When discussing the world of technology, you may have heard of the term Internet of Things (IoT). The term Internet of Things refers to the millions of devices all around the world that are equipped with internet access. These objects all serve to make the world a more connected place, allowing for technological advances to enhance both our personal lives and business practices. How does the world of advanced technology impact the day to day operations of running a successful business? Below we will cover six ways the IoT has affected business practices as we know them, and what the future might hold in terms of technological advances for business owners.
Six Ways IoT Affects Running a Business
Let’s face it, operating a business today is a much different process than a decade ago. While small and large business owners still have to place the utmost importance on customer care and satisfaction, technology has changed the name of the game in many ways. Below are six of the most notable ways the IoT has affected the world of business.
- Changes in Access to Data – It hasn’t exactly been a secret that a wide variety data is useful for business owners. We have known about the importance of data for many years. However, it wasn’t easy to come by this data in the past. Now, the internet of things has made accessing, analyzing, and making use of this data so much easier. In fact, business owners don’t usually even have to gather the data themselves using old school methods like customer surveys. Today’s business owners have access to platforms or programs that capture and analyze this data for them. All they have to do is put it to good use to enhance their bottom line.
- Changes in Tracking Inventory – Just a few short years ago, inventory was painstakingly counted and logged by hand on a daily basis. This meant the menial task of counting every napkin, cup, fork, and spoon could take hours of a managers time that would be better spent on other avenues of business management. Today, business owners have access to advanced technology programs that track inventory for them. Some software can automatically send alerts when supplies dip below a set number. Even better, some programs can be set up to automatically reorder supplies from approved vendors.
- Work from Home Jobs – While not all business owners want to utilize this avenue of employment, the broad reach of technology has allowed the option for work from home employees. Specific companies employ individuals to answer customer service calls from their own home, provided they’re able to comply with specific standards set forth by the employer. This allows everyone involved to be more productive with their time and also keeps operating costs low for the business owner.
- Improved Accessibility – Product consumption has always been an interesting science. Shoppers today want to be able to access the product they are searching for almost instantly, and now they can. A simple Google search will provide a shopper with multiple locations for finding the product in question and allow them to compare prices to find the best deal. Establishing an online presence that allows consumers to find you quickly will enhance your bottom line and spur the success of your business.
- Improved Efficiency – We all know that much more than speed is important when it comes to performing your job. Business owners also need to be as productive as they can with their time. Productivity is so vital to running a business that it can bankrupt you if it’s lacking. Technological advancements make it easy for business owners and their employees to complete even the most thankless and menial tasks in a much faster and more productive way, freeing up time for other essential tasks. This streamlined effect can sometimes even allow an employer to hire fewer managers and save himself a lot of money in that way.
- Meet Consumer Demands – We have been moving in the direction of an Internet of Things for some time. We are only now beginning to see the full effects of how far we have come toward the world being connected through these devices. Now that consumers have had a taste of a connected world, statistics indicate that they want more of it. The benefits of these technological advancements will allow business owners to give customers want they want, namely a personalized shopping experience that puts them in control.
One additional benefit of the world turning in a more technologically advanced direction is the fact that it could open up job opportunities for lots of individuals. We all know technology isn’t perfect This sea of connected devices and software require upkeep and constant updates to operate smoothly. Service professionals with the knowledge and experience to work on these devices and software will be in high demand in the not-so-distant future.
Whether we want it to or not, the future of our personal lives and of running a business center around huge advancements in technology that will continue to be brought about in the coming years. Business owners who get on board with this technological train will advance the growth of their business at a much faster rate. Their customers will also have a deeper level of satisfaction doing business with them.
Who is Jason Hope?
Jason Hope is an investor, philanthropist, and lover of all things technological. Located in Arizona, Jason Hope has poured his heart and soul into the development of advanced technology solutions for both average citizens and business owners alike.
Jason Hope believes that technology has the power to change our personal lives and the world at large. For this reason, he has dedicated the bulk of his work toward the development of mobile apps, gaming software, computer software, and so much more. Jason Hope believes that if we all embrace what this world of connected devices has to offer, we can experience untold benefits that we don’t really have the ability to fathom at this early stage of the game. By continuing to assist with the development of much-needed technological advances and helping his local community, Jason Hope shows that he is an entrepreneur with a big heart and even bigger dreams.
Related: Jason Hope Pledges $500,000