The Internet of Things, or IoT, is taking over. More and more countries are producing such complex technology that are becoming a significant part of everyday life. As we continue on into the future, it will become harder to avoid the presence of the IoT all around us. In other words, if you believe your business or company won’t be impacted by the rapid growth of IoT, then you’re seriously mistaken.
If you’re not prepared for the IoT, here’s why you need to get on board ASAP.
Internet of Things is Coming, Whether You’re Ready or Not
The IDC, or the International Data Corporation, senses that by 2019, there will be $1.3 trillion in spending on the Internet of Things. That’s an incredible amount of money on its own, but when you realize what it’s being invested on, it’s difficult not to pay attention. This number is so important. If you want to be a part of this rapidly growing technological economy, then this is where the money’s at. Companies shouldn’t be turning a blind eye, and instead should be doing everything they can to get their business involved.
The Model is Changing
In the past, companies took a different approach to their products. Prior to the growth of the Internet of Things, companies were going with the “make and sell” model. If you were born sometime before the turn of the century, then you know this method all too well. You make something, you sell it, and you hope the consumers love it.
But, now that the people know what they want, customers have switched to a “sense and response” model, which can be attributed mainly to the existence and prevalence of IoT. Companies have listened to what the people want, what’s going on around them, and have decided to respond to it in the best way they can. This means that companies need to closely look at each and every part of the supply chain, from the product down to the consumer, and everything in between. Without a good read on what the people want, your company could risk making a bad investment. After all, it takes a lot of useful information to construct the perfect product, especially one that’s encompassing the IoT.
Precision is the Future
According to Vernon Turner, senior vice president of enterprise systems & fellow for the internet of things at IDC, “Precision is the future for every industry.” Because customers are letting us know what they want in a very specific way, we need to be precise in how we give it to them. Companies need to be constantly observing their customers and their behavior, from the idea table down to the purchasing platform.
Investing in IoT can have a positive impact on the growth and success of your company. Likewise, ignoring it can be a big mistake. Make the right decision and get prepared for Internet of Things, because it’s coming faster than you think.