The Impact of Wearable Technology on Business

The Impact of Wearable Technology on Business

Wearable technology is the latest generation of intelligent devices designed to enhance our lifestyles and workplaces. These include fitness trackers, wearable cameras and sensors that collect a range of data for analysis.

Wearable technology has many benefits for businesses. It increases productivity, enhances employee awareness of their environment and saves companies money in the process.

Increased Productivity

Wearable technology has the potential to revolutionize business productivity in numerous ways, from improving safety and reducing errors to making it simpler to track assets. Companies can then work at full capacity while getting the most out of their employees while improving customer satisfaction at the same time.

Though research is ongoing, a UK study has discovered that using wearable technology increased worker productivity by 8.5% and job satisfaction levels by 3.5 per cent.

This is an inspiring illustration of how wearables can be utilized to enhance business operations, even in sectors that may seem unlikely candidates.

Field service technicians, for instance, can utilize smart glasses to collect information about product condition and quickly identify and fix malfunctions. This is essential in providing superior customer experience – a key competitive differentiator.

These technologies have the potential to revolutionize today’s service supply chain workforce. However, it’s essential that you select the right ones for your business needs.

Increased Customer Satisfaction

Wearable technology has the potential to revolutionize customer satisfaction and boost sales. Companies that deploy devices like smart watches or fitness trackers will gain unprecedented access to granular data that allows them to comprehend audience behavior on an individual level, making it simpler for marketers to deliver tailored experiences and personalize marketing efforts.

Businesses can utilize wearable technology to monitor shoppers’ in-store purchasing habits and create personalized paths based on that data. This allows retailers to offer more individualized service as well as relevant incentives, like coupons or discounts, for added customer retention.

Wearable technology can also be employed by customer services professionals during support calls. Copenhagen Airport, for instance, has collaborated with SITA to enable two airport duty managers to utilize Google Glass in order to provide more hands-free customer service.

Increased Employee Satisfaction

Wearable technology helps employees complete tasks more quickly and efficiently, leading to greater employee satisfaction. For instance, freelancers can scan business expense receipts while on the go with their wearable device, while warehouse workers can monitor productivity levels while loading trucks or working on the factory floor.

Wearables provide employers with a powerful tool to engage their staff and promote healthier lifestyles, which in turn improve overall health and reduce healthcare expenses. For instance, smart bracelets/bands can track employees’ physical activity, stress level and sleep patterns so managers can more accurately detect instances of burnout before they become severe (Giddens et al., 2017).

In addition to improving performance and increasing competencies, wearables may have negative repercussions for organizational efficiency (Bohr & Moore, 2016; Foucault, 1998). But when used thoughtfully, wearables can reinforce organizational culture while reinforcing the benefits of healthy living on employees’ wellbeing and job satisfaction.

Increased Sales

Consumers are becoming increasingly interested in wearable technology, from fashion accessories that double as computer processors to calorie-counting wristbands. These gadgets connect with user smartphones to provide real-time fitness information, easier access to apps and message notifications.

The wearable technology market is expected to experience rapid growth over the forecast period, driven by an increasing demand among younger consumers. This growth is primarily attributed to their increasing adoption among fitness enthusiasts and athletes.

Additionally, the market for these technologies or devices is expected to expand due to their increasing usage in healthcare. This is mainly because they can detect major health events and disease at their earliest stage, enabling doctors to diagnose it early and take immediate steps for a healthy outcome.