The ‘Internet of Things – IoT’ is the system of interrelated devices connected to the internet to transfer and receive data from one to the other. It digitizes physical assets, machines, gateways, sensors and devices. It connects people to things and things to things in real-time.
The world has seen a lot of changes, civilizations have come and gone, economies have morphed – what has remained constant is peoples demand. The most advanced, easier, comfortable products and services are always demanded.
The world had never heard of telephone 150 years ago, we then had text messaging, next came internet access, after that GPS and now we have voice control. The world never ceases to move on. Internet became publicly available in the early nineteen nineties. Not a long while later a revolution arose – the internet of things. Many businesses were driven out of the market and many new ones arose.
In this technologically ever changing environment an important question arises among every business owner and potential business owner – ‘how long will it take for our business before it is replaced by a software or a program?’
New technologies are becoming the driving force behind the dramatic changes in all sectors. For instance let’s take a look at a traditional bank. It holds peoples and businesses money, lends money to creditors and makes investments. Due to the latest technological advents this traditional form of banks is being upgraded and a lot of disruptive businesses are arising. A lot of new companies that allow transactions to be performed, money to be moved around and things to be paid for through their organization but are not structured like a traditional bank are disrupting the finance sectors market and bringing new changes.
To survive businesses should continue to morph and take advantage of new technology. The advancements are there to serve them not replace them.
Yosief K. Afewerki
Financial Consultant
