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What is the IoT and Why Do We Need It?

Today technology is more connected than ever, with more and more devices connecting to the internet every second. This internet of things or IoT is no longer the work of science fiction; it’s a reality of the present day. Everything from your phone to your refrigerator is connected to the internet, and soon things like driverless cars and personal assistant devices will join the IoT too. This new technology will impact everything we do in the future, especially how we do business. Here are the reasons why you should care about IoT.

Faster Data

With everything connected to the internet and sharing data, that just means you get data delivered to you and analyzed faster than ever before. This will be especially important in consumer-based businesses, which have long struggled to utilize consumer data properly. With the IoT, this data will be more easily accessible than ever before and allow your business to make decisions faster and more efficiently.

Increased Efficiency

With more devices connected and more data being shared, that also means an increase in efficiency. This can be as simple as lights turning off whenever you exit a room, reducing the cost of electricity in your store. This efficiency comes with the added benefit of saving money and resources by encouraging machine-to-machine communication and learning through the IoT. Like everything else in IoT, machine-to-machine communication is only going to grow. It’s estimated that the number of connections will increase to 27 billion in 2024.

Other benefits

There are countless other benefits to the IoT in business, many of which will be industry-specific. Some of the more common, universal benefits will include monitoring overall business processes, improving customer experience, enhancing employee productivity, and generating more revenue. Even industries like agriculture are benefiting from digitalization and the IoT.

Whether your business is ready or not, the IoT is already here and will only grow in the next few years. But with more and more data being shared between devices, you can’t afford to miss out on all the benefits that this new technology brings with it.


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