I get excited when I see all the new “Internet of Things (IoT)” gadgets that I can adorn my home with – whether it’s temperature control systems, home security, or a toaster that can efficiently toast my morning bagel.  And it’s growing by leaps and bounds: according to a Gartner Report, 6.4 Billion Connected “Things” Will Be in Use in 2016, Up 30 Percent From 2015.  In addition, they estimate IoT will support total services spending of $235 billion in 2016, up 22 percent from 2015. So don’t be surprised in the future if you start seeing “smart” can openers and toilet paper (I shudder to think of what that would entail) –the point is that it will definitively change the way we live and work.

What the heck is the Internet of Things anyway?

IoT is the ability to monitor and control items through the Internet.  So those commercials you see where the working Dad can spy on his kids and make sure they’re doing their homework?  That’s the Internet of Things. This can also apply to much bigger items like jet engines, sensors, and automotive technology.  Big business is already capitalizing on the IoT future: Cisco is using embedded switches to monitor and analyze information, and GE has already created a product that can optimize airline fuel consumption to prevent waste (which currently costs billions a year).  That’s not all air travelers have to look forward to – imagine monitoring your bag as it travels… or your pet for that matter!  The Internet of Things will bring peace of mind and convenience as you fly the friendly skies.

But how does it affect your business?

Business inefficiency is unfortunately all too common and can add up to huge monetary loses.  By implementing smart technology, you can monitor products through the sensors mentioned above.  You’d be able to ascertain crucial information on products – how often they are used, if and when they break, and other important data to help you gain real-time insights into your business.  You’ll be able to streamline operations and reduce returns by anticipating customer needs and fulfilling product expectations.

The bottom line is it will become essential to your company growth.

Here’s a quick look at where our business world will be with IoT over the next few years:

IoT Infographic - Starshot.com

 

You may want to start looking into the Internet of Things or you could be left sitting behind the (smart) eight ball!

There’s one more connection you should make: us.