The perfect storm is brewing. It’s building no matter where you live or what you do. Geography no longer matters.

Instead, the perfect storm is being created by anything that has an on or off switch. If it can be connected to the Internet, or connected to something else, it has an impact. Cell phones, tablets, televisions, garage door openers, furnaces and coffee makers all make the list. So do jet engines, automobiles and cash registers.

When connected, it produces an estimated 26 billion links around the world.

Yes, that’s how you define the Internet of Things. A vast network of connected “things” that provides an ever-growing connection of people to people, things to things, and people to things. And it’s growing smarter every day.

There are many instances of how this looks in our lives:

  • Your FitBit talks with your smartphone to track your daily activity
  • Your tablet controls your thermostat, alarm system and lights

Even if you haven’t graduated to using this type of technology yet, you will in the coming months and years. And it’s going to change the way we do business in a big way.

Products will become smarter

No longer is a product just a standalone product. Companies will have to incorporate technology into everything to make it all work together. Sports equipment, for example, will track every movement you make, and provide you with data on how well you did and how to improve your performance.

Smarter products will lead to smarter decisions

As sensors become smaller and can be attached to more things, it will allow businesses to track at deeper levels to make better decisions. Imagine being able to connect sensors to all high-level pieces of equipment, being able to detect malfunctions from the moment they occur. Not only can this add to the longevity of the equipment by being able to fix and replace on a faster timetable, but it can also thwart significant problems in things like jet engines, preventing dangerous and life-threatening hazards in the process.

Smarter decisions will change business models forever

As businesses adjust to new levels of connectivity, they will find their business models changing before their eyes. What if a heart surgeon suddenly finds wearables make his patients more aware of their conditions and better able to control their own health? Would he move from solving problems after they occur into a business model where he helps teach heart wellness instead?

Other similar business models are sure to emerge. And as one thing changes, the impact behind it will surely change tenfold.

Risks. Rewards. 

The most important thing to do right now when considering how the Internet of Things will impact your business in the coming months and years is to think bigger. The more you understand, the more you can put into place. The more you learn, the better prepared you will be.

The future is coming. Will you be ready?