For those who are new to the concept of the Internet of Things (Iot), it is a network of devices that have the capability of communicating with each other and end users across the internet on a global scale. During the rise of the computer age, digital networks were entirely made up of computers, but now this network includes everything from smartphones to just about any appliance you can think of—including your toaster.
The Internet of Things is growing
According to Gartner, Inc., by 2020 it is expected that there will be 20.4 billion IoT devices around the world. In 2017, this number was 8.4 billion. That is an increase of 12 billion devices in only three years! Furthermore, this is equal to roughly three devices per person, worldwide. All of which are collecting data.
Being able to handle all of this data isn’t just important for huge corporations, project managers and small business owners need to be able to handle IoT connectivity in their workplaces as well. In terms of IoT devices in the workplace, they are capable of drastically increasing the speed of business and response time, reducing human intervention, reducing the number of errors and lowering operating costs—all of which can lead to better customer service.
As IoT devices increase in popularity in the workplace, project managers should expect to see at least the following four changes.
1. Hyperspeed reporting
The cost of communication will decrease. This is due to the fact that connected devices have a constant flow of data and the nature of automated systems means that the pace of business will speed up and idle times will decrease.
Take, for example, running a status report. In the past, an IT project manager would need to take weeks to collect the data from every desktop, tablet, mobile device and laptop in their company. Today, with IoT devices, this process can happen in an instant.
2. Data explosion
Historically, data archival was both labor- and time-intensive. Now, with IoT devices, the process is practically instantaneous. IoT devices make it possible for everything from individual team member meetings to budget meeting to be recorded in detail and recalled on demand.
3. Advanced data analytics
IoT devices allow for data analytics to become much more advanced than in the past. This means that project managers will need to improve their data handling skills. It also means that businesses may need to increase spending for data management resources, including hiring more experienced data analysts.
4. Tougher legal and ethical implications
The speed at which business can take place today requires a higher level of accountability for those working with data. This means that businesses should consider implementing stricter penalties for oversight and mistakes with data. Even a slight error could jeopardize an entire project in a matter of seconds.