Answer to question 3
The Internet of Things is the connection of devices to the Internet, via one accessible network. This does not include the typical devices like computers and smartphones. These only include things like cars, kitchen appliances, heart monitors, refrigerators and even thermostats. These can all be connected through the Internet of Things via a personal smartphone or tablet.
1. You’ll know where everything is at all times.
At the moment, most companies depend on barcode tracking systems for inventory management. But when all your equipment, devices, and products are merged into the same network, inventory management and tracking will become so automatic that you might not even have to think about it. Instantly updating numbers will be at your disposal at all times, and you’ll have the ability to tap into those metrics any time you want.
2. You’ll have to keep track of even more data.
All those interconnected devices will open the doors to even more data than you currently track. You’ll learn in-depth metrics about your customers and their behaviors, your employees and how they work, and even the finer details about how your business operates. This is all worthwhile information, but you need to be prepared to handle it, with data analysts and visualization software.
3. Everything will be much quicker.
Since interconnected devices may involve everything from traffic lights and cars to public transportation. This means faster deliveries! But this could be a disadvantage as customers will expect and demand faster, more efficient service.
4. More cost effective energy and production.
Machinery will be able to find new and smoother ways to operate, and your maintenance routines may also become easier. The bottom line is that you’ll expend less money to produce your inventory, and most of your costs will likely decrease.
5. Remote work will become even more feasible.
Thanks to cloud-hosted software and readily portable devices like tablets, remote work is already a solid option for many professional positions. When IoT technology becomes mainstream, and all devices are manageable on one network, it will become even easier to manage everything remotely. Given one tablet and an Internet connection, you may be able to manage an entire production line, or a whole store. Most professionals won’t be prepared to cross this gap immediately, but it will be there as a possibility.
6. Device management may become a nightmare.
There are a few downsides to IoT integration. One of the most difficult one to adapt to will be overall device management. You could have a difficult time keeping all your integrated devices updated with the latest software and connected to the network; this will be both expensive and intense in terms of IT needs. Still, the benefits of increased productivity and reduced labor costs should balance this out.
7. Productivity will increase.
As a general rule, your entire business will be able to operate more productively, in a more cost-effective manner. The cost of upgrading all your devices may be fairly high, but you’ll end up paying less for staff, and you should be capable of producing more products, thanks to the efficiency challenges your new technologies will have solved.
8. Some industries will disappear or change.
Many industries may drastically change when IoT becomes mainstream. Some might even become outdated or completely disappear; like the delivery and logistics industry could conceivably become almost completely automated. Others will start to be in higher demand, and still others will become more efficient, and allow for higher profitability and more entry to new entrepreneurs. Pay close attention to how your industry develops, and be prepared for some major changes.