You might not be familiar with the ‘Internet of Things (IoT)’ as a term, but you’ll almost certainly be familiar with the technology. Put simply, the IoT is the array of smart, connected devices we take advantage of every single day. Whether it’s a virtual assistant or a smart thermostat, chances are you’ll be readily engaging with the IoT constantly.
Smart technology is set to become a pillar of modern western life and is already influencing both our normal and working lives significantly. Particularly where the latter is concerned, smart technology is making waves in improving all areas of business performance.
The Worldwide Office
The extent of interconnectivity today means that ‘the office’ is becoming merely a concept, accessible from virtually anywhere. Cloud technology has already established itself as an essential to modern business, allowing secure access to all relevant professional data to anyone and anywhere that can muster an internet connection.
Utilizing cloud technology means staff can work, collaborate and communicate from all around the world, which has resulted in a rise in productive work-from-home arrangements and more open and interactive communication with clients.
The cloud provides employers and employees with mutually beneficial arrangements that promote better staff engagement and retention, more open collaboration and more productive, labour-efficient solutions.
Smart technology is helping businesses to identify areas to cuts costs without a drop in performance. Whether this is the increased use of AI allowing for better distribution of labor, time tracking technology allowing for efficient project spend or the likes of smart washing machines and heating systems bringing down utility bills, smart tech is making a huge difference to professional budgets.
The financial benefits of smart technology lie primarily in its ability to take the day to day ‘donkey work’ away from businesses. This allows for refocusing of labour effort to key skill areas, whilst the IoT takes care of the administrative, non-core elements of everyday business.
The AI Takeover
Some will still think of artificial intelligence as an ‘I-Robot’ style robotic threat. Whilst we needn’t fear robots taking over the world right now, AI technology is making huge differences across a number of major industries.
Take marketing, for example, where AI is collating huge amounts of data to create more accurate customer profiles. This, in turn, allows businesses to create better targeted ad campaigns that reduce spending and improve consumer experience at the same time.
On a broader scale, the world of big data is helping businesses to improve their understanding of patterns, trends and associations across all industries, with AI the driving force behind calculating and presenting that data in a way users can understand and act upon.
Smart technology is helping to improve and streamline all walks of life, and business is no different. The next ten years should see unthinkable strides forward in smart technology and its professional uses, which means there are exciting times ahead for the business world.