Prepare For Internet Of Things- With the global Internet of Things (IoT) market being valued at $164 billion in 2018 – and still rising sharply – it’s no wonder companies want to get in on the IoT act. But what might this entail for the average company? How can your business capitalize on this massive tech trend? Read on to find out.
What is the IoT? The 30-second explainer
The IoT refers to the ever-growing network of smart, connected devices, objects, and appliances that surround us every day. These devices are constantly gathering and transmitting data via the internet – think of how a fitness tracker can sync with an app on your phone – and many are capable of carrying out tasks autonomously.
A smart thermostat that intelligently regulates the temperature of your home is a common example of the IoT in action. Other examples include Amazon Echo and similar smart speakers, smart lightbulbs, smart home security systems; you name it. These days, pretty much anything for the home can be made “smart,” including smart toasters, smart hairbrushes and, wait for it, smart toilets.
Wearable technology, such as fitness trackers or smart running socks (yes, these are a thing too), also fall under the umbrella of the IoT. Even cars can be connected to the internet, making them part of the IoT.
Market forecasts from Business Insider Intelligence predict that there will be more than 64 billion of these connected devices globally by 2026 – a huge increase on the approximately 10 billion IoT devices that were around in 2018. If that prediction comes true, your business will need to be ready.
Preparing your company for the IoT trend – in three steps
The following steps will help you assess how your company might benefit from the IoT.
Step 1: Revisit your business strategy
If you’re going to implement new business processes or perhaps even alter your business model to take advantage of a tech trend, there has to be a valid reason for doing so. And this is where your overarching business strategy comes in. Therefore, before diving into any tech trend, it’s worth taking a step back and revisiting your business strategy. In other words, remind yourself of what it is your business is trying to achieve and then consider how the IoT could help you achieve those goals.