7 ways IoT will Change future Business. are you ready?

With growing access to broadband connectivity and rapidly changing trading trends, a new term IoT or Internet for Things has been introduced. Online business is the future of next generation economy and e-commerce will share 50 billion connected devices by 2020 making it multibillion-dollar industry in the nearest future.

FORBS estimates that 2017 is the year when IoT (Internet for things) is going to actually takes off. Here are 07 ways internet will revolutionize global trade and business.

1. Data and Connectivity. Market mechanism depends on data and information, IoT is there to connect consumers and entrepreneurs.   They will enjoy more access to the data of consumer behavior, current trends and automated analysis. Intelligent product sale and purchase customization will read and analyze both consumer and traders and set their priorities. These databases will provide real time survey to the companies for future planning. They will not have to spend millions on market survey, future planning and analysis.

2. Inventory Automation. For traders and businessmen dealing perishable goods will be equipped with automated cataloging and categorization by IoT. They will have track of their goods, expiry, delivery sensitivities, Smart devices will be able to keep an eye on inventory changes. Workers duties will be prioritized automatically.

3. Remote Work. Employees working remotely will be interconnected and with the company. IoT will manage their location, presence and responsibilities. A network of devices will enable both workers and management to coordinate and balance responsibilities.

4.Speed and Access. Both consumer and trader will have access to data which will enable both to have automated optimized searches for their demands and requirements. In this way, all suppliers, customers and traders will have similar connected technologies.

5.Efficiency and Productivity. Tasks will be more time efficient and cost efficient. IoT will set priorities in given budget time. Devices will set schedule and assignments to travel or shop in the best fitting way. Job market will be able to determine the number, quality and quantity of staff members required.

6.New Consumer trends. Consumers trends are going to be digitized. IoT will make them digitally organize their routines and for this they need devices. Electronics and data gadgets will be the core demand of future consumer. From online shopping to market survey, they need real time access to market data. Weforum spoke on the issue that the next 5 to 10 years are going to see changing trends. Business model is going to change from paper to plastic money, from paper files to digital record, from business advisors to IoT analysis.

7.IT Professionals. Both future consumer and entrepreneur need IoT and IoT needs IT professionals. IT industry and IT related Jobs are going to be the center of future planning both for consumer and trader. Businesses will depend of human resources from IT market. World economy will transfer to online data transfer and automated devices.