Trends in Technology
Once considered a gadget of science fiction, smart devices are now near-ubiquitous. At present, there is a rapidly growing market of internet connected devices, from thermostats, refrigerators and cars to voice-operated coffee machines and personal assistants. This network of physical devices, vehicles and appliances is called the internet of things (IoT) technologies.
IoT is expected to encompass most electronics that haven’t been online historically. Almost anything with an on-off switch can potentially be connected to the internet as part of the IoT. Subsequently, connecting together disparate devices and machines has the potential for great rewards. No wonder then that the IoT is growing at a remarkable pace. According to a report by Deloitte, around 28.1 billion devices were expected to be connected by 2020. The report also states that linking the physical and digital worlds could end up generating up to $11.1 trillion per year by 2025.
Let’s go over 5 ways your business can benefit from the Internet-of-Things.
1. Customer-Centric Services
Customer satisfaction is one of the most crucial factors for the success of any business or organization. With the help of IoT technology, business owners can integrate mobile card readers or smart trackers to streamline the customer experience. Mobile card readers on smartphones will likely replace the slow and inefficient checkout counters of the past. In fact, Amazon Go offers an example of how customers can conduct quick and smooth transactions without cashiers or checkout lines.
As part of your IoT network, smart tracking technology lets you monitor products and receive accurate inventory updates. With significantly increased efficiency, your supply chain can meet customers needs. Different IoT solutions like these also allow for debugging customers’ issues to enhance customer satisfaction.
In addition, you can collect feedback from customers through their smartphones with connected devices in an IoT network. This helps integrate IoT devices in the customer feedback loop. Moreover, it ensures a method to identify and solve product shortcomings. In this way, IoT technologies can help collate qualitative data and benefit your organization’s responsiveness to customers’ needs.
2. Data – The New Oil
For any kind of organization, data is an important asset and tool. Organizations use IoT models and technologies to accumulate massive amounts of data related to customers and a company’s products or services. As a result, Big Data analysis provides more accurate and in-depth predictions about consumer behavior. It also provides insights for risk management strategies.
In this manner, businesses can perform different analyses to develop deeper understanding of their current product quality and brainstorm ways to improve it. With products or services already connected to the IoT, the generated data can greatly support executive level decision-making for greater profit margins and improved customer experiences.
3. Greater Business Opportunities
Some of the crucial benefits of IoT technologies include advanced analytics for new business insights and opportunities. We’ve previously mentioned reductions in operational cost, and data sampling also tremendously aids this process. Consider an example; you select a sample of data form your top customers and the main processes that provide for these customers. Next, break it down to create a baseline. Compare customers’ queries and feedback with your current responses. Is your business only responding to queries or tapping into the IoT data in order to address them beforehand? By using IoT data to your benefit, you create a vastly superior customer experience that gives your business a competitive edge in your industry.
Aside from making your customer experience well-rounded, IoT technologies also allows your business to quickly set up and roll out new products and services. Moreover, using IoT data allows you to predict what your customers will need. In response, you can speed up the planning and delivery on those products and services for new revenue-generating offerings.
4. Operational Efficiency and Cost-Effectiveness
IoT technologies contributes to increased business efficiency, all the while reducing operational costs. More automated devices connect to the IoT network means increased streamlining. Subsequently retail sector devote less on menial daily tasks and direct employees focus towards support and customer service tasks.
In the manufacturing sector, IoT devices track and monitor equipment, including their usage, wear-and-tear, and faults. Additionally, smart devices help reduce equipment downtime by identifying faults and errors in advance. Complete IoT integration in a factory reduces power consumption with the most cost-efficient and power-efficiently run machines.
5. Revamped Security
Although IoT networks may be the weakest link in terms of your business’ security and privacy, there are measures that business owners can take to reduce this risk and safeguard their IoT network. Once a properly secure network is in place, IoT technologies provides efficient and consistent improvements in security standards, for instance, by surveilling and tracking any suspicious activities.
Since the IoT network is connected to the internet, it can be accessed from anywhere. Using advanced sensors helps keep you updated on any potential or current hazardous incidents in the workplace. For example, construction workers can use wearable technology to highlight any present dangers.
As IoT devices become smarter, they can make executive decisions to enhance the business’ security by thwarting unwanted access, for instance, identity theft or data breaches. These efforts can help shield your organization from attacks.
The IoT phenomenon has only just begun and it will continue to reshape and transform each and every sector. We have just mentioned 5 ways your business can benefit from the Internet-of-Things. But once you have adapted to this new technology, the benefits will pile up and streamline and future-proof your business.
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