Check out the latest blog post from Lockton Benefit Group’s John Wesley, a Project Manager in our HR Technology & Outsourcing Practice:
What is The Internet of Things?
The Internet of Things (IoT) is technology that links a variety of devices (i.e. smartphones, laptops, objects with computer-based sensors) and universal networking with the intent of obtaining data from any physical item and place. IoT enables data mining for the purpose of real-time processing and predictive analytics, creating nimble management opportunities. Organizational leaders are empowered to engage in the practice of proactively responding to real-time events while increasing predictive capabilities. Essentially, IoT is advancing the utilization of internet technology whereby everyday objects have network connectivity to facilitate the free flow of data, says the International Institute for Analytics.
How does IoT technology fit into our world of HR tech?
Employers – primarily HR professionals – are actively seeking innovative and effective means of increasing employee engagement. IoT can potentially optimize strategies around the holistic improvement of HR-related programs by providing greater insight into the behavioral patterns of employees – from on-the-job productivity, consumerism, physical activity and lifestyle habits.
Additionally, IoT is a tool to strengthen the efforts associated with recruitment and retention, again through greater access to real-time activity results and providing predictive analytics.
Data management is heavily prioritized by organizations across a spectrum of disciplines. Within the technology sector, IoT is certainly creating significant activity as organizations seek to gain competitive advantage.
Samsung recently acquired Joyent, a pioneer of Cloud technology, in an effort to increase the deployment of smart machines, such as drones, robots and autonomous cars. Google is another example of a tech organization seeking to gain more traction in the area of data management as it continues to make significant investment in Google Cloud – an effort to add more sensors to ordinarily mundane products enabling the collection of data based on a wide variety of behavioral patterns.
Though intrusive to a degree, IoT will create expanded opportunities and enable greater access to data for the purpose of understanding the behavior and tendencies of consumers, employees and interested parties alike.