The world has come a long way in terms of modernization and technological advancements. We’ve seen rapid growth and significant progress, particularly in the world of business. Let us take how the Internet of Things (IoT) has become such a game changer in the business landscape across various industries.
For the uninitiated, IoT refers to physical devices from different parts of the world, all connected to the internet. These devices now interchange data and information used at homes, in businesses, and in public spaces. Thanks to the installation of computer chips and the use of wireless networks, these physical devices can harness the power of IoT.
It’s apparent how IoT solutions can impact businesses in many ways. Let’s take a look at how they affect the top industries below:
1. Retail Industry
There’s no denying how IoT solutions have impacted retail businesses in a handful of ways. This notion is particularly true for the e-commerce business. Gone are the days when people had to visit brick-and-mortar stores to shop and purchase items. Today, consumers can check products online and perform virtual shopping.
Some consumers go to the extent of utilizing extended realities such as virtual reality (VR) and augmented reality (AR) for online shopping. Thanks to e-commerce platforms like BigCommerce, Shopify, Wix, and Magento, they can explore these platforms, place orders, and get these products delivered right at their doorsteps.
2. Manufacturing Industry
IoT solutions are handy and beneficial in the manufacturing industry. The production and distribution of goods or items require the use of tools and technology and access to the Internet. From material acquisition to inventory and logistics up to order fulfillment and shipping, IoT makes the whole process a lot faster, more efficient, and more accurate.
For instance, in manufacturing plants, the use of oil-free compressors can be regulated through remote monitoring and automation. This is to avoid the risk of oil spillage, product contamination, and equipment damage. This is also to make the workflow process more standardized, more streamlined, and more efficient.
3. Transportation Sector
In recent years, the transportation industry has heavily invested in IoT solutions. Both governments and private sectors continue to develop modern vehicles, use technologies, and improve the transportation systems in major cities around the world.
New and emerging trends in transportation have become apparent such as the transportation management system (TMS), shared mobility, automotive connectivity, autonomous vehicles, and electric vehicles. All these require the use of IoT to ensure safe, consistent, and streamlined modes of transportation.
4. Healthcare industry
The health sector is no exception when it comes to IoT. In fact, it will be the fastest-growing industry that will heavily rely on IoT solutions in the years to come.
The COVID-19 pandemic has further intensified the need for internet connectivity. The rise of telehealth or virtual medical care is a perfect example of how IoT can be beneficial in the industry. Remote patient monitoring, medication tracking, diagnosis workflow, and medical records management require the use of IoT solutions.
5. Financial Sector
The financial industry has long been employing IoT solutions in conducting financial transactions. Gone are the days when consumers had to visit banks or financial entities to transfer money, apply for loans, or settle debts. Today, almost everything can be done online, as far as financial transactions are concerned. Even consumers now rely on online banking using apps.
Some challenges posed in the financial sector include cyberattacks such as identity thefts, financial scams, and other fraudulent activities. The ultimate goal now is to boost cybersecurity among businesses in the financial industry. The industry must be robust enough to employ IoT solutions for banking and conducting financial transactions without compromising financial data and confidential information.
6. Real Estate Industry
The real estate market is among those industries that utilize IoT solutions. Both home buyers and home sellers use the Internet to either promote or check real estate properties online.
Due to the pandemic restrictions, clients and their realtors have to rely on virtual property viewing. They can now inspect properties online without necessarily having to drop by the viewing sites. Even mortgage applications and fund disbursements are performed online now. It’s safe to say that IoT solutions prove to be beneficial in the real estate industry.
There are no signs of stopping or even slowing down for the use of IoT solutions in businesses. Expect IoT to continue impacting the retail, manufacturing, transportation, healthcare, and financial industries in the years to come. It will further improve, develop, and evolve that will ultimately benefit businesses worldwide across various industries.