The Future of On Demand Economy with the ‘Internet of Things’; What Lies Ahead? (Part-3)

We could write another Bible to discuss the success of Uber as an On-Demand Service and the business culture it has ushered, and yet, there no emphasizing enough of how cost-effective hardware solutions, better internet, and GPS played a critical role in all of it. With the internet reaching every nook and corner of our ecological sphere, each on-demand business comes across as a viable option. This belief is further strengthened by the emerging presence of ‘Internet of Things’. A lot of it has to do with the sensory evolution too as with the optimum usage of barometers, light sensors, accelerometers, and similar technologies that have helped enterprises and established companies with data they otherwise had no access to. This has led to business trends and mechanisms that have more to do with how the user behaves and responds to a certain service, and this is just going to get better as ‘Internet of Things’ gets in the thick of things.

Today, innovation is being driven by a market that forms the nucleus of ‘Internet of Things’. With the coming of a wide range of utility services, a lot of user data has been exposed to the market, and entrepreneurs are still figuring out methods to use this data to maximize their profits. Food delivery services, veterinary experts, and contemporary cab businesses are using this analytics to improve their performance, divert service providers, and cater to a market that is unprecedented in terms of numbers. Instead of taking their product to every user, on-demand services are being led by the ‘Internet of Things’ to user bases with greater numbers. As it turns out, the on-demand economy is thriving under the cloak of ‘Internet of Things’, and the covalent bond is being built to last.

The industry, with its numerous enterprises, is progressing together, and this is has enabled many big names to come together to solve problems pertaining to user data and trends. Even if you are a small player in your domain, you have a lot to learn from the case studies of big boys, and more often than not, these lessons would form an indispensable part of your business operations.

Technology, like it always has, is playing its part. Keyless locks have become a reality. Users are no longer required to be physically present to access their bookings or have their grievances addressed, and at the center of all this lies the Internet. However, this trend isn’t without its share of problems. With the massive amount of data being streamlined and monitored each day, one can’t expect enterprises to not work on cost-effective solutions for their business where the presence of their services is inevitable for the consumer. The technology to make the profit for the company was always there, but for the first time, we are witnessing a technology that makes the profit for the enterprise through the way people respond and react to the options present within the market.

From a wider perspective, it seems that the Age of ‘Uber for X’ is going to be shadowed by the ‘Internet of Things’ which prepares to make an inroad in every user’s life and enterprise’s operation thus leading the way for a flourishing on-demand economy.