Technology is moving way too fast. It’s a hectic time for us to live in a world where smart devices can answer or perform almost anything we ask them to.
“Alexa, how’s the weather today? Can you also turn the light on and play some Beyoncé.”
A fully connected environment has transformed things from yesterday’s futuristic dream into today’s day-to-day basics. Today, at least 127 new smart devices are connected every second to the internet — including smart TVs, smart speakers, smart appliances, etc.
Now that everything connects to the internet and the demand for smart devices remains high, it makes the internet of things (IoT) technologies become much more accessible and easier to implement — might as well help companies and investors seize new opportunities.
Below are some reasons to explain why connected devices create exciting business opportunities and why companies are making a huge investment in them.
#1. The Number Of Users Keep Rising Dramatically
A prediction says that by 2030, each person will own 15 connected devices. One thing is clear from those massive data: these technologies are growing rapidly.
With this rapid growth, companies can cater to customers’ behavior that expects a speedy response — it’s an era of immediacy, after all. That way, they can easily provide their customers with something that they’re hype for. That’s such an effective way to engage them and improve brand recall for them.
Not to mention that the connected devices also become more and more accessible and cheaper, so you don’t have to be a big company with a deep pocket to take this opportunity.
#2. Incredibly Wide Applications
The use of connected devices in the IoT environment is quite wide and as diverse as Industries 4.0, wearables, smart homes, connected cars, even e-health. For most B2B companies, these advanced technologies make it easier for them to maintain direct connections to their products in the field.
Also, with the environment that has been expanding at break-neck speed, businesses can improve efficiently more cost-effectively. Especially when the requisite classic technical equipment, such as computers and sensors, is only getting smaller and more power-efficient to improve monitoring efficiency while minimizing human intervention and reducing energy costs.
By all means, connected devices can be used to introduce cost reduction and more savings to businesses, as well as unlock new challenges that can make the production process more transparent.
#3. Ever-Changing World of Technology
If your business taps into smart business (whether using it or selling it), it shows your customers that your business is innovative and forward-thinking. And it’s a powerful way to keep up and stay relevant in this ever-changing world of technology.
For some businesses, connected devices hold the potential to change the way marketing is done. While traditional marketing strategies such as email marketing, video marketing, ads marketing plays slow-but-steady roles in engaging customers, the development of intelligent assistants and smart speakers has given a significant rise to more conversational commerce.
In this case, the technology allows users to shop online, check order status, and locate stores simply by talking to them.
Recently, for example, Walmart announced that they’ve just launched InHome Delivery, where the company delivers users’ groceries right into their kitchen — literally, even when you’re not home. What users need to do is installing a smart door lock kit or smart garage door kit, enabling deliveries and pickups into their entry and kitchen,
In this matter, you can understand that connected devices can also build a more dynamic business model or environment that allows businesses to effortlessly increase their market performance with their ability to respond to their particular customers’ needs much faster. This way, they can give positive customer satisfaction and experiences.
#4. Driving More Revenues
Another reason why connected devices offer businesses with pleasing opportunities is that they can help businesses obtain better insights into easily boosting the revenue amidst the challenges in today’s fierce marketplace.
A survey shows that more than 75% of leading enterprises credit connected devices and IoT with bringing an increased revenue. Moreover, 41% of them also claim that these technologies have helped them boost their annual profits by up to 15%.
It means leveraging connected devices or IoT as a business transformation strategy has visible results, including increased profitability.
From coffee machines to air conditioners, today’s consumer devices can be seamlessly controlled at just fingertips via apps. Over the last few decades, we can’t deny that devices have become wireless, smarter, and more convenient. This, of course, creates even more opportunities for businesses.
Those staggering numbers on recent reports show that connected devices are going to stay and not going anywhere. It means that these technologies are opening new and exciting opportunities from businesses of all sizes, from enterprises to big companies, and across all industries to drive their growth in innovative new ways. The four reasons mentioned above help you consider to include connected devices and IoT for your overall business strategy.
Andre Oentoro is the founder of Breadnbeyond, an award-winning explainer video company. He helps businesses increase conversion rates, close more sales, and get positive ROI from explainer videos (in that order).