How the internet of things can reshape businesses in the future

If you haven’t entered the Internet of Things yet, you can expect to in the next few years. As more people continue to integrate technology in their day-to-day activities, and as “connectable” gadgets come out in the market, this trend is highly likely to keep on growing.
Apart from changing people’s lives, how do you think the Internet of Things will affect business?
Here’s what can happen.
Smart Products
If you were born early enough to have experienced the first few cellular phones in the market, you might remember how those phones were limited to making calls. Text messaging soon came afterwards, followed by other features we enjoy today. Now, consumers expect a lot from smartphones, and makers certainly do not disappoint. With the Internet of Things, we can only expect bigger and better smart products that may be connected and controlled using smartphones.
Smart Business Processes
The Internet of Things is largely about sensors attachable to virtually anything. The data is then sent back into the cloud where businesses will be able to collect feedback and valuable information on how products are used and what improvements can be incorporated into them based on their performance.
Placing sensors that give businesses access to important product or equipment data can help prevent accidents or malfunctions BEFORE they happen.
Business Model Shift
Businesses might lean towards a big business model shift courtesy of the Internet of Things. Take one of Australia’s largest fertiliser providers, CSBP, and how they have collaborated with Google to create the custom-made FERTview app which can help Australian farmers access valuable data that can radically change the way they operate their farms. (CSBP & Google tie up to help Australian farmers)
What the Internet of Things means for business models is that even fertiliser and farming equipment manufacturers can get in the business of selling data as much as they sell their products.
Other business models are also expected to emerge as the Internet of Things continues to gain traction in various industries. Businesses should consider the implication of the Internet of Things as it will undeniably play a huge role in shifting man’s fundamental view of the world and day-to-day living.
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