The Internet of Things, simply put, refers to the concept of integrating Internet-capable technologies into products, appliances, devices, and processes that didn’t have them before, in the interest of making them more efficient for their intended purpose. It’s one of the many trends that have caught on in quite a number of industries, and nearly all of them have benefitted massively from it. Here are some examples of those industries.
The advertising industry got a huge shot in the arm thanks to the invention and proliferation of the Internet. It gave them a channel that allowed them to reach global audiences at a click of a button, faster and more effectively than any TV or radio network ever could.
With the arrival of the Internet of Things, advertisers only stand to gain even more broadcasting power— giving them the ability to directly influence people’s purchasing choices by pushing advertisements to the screens of personally owned internet-capable devices and appliances, depending on how the devices and appliances are used. For instance, once the advertiser detects that a specific user is using their smartphone as a fitness tracker, they can then push ads related to weight loss products or exercise equipment to that smartphone, resulting in sales opportunities that would have been missed otherwise.
They can also get real-time feedback on these advertisements just by gathering viewer response through feedback popups or social media, and then analyzing the results with real-time analytics for IoT applications. This would then allow them to further improve their advertising by tailoring it to the current tastes and desires of their audiences.
Farming has benefited massively from technological and scientific breakthroughs, such as the development of the modern motor (for motorized farming equipment) to the discovery and formulation of essential fertilizers and pest-killing insecticides.
With the Internet of Things, they stand to benefit even more. One example of an application can be seen through the usage of internet-capable devices such as agricultural drones and sensors to scan for crop problems and potential health issues. Automatic irrigation systems and climate control technologies hooked up online are yet additional examples of IoT being used in today’s farms, helping ensure crop health and safety.
In the future, IoT technology integrated with automated or robotic farming equipment may allow farmers to increasingly tend to and harvest their crops remotely, enabling them to increase their production without hiring more manpower or being physically present in their farms.
The integration of IoT technologies in the hospitality industry can go a long way into improving customer experience and making daily operations more efficient and streamlined.
For instance, cameras set up at the front desk or lobby can identify potential customers through facial recognition even before they arrive and check in. Internet-capable thermostats and heaters can be controlled remotely so that rooms will already be temperature-controlled and made comfortable moments prior to occupancy.
These and other IoT applications can help hotels treat their customers better while also garnering upsell opportunities.
Banking used to be a very analog affair, one that required customers to either go to a bank or to an ATM to get their banking errands done. Thanks to the Internet, banking can now be done from anywhere, so long as you have a smartphone and a viable internet connection. From making bill payments, withdrawing cash to even sending money to friends and family overseas, the internet has helped the banking industry become more accessible and convenient for the customer.
The Internet of Things will only improve as time passes, allowing banks and financial institutions to better connect with their customers and provide them with superior services. An example of this is by tracking their customer’s purchases through their mobile banking accounts. By doing so banks can get a better idea of their customer’s spending habits and as such, offer them better financial services, such as privileges in shopping or a higher credit limit.
Just like how the internet has revolutionized how industries do business in general, so too will the growth of the Internet of Things. Not only do businesses and organizations stand to have their work processes streamlined and made more efficient, they will also be able to form better relationships with their customers, allowing them to improve their offerings and customer experience as a whole.