While there are numerous markets that can be described as growth industries in the modern age, there are some that stand apart from others. Take the Internet-of-Things (IoT) marketplace, for example, which is expected to achieve double-digit growth over the course of the next few years. If we take the Canadian sector as an example, this is set to reach a total value of $6.5 billion by the end of 2018, which is nearly double the $2.8 billion recorded just three years ago.
This technology, which melds the virtual and corporeal worlds by enabling users to control physical objects remotely, is continuing to influence the way in which we interact with our surroundings on a daily basis. Beyond this, it is also delivering huge advantages to data-led businesses, who are able to leverage technology and higher levels of connectivity to improve efficiencies.
3 Ways in Which Smart Tech is Aiding Businesses
To understand this further, let’s take a look at three of the core advantages that smart technology can deliver to businesses. These include:
Combine Unusual Data Sets to Create New Ways of Thinking
If businesses are to grow, they must constantly seek out new and exciting ways of doing things. This is particularly true in fields such as sales and marketing, which have a direct impact on the success and profitability of your venture.
The IoT is central to this, as it offers access to a host of unusual data sets that can be combined to create diverse, accurate and revolutionary insights. This was recently explored by IBM, who partnered with both Twitter and The Weather Company to observe how customers interact with their virtual and physical environments.
Not only does this create new perspectives and ways of thinking, but it can also deliver focused insight that improves the efficiency of your sales, marketing and advertising strategies.
Improve the Consumer Experience
While IoT is often discussed in terms of data and customer interaction, businesses can also leverage this technology to improve the consumer experience directly. More specifically, they can deliver their core products through mobile apps, which enable users to access established accounts with or without a viable broadband connection.
If you consider online brokerage firm ETX Capital, for example, you will see that the brand have created an app that works in conjunction with their main, online platform. This enables traders to access their portfolios while on the move, regardless of their location or the precise time of day.
This drives a superior (and in this instance more lucrative) user experience, while allowing you to share the benefits of smart technology directly to the consumer.
Enhance the Security of Individual Products
For firms that are product-oriented, it is important to remember that one of the main aspects of smart tech is that it enables various devices and components to communicate with one another. This has particular relevance for businesses that work in the automotive sector (and similar markets), who can leverage this to create safer, more intuitive and fuel-efficient vehicles.
This technology is also central to the driverless car concept, which has been evolved from smart cars and the IoT. In short, this leverages data and connected components to enabled communication between different vehicles, create autonomous and safer roads that eliminate the threat of driver error (which currently accounts for an estimated 90% of all accidents).
The same principle applies across other markets too, as brands can use smart technology to increase the safety of their products in a real-world environment.