Change is appearing on the horizon…
For many years, man did business the “old fashioned way” – customers came in, searched for what they wanted, made their purchases and left. It was an acceptable way of conducting transactions and building relationships, though things usually ended there.
Eventually, business would transform. The Internet entered our homes, and introduced us to something many had never seen before… Online shopping. Stores like Amazon and eBay began popping up like daisies in spring; customers could now purchase weekly necessities without ever having to leave their chairs.
Though it’s always adapting, business in America and the rest of the world has remained constant. A nation’s economy cannot flourish without free enterprise, and now, the Internet of Things is looking to change global operations as we know them, which means there will be plenty of new questions that require attention.
More Efficient Business
Let’s look at what the IoT can bring to the table.
For starters, it can make corporate tactics far more efficient. Relationships between employees and suppliers will improve, along with customer satisfaction. Information regarding consumers’ shopping tactics and past purchases will be gathered from their smartphones, allowing businesses to tailor their advertising to individual customers. This can save quite a bit on printings costs (i.e. coupons and mailers will no longer be required). Customers will also be informed ahead of time which items are out of stock, saving them trips and reducing costs for retailers even further, who no longer have to over-stock their shelves with merchandise.
90% of the World's Factories are not Digitized
Manufacturing can also benefit from IoT technology. It is currently estimated that only about ten percent of the world’s factories and plants are regularly connected to the Internet, which suggests that the greater majority aren’t taking advantage of what’s available. This puts them at risk of falling behind, but for those that are connected, operations can become far more proficient.
A prime example is King’s Hawaiian, a bakery known for its quality rolls and sweet breads. Factory machines and plant equipment were recently linked to Factory-Talk, an IoT-based software that grants employees “remote access to both real-time data and features production dashboards.” Their efforts combined, both technologies provide a vast scope of the business’ working system on a whole, and employees can consistently monitor performance no matter they are. Since making these changes, King’s Hawaiian has managed to produce an additional 180,000 pounds of bread each day, practically doubling production rates overnight.
IoT solutions can also assist transportation. In big cities like London, user data is collected through ticketing systems, vehicle sensors, and even traffic signals through products like Oyster cards, which work as debit cards for train and bus fares. Every time Londoners swipe their cards to pay, customer data is gathered and anonymized to map out the best possible route(s) for where they’re heading.
2020 Will be the Year of IoT
Experts believe the IoT will encompass nearly 50 billion items by the year 2020, giving us another three years before it hits full force. Hence, the time has come to begin selling IoT solutions, because as the Internet of Things takes hold of the business world, problems are bound to appear.
One major issue is how slow businesses have been to accept the expanding technology. This suggests that many companies are simply avoiding “the inevitable,” inherently decreasing their abilities to thrive in what is soon to be a predominantly mobile market. However, this actually presents a valuable situation for technology resellers, as it gives them the opportunity to prepare and be ready when businesses do decide to implement IoT software.
For the most part, sellers are still ahead of the curve when it comes to capitalizing on the potential of the Internet of Things. It is being proven to have positive effects all around on a company’s efficiency, profit margin and overall safety, and the chance to garner access to customer data will allow it to make better decisions, increase revenue, and make its customers happy. Competition is bound to be fierce as businesses face facts and begin seeking the solutions that will serve them best, and being first in line should be every seller’s ambition.
The Internet of Things is designed to provide businesses with more opportunities to sustain revenue than if they were simply brick-and-mortar establishments or online hubs. No doubt large enterprises will be eager to take advantage early on and pursue the best possible solutions, which is exactly why no time should be wasted when it comes to sales training.
The Internet of Things is here; those who do not acknowledge it are destined to fall behind, and could face massive repercussions in the form of strained relationships, higher costs, and the inability to compete. Factors like these cause businesses to shut their doors permanently. Our economy and technology changes, as does the way we do business, and as companies plan and organize themselves, sellers should be ready to offer appropriate solutions.
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Marr, Bernard. “How Big Data and The Internet of Things Improve Public Transport in London.” Forbes. Forbes Magazine, 30 May 2015. Web. 25 Feb 2017.
Wakefield, Kylie Jane. “PTC Voice: How the Internet of Things is Transforming Manufacturing.” Forbes. Forbes Magazine, 01 July 2014. Web. 25 Feb. 2017.