A Comprehensive Study of Internet of Things and Digital Business on the Economic Growth and its Impact on Human Resource Management

Abstract

The research paper aims to examine the impact of digitalization and IoT technologies on the business world and the ways in which it also impacts the global economy. The paper examines that digital Human Resource Management can increase the productivity and the efficiency of both the HR professionals and the employees of the organisation. The findings of the research also reveals that through digitalisation the HR managers can build better relationships between the employee and the company, can think about the wellbeing of the employees better, and make them feel more valued and appreciated. It can also help in creating a competitive atmosphere in the workplace which can motivate the employees. The research further reveals that the active IoT technologies are increasing in the business world. The articles also analyses the advantages and disadvantages of implementing digitalisation and IoT in the workplace and there exists some requirements that need to be met for the successful implementation of the IoT technology. The research also estimates that in future companies can develop their business by adopting digitalisation. In the paper it is also mentioned that during the pandemic the global economy has decreased and to balance the condition it is important to implement digitalisation in the business world.