How Business Processes Are Evolving With The IoT

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All business processes need to be future-proof and adaptable when dealing with technological advances. Many businesses are already using the Internet of Things (IoT). As the technology becomes more and more integrated into our lives, business processes will have to continue to adapt as well as the way these are managed.

Global industries are learning and experimenting with the IoT. They can utilise IoT technologies more effectively when they understand the technology and the business processes structured around it. It is important for businesses to understand how they can use the IoT to collect sensor data intelligently from various users and process this data in the cloud architecture.

Businesses have to consider the IoT as a disruptive technology. This disruption is at various stages in various businesses. The speed at which companies like Google, Samsung, NXP, ARM, Intel and Apple are investing billions of dollars to create innovative applications around the IoT, there is no going back to old, non-smart technologies.

Now, very few people in India still use the old Nokia feature phones, since most users have moved to smartphones. When Nokia failed to take note of smartphone technologies, it paid the heavy price of losing customers and, hence, business. This indicates that companies and governments simply cannot ignore the IoT. Companies all over the world are looking for new technologies to improve efficiency and staff morale, and increase profits. The IoT is grabbing the attention in this arena.

To improve business operations, companies need to learn how to identify IoT processes. A business process is a collection of related events, activities and decisions. It involves a number of factors and resources, which collectively lead to an outcome that is of value for the organisation and the customer.

Let us take some examples of business processes, such as claim-to-settlement, order-to-cash and procure-to-pay, to understand the concept better. Business process management can be modified using the IoT, and vice-versa.

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