The ‘Internet of Things’ has drastically infiltrated into domestic and business applications in the past few years, though it was initially coined by Kevin Ashton in 1999 and the concept of it around for decades.
Given the speed and development of technology, more and more processes are being managed through the use of the internet. For businesses this has led to smarter interactions with customers, new sources of revenue and greater efficiency.
Even the working environment is now influenced by the ‘Internet of Things’; agile working and the use of automation is helping to redefine roles and the traditional hierarchical company structures.
Companies are no longer restricted by a deficit in information or a delay in processing data. Managing big data is becoming seamless, they are able to utilise enhanced situational awareness to identify their target customers and interact with them in real time, and provide personalised services and responses. Internal business functions are also aided, through cloud computing and increased connectivity, to help stay on top of their core business goals.
The ‘Internet of Things’ is changing the way the world is viewed and interacts, businesses are able to make better decisions which is contributing to the most important goal for every business, increased return on investment. So to neglect it could have adverse implications on the survival, growth and success of a company. Is it a risk worth taking?