THE INTERNET OF THINGS (IoT)

“The Internet of things (IoT) is the network of devices such as vehicles, and home appliances that contain electronics, software, sensors, actuators, and connectivity which allows these things to connect, interact and exchange data.“

While not a new term, the Internet of Things will be playing a larger and larger role in our daily lives. A good example is what Alexa and Google Assistant have accomplished in how we operate things in our homes.

Consumers, especially younger ones, use these devices to initiate shopping, control entertainment, adjust the thermostat and lighting, and even make coffee. I believe that the Internet of Things will have significant implications as to how manufacturers and retailers position their products and services to integrate with connected homes.

The next step will be “smart Businesses”. I believe that IoT will create a change and challenge in the way small businesses will deliver its services and products. I see an “Alexa or Google Assistant” doing the same for small businesses as they have accomplished for homes.

One immediate benefit is the ability to work remotely with staff and or strategic alliances. In person meetings which consume a lot of time can be drastically reduced. Employees can work from home which will save on space that an employer has to provide while allowing complete supervision of work.
Disney developed their Magic Plus Program, a bracelet that guests can wear and which directs them to the shortest lines at the major attractions.

Greater access to data by both consumers and small business owners will continue to change the way we reach our target market.

The bottom line, our customers will demand faster and better service. Don’t wait until someone else applies the IoT to a business similar to yours. Our goal is to have BizQuack members lead change, not follow it.

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Tips & Advice by Nick Petra, CFP – Founder of Strategic Duck and BizQuack