Computers were once the size of rooms and were fed minimal directions through punch cards. Today they fit in your pocket and talk to each other through the Internet. In the tech market, connectivity is king, and we have reached a point where device connectivity is just as important as all of its other specs. Our watches communicate information to phones all synchronized to The Cloud. The next step in the adaptation of technology is the Internet of Things. The Internet of Things or IOT describes the inter-networking between all devices and integrating them into our infrastructure to collect, interpret, and exchange data.
Imagine a world in which sensors are implemented everywhere to communicate with machines and humans to optimize living conditions. This future is sooner than we think. Business Insider estimates we will have more than 24 billion Internet of Things devices by 2020 and the investments into the IoT will generate estimated earnings of $13 trillion by 2025. The IoT isn’t just about cool machines talking to one another, but of real world application, some of which companies can benefit from substantially:
- Customer Service – Through analysis of shopping habits the IoT could alert consumers of specials on preferred products.
- Market Research – With sensors monitoring, traditional market researching methods can be expanded upon when data is assessed and then used to target specific groups for products specific to them
- Smart Buildings – In a world of smart technology, even the buildings are smart. There is a future with offices that are capable of anything from monitoring employees and regulating the temperature to alerting when repairs are needed. Sensors can enhance security and create a better work environment without additional labor.
- The Products Themselves – Products will contain sensors that can trace interactions and give their manufacturers better understanding of how to perfect their service.
Fifteen years ago, laptops had less than a quarter of a gigabyte of RAM and cost more than a thousand dollars. Today, you can buy a laptop with 8Gb of RAM for less than $600. The technological world that surrounds us continues to advance at an incredibly rapid pace. As these advances come, business needs to change and adapt. Companies need to anticipate these changes to stay ahead of the curve. IoT can change how we develop products and how we market to our audiences.