era and what does it mean for you and your business?
Automation and remote work functionality will also offer massive advantages to businesses allowing for cost savings and vast improvements in their efficiency. The possibilities within this sphere of development is endless, as we are only beginning to realise this potential through automated activities such as precision agricultural irrigation, remote inventory management and tracking, customer engagement through chatbots and oh so much more.
Quite simply put, it is a period where the internet and more broadly speaking, networking has reached a point at which integration has become possible with machines, making potential advancements such as machine automation and intelligent machines feasible- which is literally set to change the way we live our daily lives. This can majorly be attributed to the fact that network connectivity is growing at such a fast pace, that soon the majority of the world will be able to connect to the internet through fast, automatic and permanent network platforms.
Because of this, vast amounts of data is being created each day as we learn from and share with each other, from social to professional content. With this surge in data generation, which is only set to increase exponentially as we move forward, businesses are able to better analyse consumer, needs, trends and patterns. This enables businesses to better understand their clients and their needs, which gives valuable insight into marketing and sales tools, and strategies to better engage with customers. Not only are businesses able to better market and sell their products, but their products and services can also be tailored and fine-tuned to the specific needs of their customers, which can give them a more competitive edge.
This however does pose a significant challenge for many established and new businesses, as the rate of evolution within society can be quite daunting. Among the top concerns for many are the changing human resource requirements for companies. Now, businesses are looking at critical skills requirements which they may have never imagined they may need, such as big data analytics, cloud computing, machine learning and all manner of tech-heavy services. Additionally, cyber security is becoming an essential requirement for both businesses and individuals around the world, as inadequately protected systems and networks can easily fall prey to cyber criminals. This can result in breaches of confidential information and the compromising of essential system services, some of which can be held to ransom, potentially costing companies millions in the process.
This may seem like some frightening prospects, but a good business will know that every undesirable situation, can be turned into an opportunity. It is however important to make these changes sooner than later, as the rate of advancement within all major industries may leave you and your business isolated from the modern consumer platforms and unable be competitive within the marketplace.