Three ways internet of things can transform your business

Wondering what this internet of things are?Here's a lame example. What if your fridge could tell you that you are out of milk by texting you by finding it out through its internal cameras! Got the idea?
The internet of things alias IoT isn't a rocket science ( Well some science at least). The core ideology of IoT is relatively simple: It's about connecting devices over the internet and letting them talk to us, applications and each other.
In this blog, we will be discussing 3 keys ways where IoT will change the way of every business. 
1. Allows you to make smarter productsWhen the greatest of the most inventions phone was invented, most of us thought that it was only to make Phone calls. However, today things have changed- We expect more from the device that we carry out in our pockets don't we? Though it may look unnecessary or alien at the initial impression only time will tell which will stick and which will fade away. However with this business will have the opportunity — and eventually, the imperative — to make “smarter,” more useful, more connected products.
2. Smarter decisions and business operationsThere is more than just smart devices when it comes to IoT. One of the key aspects of this technology is sensors. These tiny innovations can be attached to everything from yogurt cups to the cement in bridges and then record and send data back into the cloud. This benefits the businesses to accumulate more and more authentic feedback on how products are used, when they break, and even what your users might want in the future as an upgrade.
Rolls Royce aircraft engines have implemented this technology for their business. These engines contain sensors that send real-time data to the engine’s function back to monitoring stations on the ground. This information can be used to detect malfunctions before they become catastrophic, and possibly to investigate — and hopefully prevent — the causes of aircraft disasters.
3. Changing your business modelBeyond all the ideas discussed above, IoT will also signal the possibility of a change in business model for some businesses. One of the classic examples for the same is John Deere.
For decades the company has been selling tractors. However, after 2012, the company decided to add data connectivity to their equipment, giving farmers information about which crops to plant where and when, when and where to plow, and even the best route to take while plowing.  They are essentially now in the business of selling data as much as they are selling tractors.
The only most important thing to do when considering how 'IoT' can be beneficial for your business is to think bigger — much bigger. To conclude with, Internet of Things represents a fundamental tilt in the way we look at the world. The same way most of us would never want to go back to a phone that’s just a phone, soon we won’t be able to imagine going back to a world without smart cars, smart roads, smart infrastructure, etc.

Posted on: 09/10/17

Rahul Krishnan

- Content Writer