Every aspect of our world is becoming more digitized by the second, and experts estimate there will soon be over six billion internet-connected devices around the world, linking inanimate objects and people alike into one great hive mind of communication.
This new era of connectivity is called the Internet of Things, or IoT, and you needn’t look further than your smartphone to see the truth in this matter. With the IoT, thermostats will monitor the temperature of your house while making its own corrections to save you power. Park benches will interact like our smartphones. Homes will know when you’re near. The possibilities are endless.
The real world and the digital are quickly merging into one. Companies must adapt in order to transition to the next generation of success. Is your company ready for the Internet of Things? This list details what your business needs to be prepared.
1. Your company must possess the highest level of equipment.
Smart devices have skyrocketed productivity, and companies are battling for the biggest foothold in this new sea of potential. In order for “old world” companies to prosper, they must adjust, and equip themselves will the best tools available in order to operate at their maximum potential. Otherwise, they will be overwhelmed by “upgraded,” more efficient competition.
For instance, a clothing company should equip their factories with sensors, which allow their machines to manage their condition and apply self-maintenance. This saves manpower and time, while boosting productivity, keeping up with the rising demand. Having the right equipment to handle all the new data being generated and collected – equipment like flash storage – is a must as well.
2. You must expand to incorporate the software advancement.
Several unlikely businesses have integrated themselves with the internet, and are met with considerable success.
For instance, many taxi businesses have their own apps, allowing customers to view and order their services without a single call. This tech-centric generation gravitates towards such conveniences, which opens a market to be cornered. Creating new departments may be necessary for catering to this need for software, developing apps, websites, and devices which maximize your products and offer convenience.
3. Your marketing strategies must be cyber-centric.
Billboards and newspapers are becoming a thing of the past. In their place are email newsletters and app notifications, reaching a wider range of potential clients. Additionally, as smart TVs have displayed, the IoT allows companies to gather vital marketing data for creating successful strategies.
Your marketing team must adapt to this new method of advertisement in order to keep up with the competition. This can include advertising on apps, featuring your commercials on sites such as YouTube, or even creating game apps to draw attention and customers.
4. You must prepare for unexpected competition.
The internet has created a number of unusual allies and enemies, and you should be prepared for the change. While in the “old world,” your rivals were of a similar business type, in this “new world” you are battling for marketing space on a grander scale.
For instance, as a clothing company, your app will be competing in the marketplace with not only other clothing apps, but also apps promoting shoes, sports equipment, and so on. Your business must refocus and prepare for these challenges in order to stay ahead.
5. You must plan and budget to manage these adaptations.
The IoT offers accurate insights, reduced manpower, and real-time response – eliminating the lost time and resources “old world” companies battled. However, upgrading your company to the necessary level will have considerable expenses and requires sensible investment plans. The benefits will ensure your company prospers in this new generation, but you must be prepared and account for the cost.
The Internet of Things provides companies with the opportunity to thrive on unprecedented levels. You can boost production, advertise to a greater audience, communicate in real-time, and experience benefits which increase your chances for success. However, you must be prepared for the transition into this new era. These few points will help you decide if your company is ready for this advancement.