For many entrepreneurs, the Internet of Things (IoT) sounds like a jargon term that only relates to programmers or technology-focused businesses. In reality, the IoT affects all industries and can actually help entrepreneurs improve their business’s efficiency, customer relationships, and bottom line.
In the simplest of terms, the IoT is a network of objects that share and communicate information via some sort of Internet or Bluetooth connection. These objects can be toasters, sprinkler systems, or speakers. With a working connection, the number of “things” that can be automated is practically limitless. Heralded as the next Industrial Revolution, IoT technology is anticipated to bring in $6 trillion by 2020, meaning it will have a huge effect on the way entrepreneurs do business.
Here are just five ways the IoT will help entrepreneurs build their startups, conduct business, and improve processes.