Impact of Wearable Technology and Internet of Things on Businesses

April 28, 2015 Published by:

Wearable Technology

Wearable Technology and Internet of Things are the most talked about technology in recent times. Life would change drastically once Internet of Things and Wearable’s take over. We would be using Technology to our reckoning and making our life seamless with the machines we use.

Internet of Things (IoT) refers to a network of objects/things, interacting with one another, sending and receiving crucial information and monitoring all the aspects of life without any human intervention. It can include objects from machines or objects of daily use like cars, electronic appliances, refrigerator, air-conditioners, speakers, security systems, alarm clocks, arm bands, helmets, glasses and much much more. They are made up of millions of sensors and devices generating continuous streams of data.

Wearable Technology refers to the wearable gadgets that are loaded with smart sensors, using a web connection like Bluetooth to connect wirelessly to your Smartphone’s. They can connect to people through the sensors and help them in many ways. A lot of wearables are available in the market including smartwatches, smartglasses, sports watches, fitness trackers, activity trackers and much more.

Wearables and Internet of Things (IoT) have changed the ways in which we interact with the real and virtual worlds around us. Billions of devices are already connected through internet, which is just a small percentage of the total potential. Wearables have tight relationship with the Internet of Things and are one of the prominent offerings of IoT. As per the forecast made by Gartner, The total economic value-add from IoT across industries will reach $1.9 trillion worldwide in 2020. Wearables are even expected to outstrip Smartphone’s and Tablets in the coming years!

Let us see the future impact of Internet of Things and Wearable Technology on businesses!

  • In the future, people will have many wearable devices, which will communicate with other IoT enabled things thus helping in data collection and retrieving information.
  • IoT will help in enhancing the productivity of the employees, increase enterprises’ security and also improve client’s experience.
  • The Wearables are hands free, allowing to multi-task and are expected to be widely accepted by the enterprises for their employees.
  • Managing Big Data and extracting relevant information will become easier through IoT, thus providing a lot of opportunities to businesses to utilize them for their benefit.
  • Real-time analysis of feedback, product performance, customer behavior and more will help to improve business performance and customer experience.
  • Through wearables businesses will be able to provide better customer services. Clients will be able connect to your business in real-time. Long wait times will be eliminated and the there will be faster troubleshooting processes.
  • Applications that connect business processes to wearable devices will be built and will be helpful in accomplishing various business activities like getting urgent approval from an employee through a smartwatch.
  • Business productivity will receive a boost as employees’ engagement will increase. This will result in an improved efficiency.
  • Wearables will help in the marketing efforts of the businesses. By wearing a wristband, it will be possible to recognize customers, understand their needs and provide an exclusive experience to them.
  • Sales team will be benefitted too. Sales professionals will not have to take out their Smartphone’s or laptops during a meeting. Through wearables they will get quick updates without any interruption.
  • There will be an increased revenue stream due to growing demands of new products and services that are compatible with the changes brought by IoT and Wearables.

Through Wearables and IoT, everything will be measurable and connected. There will be a continuous flow of data and information back and forth. It is however impossible to predict the extent to which businesses will be affected. But if they want to avail substantial benefits of this technology, they will have to start planning for it now!

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