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There can be no question that our world has become more connected than ever, with the ubiquitous presence of the internet having an increasingly substantial impact on everyday life.
The internet of things (IoT) has become something of a buzzword that has been eagerly thrown around by analysts for a number of months now, culminating in the concept taking centre stage at the recent Consumer Electronics Show (CES) in Las Vegas earlier in the month.
Potential connected devices range from cookers to tennis rackets, sparking fervent and lively debate as to what impact such products will have on our daily lives. There are indeed a number of possibilities, with the business world set to keep a keen eye out for any interesting and emerging trends.
The smart home
Perhaps one of the most documented potential uses for IoT is that of connecting numerous devices within your home.
Aspects such as lighting, heating, cooling or security alarms could soon have the ability to be remotely managed. Services such as Hive already allow users to control their central heating through their smartphone or tablet, but things could soon become more advanced.
By installing a series of intricate networks within the home, users will soon have full control over a number of appliances within the home, including coffee machines that brew a cup of your favourite hot beverage ready for you when you come home from work or ovens that knows exactly how long to cook your signature sausage casserole.
Combining hardware with biology
It might seem like the stuff of science fiction, but combining connected pieces of hardware with the human body is another potential avenue for IoT.
In line with many wearable devices, users could soon be able to embed devices into their body, which can then be connected to smartphones or other devices to monitor a number of different activities.
For instance, it could soon be possible to gain accurate details relating to location, general health and even fitness records.
While this idea is unlikely to sit well with every member of the general population, it could be seen as a good way to keep a track of the activities of children and other vulnerable members of society.
There is even the possibility for businesses to use such technology to monitor employees, which although controversial, could help to improve productivity.
Impact on businesses
But monitoring the workforce is not the only way in which IoT could have an impact on the modern business.
Having every device within an office working on the same page is a concept that could lead to a number of exciting opportunities, allowing organisations to keep a better hold of sales, company records, invoices and other pieces of information - all with the click of a button.
By connecting devices within the workplace, there is also an opportunity to save time, energy and ultimately money.
It all adds up to a potentially superior experience for a company's customer base.
Gone are the days where advances in technology are purely focused on hardware - a situation that previously required employees to purchase a certain device or work on a certain program in order to stay on top of the everyday demands placed on their business.
Raj Badarinath, senior director of product marketing at commerce solutions provider Avangate, believes IoT holds the key to changing this model.
He told Business News Daily: "Revenue will not come from the hardware, but instead from services on top.
"In the IoT era, new models such as subscriptions, freemiums and bundles are rapidly becoming the preferred choice over traditional hardware options. Services are easily upgradeable, much more amenable to ecosystems that are constructed around hardware, and provide multiple revenue opportunities rather than a one-time sale."
By using IoT to create a customer-centric commerce platform that keeps track of pieces of information such as purchase history, payment methods and loyalty programs, Mr Badarinath argues it could allow firms to create a solid foundation for monetisation.
