Business should leverage IoT to stay relevant. Source: Shutterstock

Business should leverage IoT to stay relevant. Source: Shutterstock

Enterprises need to make an effort to understand IoT better

MOST organizations today can benefit from the internet of things (IoT) in some way. From manufacturing to retail and all things in between, IoT is drastically reshaping commerce.

IoT, in essence, is a vast network of connectivity between various ‘things’ that aren’t originally meant to collect, process, or transmit data. Through sensors embedded in connected devices, it is possible to generate real-time data for enterprises.

The footprint of IoT devices is already expanding at a steady rate, and is set to reach 5.8 billion enterprises and automotive IoT endpoints in use next year.

The avalanche of data that comes helps businesses that can analyze data in real-time to flourish and grow.

It also helps leaders draw solid, real-time data foundations to support continuous intelligence that improves decision making.

With all that IoT offers, transforming into a real-time business must be a strategic imperative.

Here’s an example of how IoT can drastically transform a business:

  • In the retail industry, showrooms are fitted with IoT sensors
  • The sensors help track inventory in real-time
  • As a result, the organization can be notified when stocks need to be replenished
  • Thanks to IoT, retailers can can boost efficiency by optimizing carrying costs (because they never carry items they do not need)

Although most organizations are aware of the many benefits IoT can bring, few enjoy success in implementing it.

IoT devices alone will not be able to transform an enterprise into a true real-time business. This transformation only occurs when it is an enterprise-wide priority. From the C-suite right down to the end-users, all facets of the organization must be committed to adopting this technology.

Of course, this involves making substantial changes might to the business structure.

Effort must be made to ensure that information is not siloed within departments, and cross-functional work is intentionally fostered. It is only when the barriers between functions are broken can an organization truly embark on the transformation journey.

Ultimately, IoT is a technology that businesses must take advantage of to function in real-time and stay relevant.

Transforming and adopting new technologies like IoT is not a simple process, and would require a lot of effort and patience. However, these efforts will not be wasted as both employees and customers will eventually gain from the projects undertaken.