How the Internet of Things Can Transform Businesses The Internet of Things (IoT) is among the latest technologies that is bound to change the way business is done. In a nutshell, this technology allows various electronic devices to be connected and ‘communicate’ with each other. Inasmuch as the technology is still in its infancy, there are a number of industry where it is actively used. For example, you may know of fitness trackers that sync with smartphones. The IoT technology is what makes these devices be connected and exchange data intelligently. However, the benefits of the technology is not only in sync devices, but the ability to transfer data. If you are a consumer, IoT technology can help you know the status of all electronic devices you have at any one time. For example, IoT technology can instantly notify you when one of your electronic devices has malfunctioned. This information can help to avoid accidents that can result if you had continued using the device while its malfunctioning. However, IoT offers more than this. Both you and the manufacturer of the device will be informed of its malfunction. Therefore, the manufacturer will already have information about your device and the exact malfunction even before you contact them. Data transmission and device syncing are not the only capabilities of the Internet of Things. Picking on from the example of the malfunctioning device, let’s see what more is possible with the IoT. When the manufacturer gets an alert about your device not working, the other information will be of the specific area that has malfunctioned. Thus, the manufacturer will know which part has to be worked on or replaced on your device. The manufacturer can then send repair technicians to your home with the right replacement parts and with directions on which area of the device has to be repaired. This means repairs can be done within minutes of a malfunction being detected. The information that will be transmitted from the device will be received in real time and action to be taken immediately to remedy the situation.
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Services businesses can also benefit immensely by taking advantage of the opportunities offered by IoT. Services businesses can use the IoT to reach their prospects and customers through mobile devices like smartphones. For example, the companies can create content to educate their customers about their services. Mobile applications can be made that allow customers to carry out activities such as search for products and pay for them.
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The application provided by the business can access various kinds of data from the consumers’ devices. From this data, the organization can better understand the needs of the consumers. From the information, it will be possible create better solutions for customers.