The Internet of Things has steadily been disrupting the business world for years and offers multiple new opportunities to grow business. There are countless ways that the IoT will and does affect your business, not only through your customer relations and expectations but also through the way that your business fundamentally runs. Even your legal department is affected by it! Innovation is not only recommended for your business anymore, but it is also expected. In this day and age, the Internet of Things is one way that your business can stay on the cutting edge and keep you up-to-date with this ever-changing economic standard.
What is the Internet of Things (IoT)?
Before we go any further, we should discuss what we mean when we talk about “The Internet of Things.” In simple terms, the IoT is a network of devices that share data and information with the devices around them either through a wired or wireless connection. These devices could be anything from a car to a smartphone to your refrigerator. Equipped with embedded sensors, these devices feature software that allows for advanced connectivity and communication.
Why Should Your Business Utilize the IoT?
The Internet of Things can do many things for your business. With the rate at which innovation is being driven in almost every industry, utilizing the IoT in your business will help you keep up. It can assist you in creating streamlined operations, better scalability, and enhanced security. Embracing this connectivity will help your enterprise stay agile and embrace the future.
The push for better data acquisition and sharing will be fulfillable with the Internet of Things. With the number of sensors that are collecting data from consumers in today’s society, there is an unprecedented amount of information that businesses could be using to target better markets and provide enhanced experiences to their customers. Leveraging this data collected by the Internet of Things and further using machine learning to dissect it will help you keep your company on the cutting edge.
How the IoT Affects Your Customer Relations
Consumers are becoming more and more reliant on products and services that they can “connect” to and that alleviate stress from their lives. Wearable tech like smart watches, glasses, and other accessories are on the rise. Smart homes equipped with thermometers, locks, and doorbells that they can access from their smartphones at any time are sought after. These are just a few of the ways that the Internet of Things is uprooting the classic customer market and implementing new standards that businesses everywhere are running to keep up with.
How the IoT Affects Your Internal Operations
While the Internet of Things brazenly takes over consumers homes, it is quieter in its expanse into business operations. The reason behind this softer revolution is because switching from traditional operational methods is not an easy process. It is one that takes extreme care and finesse. But tapping into the IoT to improve business operations is on the rise. Interconnecting a company in this way can lead to higher levels of efficiency, more comprehensive data, and optimized processes. These improvements are manifested in anything from financial decisions to resource planning.
How the IoT Affects Your Legal Department
Believe it or not, the implementation of the Internet of Things into your business requires the counsel and cooperation of your legal department as well. This change would require heightened strategy and careful examination by your legal team to ensure that your company is prepared for any changes that will take effect. With the new legal issues that this high level of connectivity provides, your in-house team will need time to examine potential legal issues before they arise. For example, what happens if there is a data breach in the cloud? Who is responsible – your company or the software provider? How much employee data is being captured through company networks and applications, as well as company-provided devices, and are all such activities GDPR compliant? Looping in the legal department to set these new standards and review any new contracts is essential to the safety of your business.
The Internet of Things has gained more control in many industries. Despite the mountain of strategic decisions and implementation particulars that it will require to fully integrate your business, if not already, it will soon be more of a necessity than a mere suggestion. And with the proper planning and upkeep, this change will be a positive one for your business. Rather than a compliance exercise or treating as an ambiguous, new IT issue, ask the following: how is our market profiting from IoT opportunities? What have our competitors done in their IoT plays? How can we create new revenue streams with IoT? Embrace the exciting, new, profitable business that IoT represents.