Trends in Technology
Global Business leaders are constantly on the hunt for the latest technology and industrial practices to boost business optimization. The Internet of Things is the next phase of digital transformation and is changing how we interact with technology.
Have you considered implementing the IoT for business yet? Read on to find out why you should right away!
The IoT for Business Optimization
The concept behind the Internet of Things is to enhance human interaction with technology with the aim of simpler and more convenient access. IoT for business is helping organizations bring transformational and actionable solutions to different levels, such as manufacturing, supply chain, finance, customer service, network security, and backup solutions.
From 2020 -2026, the global IoT market is set to witness a growth close to 26% and reach approximately $1.32 trillion. Who would have thought that devices talking to each other will bring the next big innovation in the business world?
Here are the top 10 benefits of IoT for business in 2020 and beyond:
1. Boost Productivity
Productivity is the key to business success and highly depends on employee performance. IoT provides real-time training to the workforce of an organization and helps them communicate effectively during operations. With IoT for business also comes the possibility of automation with different connected devices that monitor, manage, and control various operations in shorter durations.
2. Grab New Opportunities
The Internet of Things is opening doors for business opportunities by improving business flow, productivity, and customer experiences. This creates a growing atmosphere with the potential to transform by improving their products and services, as well as establishing better customer relationships.
3. Better Asset Utilization
The IoT gives you full control over equipment, tools, and machinery using sensors. With this application, you can track your assets and get real-time performance insights as well as issue detection for immediate action.
Suppose that there is a network security issue at the office, and you’re not around to fix it. With IoT, you can shut down or reset your servers remotely before any critical damage occurs. As technology advances, it will notify you in advance so you can mitigate the risk.
4. Enhanced Safety and Network Security
Network security is a major concern when it comes to IoT for business. But this isn’t anything new since anything with an internet connection is vulnerable to hack. However, IoT provides an additional layer of security to protect business data and privacy. They enhance your alertness to make your systems more secure. For example, they can notify you of a cyber attack and take prevention measures automatically.
5. Data Collection
IoT for business has given organizations the capability to collect important data that can improve their products or services. For example, restaurants can use smart sensors to monitor the temperature of refrigerated items. Also, delivery services can use GPS tracking devices to create a “heat map” to see which areas have the most number of deliveries. With these resources, businesses increase their manpower or their marketing campaigns in those areas.
Data collection is probably the biggest advantage of the Internet of Things after automation and can provide important insights like consumer behavior. For example, restaurants can learn which menu items customers are ordering more using the heat map the delivery service provided.
6. Real-Time Analytics
Real-time analytics can help businesses detect problems and respond accordingly. Business-ready IoT applications provide real-time insight that improves efficiency by saving the time taken to analyze problems and take corrective action.
7. Historical Analytics for Future Predictions
With IoT for business, you have access to all your company’s previous data to help you predict the future. Using historical industrial data, organizations can create a predictive model that not only increases operations but also plans for contingencies in case the prediction fails.
For instance, digital marketing teams can use historical analysis of their keywords used in search engine optimization and change them according to the COVID-19 situation. For instance, using IoT applications, restaurants can automatically promote their delivery and take away models through machine learning. This way, keywords such as “Best food in my area” will change to “Best food delivery in my area.”
8. Cost Optimization
Managing expenses without compromising on performance is every organization’s aim. To achieve this, you need working equipment, productive employees, and customer satisfaction. Thanks to IoT for business and its influence in boosting productivity and asset utilization, you can achieve success at a minimal cost.
9. Smooth Operations
With devices talking to each other via the internet to drive operations, managers and analysts have more time on their hands to focus on their core business — improving their products and services. The Internet of Things gives you complete data of your supply chain, manufacturing, customer engagement, and employee performance so you can efficiently manage things.
10. Improved Customer Service
You can have great products or services, but this doesn’t guarantee customer satisfaction. With IoT for business, you can help your customers interact with technology such as shipment tracking, phone-based transaction, and maintenance detection. The Internet of Things can also improve customer relationships by improving their overall experience.
With real-time data analytics, you can create frequently asked questions to reduce the time visitors spend during the purchase process.
Get Started with IoT for Business
Different businesses and environments will have different IoT use cases and models. As a result, the implementation of the IoT needs to be specific to that business or industry.
If you’re planning to create an IoT strategy for your business, we recommend that you try the services of Percento Technologies for more information and implementation of IoT at your workplace.