Question

How is the emergence of the Internet of Things (IoT) impacting business processes for firms? Give specific examples to illustrate your point(s). Please answer in 2-3 paragraphs

Answer 1

Answer)
The Internet of Things (IoT) is the technology which can be defined as the interconnection of the devices using the Internet as a medium of sharing information and data with each other and other devices and computers. Internet of Things (IoT) thus means the network of the devices which are interconnected and thus means that using the Internet the devices can be controlled, access and information and data can be accessed. Thus the home equipment, electronics, and other devices can all be part of the IoT infrastructure.

IoT is the future in the businesses as the businesses can have processes which are used in gathering the data and also automating the processes based on the data which are collected. It offers the business the opportunity for enabling the businesses to develop new products or services and also the excel in the current offerings. Thus more and better access to the data, better customer engagement, increased productivity, remote working and controlling, creating the new demands for the customers, tracking/managing/security of the inventory and other objects are some of the implementations, but IoT can be implemented beyond all these also.

For example, the tracking of the inventory and other asses can be manual and repetitive tasks which can have human errors and thus can have a headache for the businesses. As the inventory technology uses already tech-savvy equipment for tracking and managing the movement of the containers and inventory. Thus using IoT the technology will be cheaper and will be available for the small players and also the smallest assets. Thus the manual tasks such as the inventory checks will make the workers to not do this tedious job manually, and also thus reducing the cases of the theft and loss of inventory, by better tracking the inventory.