Businesses that want to continue to be successful and grow their business need to stay on top of trends and advancements in the business world. Some of these trends change the way businesses interact with customers, such as through social media and mobile technology, while others change how businesses create and maintain products, such as the development of production machinery. Though it is not a brand new concept, the ‘Internet of Things’ is changing how companies do business both from a production standpoint and a customer relationship standpoint.
What the ‘Internet of Things’ means and how it affects the business world
The term ‘the Internet of Things’ (often abbreviated IoT) is not new. The term was first introduced in 1999. Like any new technology or concept, it began more simply than it is used today. Radio-frequency identification (RFID) is considered an early incarnation of the Internet of Things. And even since the invention and implementation of RFID, the concept of the Internet of Things has changed as it has advanced.
Essentially, it refers to the network of physical objects accessed through the Internet. These objects have embedded technology to interact with external states or environments. This gives these objects the ability to communicate, changing the face of business.
The connectivity of objects can make manufacturing more efficient, with machines and objects continually updating staff about what is happening on the floor, and what is needed to keep production moving on time and under budget. The “smarter” machines and objects are, the better production can be, every step of the way. Businesses won’t run out of supplies, and managers can be alerted immediately if there is a problem.
[tweet_quote]The Internet of Things also has great power in marketing.[/tweet_quote] By creating a connectivity between objects customers buy and the company they buy from, companies can nurture customer relationships long after customers have left the store.
Experts believe that the Internet of Things, as it continues to increase in importance, will form the fifth element of marketing, which currently includes social, mobile, big data and the cloud. Because it will continue to be such an important part of business is why you need to pay attention to the ‘Internet of Things’ However, there is more to it than simply knowing that it needs to be done.
Why You Need to Pay Attention to the ‘Internet of Things’
For business to succeed, it’s important to stay on top of trends and advancements that make business more efficient and customer relationships stronger. The Internet of Things is the future of business.
As technology advances and the Internet becomes an even bigger part of society, connectivity with the Internet will also grow in importance. The more integrated the Internet is in products, the better businesses will be able to address customer needs, providing instant feedback and technical support. The Internet of Things does just that. It gives companies a direct connection to customers through the products they buy and use every day.
Businesses that capitalize on this connectivity are better equipped to strengthen customer relationships. This helps promote brand loyalty, word-of-mouth advertising, and ensures that their business stays at the front of customers’ minds when it comes time to upgrade or buy something new. As the Internet of Things continues to advance and become more integrated into the business world, it will become as important an aspect of customer relationships as a working website is now. Customers will come to expect it as part of the experience.
Understanding why you need to pay attention to the ‘Internet of Things’ is part of advancement in the business world. Just as executives and managers should be aware of mobile technology, social media, and the cloud, knowing about the Internet of Things and how it impacts business is integral to customer relationships. By utilizing technology and connectivity, businesses can have better communication with customers to ensure their needs are being met, providing instant feedback and troubleshooting, and even gaining a deeper understanding into how customers use their products to fuel research and development. The Internet of Things is not going away, which is why you need to pay attention to the ‘Internet of Things’. Businesses who begin to use it now will be able to integrate it into their customer relationship management to ensure their customers are happy and their products continue to offer the best they can.