In the not so distant past, products were composed primarily of plastic, mechanical and electrical parts, more often than not, physical consumer products offered a very little link to the connected world around us.
Fast forward to today; Smart devices have become complex systems that are defined by having a few distinct characteristics. They combine hardware, like microprocessors, sensors as well as the parts that make up the device itself. Some of the products we use on a daily basis also have data storage and transition capabilities. This data can be transformed into actionable analytics and intelligence, that fact alone opens up opportunities organizations that manufacture smart products should not take for granted.
Digging Deeper into Data
Communication components such as ports, antennae, and protocols, for wired and wireless connections, allow the device to send/receive data, and, be “social”, i.e, allowing exchanging information between the product and its operating environment, its maker, its users, and other products and systems, which adds context, meaning, and, well, value for manufacturers.
Eventually, all these powers combined define and redefine who you are as a business, the value you bring to the market, and who your competitors are.
What’s in it for Your Business
To better understand what smart connected devices mean for your business, we should go back to how the internet changed our social interactions. The internet allowed us to better connect both with one another, and with information around us. Taking it one step further, the internet, combined with the miniaturization of technology, allow (smart connected) devices to communicate with other connected things, with us, mainly through mobile (iOS / Android) apps, as well as with other sources of information in the cloud.
Here are 5 points that will better clarify what smart connected devices (and IoT) mean for your business.
Data Management – Information and insights that smart connected devices can produce are virtually limitless and easy to customize, which ultimately deliver new monetization opportunities, as information is relayed directly back to the organization, without the middleman.
Time and Money – Instead of manual reviews, many businesses use tagging and sensors to determine what their current inventories happen to be, which again can help save time and money.
Automation – Automation is a huge part of this story as well, as it allows you to save valuable time by automating processes such as ordering, inventory tracking, security, and monitoring.
Affordability – If IoT and smart connected devices make the organization less dependent on manual labor, than production costs decrease, thus, making the production of (things) more affordable for the consumers and still profitable for you as a business.
Smart personalized advertising – Information stemming from smart connected devices can be turned into personalized advertising. Which regards to Apps of Things (AoT) or smart connected devices, opening up new advertising channels is a major opportunity that wasn’t possible just a few short years ago.