What Are the Benefits of the Internet of Things in Business?
We have come to live in a world where any movement or step can record and generate data about each of us. A very simple example is a smartwatch or a fitness tracker that can count your steps or measure your heart rate. Also, take your smartphone — it can determine your location at any moment. Your phone knows about your hobbies and your favorite music, where you are going on weekends and holidays, and what you are going to buy.
And then you realize that you have become a part of the Internet of Things (IoT) world that keeps you connected to people and things that are important to you.
Some of these smart IoT features are very helpful to consumers, but at the same time, such technological advances offer a number of benefits to product makers.
According to Statista, global spending on the Internet of Things (IoT) is forecast to reach 1.1 trillion U.S. dollars in 2022. In a nutshell, IoT has been mainstream for many years. The use of this technology in the business world is no different. IoT devices record and transfer data to monitor processes, give new insights, increase efficiency, and allow companies to improve asset utilization.
Let`s see some advantages that IoT solutions can bring to businesses.
1. Saving operational costs
The World Economic Forum predicts that 75 million jobs will be displaced by artificial intelligence (AI), robotics, and automation technology by 2022. It is an opportunity for businesses to start exploring the power of IoT. For example, Amazon Alexa could be an alternative to hiring an office assistant. This device can make reminders, manage daily tasks, and do research.
Also, improved asset utilization, productivity, and process efficiencies can save some expenditures. For example, predictive analytics and real-time diagnostics can help drive down maintenance costs.
2. Increasing business opportunities
IoT opens new business opportunities. It could help companies benefit from advanced business models and solutions. IoT-driven modernization supports creating powerful use cases, reducing time to market and increasing return on investments.
For example, remote monitoring devices are currently one of the most popular uses of IoT solutions. These devices provide data and information on assets and equipment that can be used to ensure proper procedures are being followed and increase efficiency. 62% of respondents from the Business Insider Intelligence survey use such solutions.
3. Improving safety and security
IoT devices can help monitor offices to ensure worker safety and protect against physical threats. By using IoT services integrated with sensors, video cameras and smart locks, businesses can monitor office premises at all times and ensure the protection of major assets. Employees that work in high-risk settings like mining, heavy industries, real-estate or construction, can be regularly tracked and alerted about dangers.
4. Improving the efficiency
Day-to-day tasks like inventory checks, environmental measurements, counting, and sorting can be delegated to smart devices that can do a better and more thorough job because they don’t sleep, eat, take breaks, get sick, etc.
Also, the IoT advantages for the company allow not only connect devices to the internet but connect people to the internet using these devices. For example, employees at Ford’s Valencia Engine Assembly Plant in Spain are using a special suit equipped with body-tracking technology to enhance the manufacturing process. By tracking the workers’ actions, Ford is making their vehicles safer and more efficient.
5. Improving customer experience
Perfect customer service is the key factor that ensures the overall profitability of any service. The advantages that IoT offers for businesses create new business opportunities and improve the user experience. Today, car systems can track the traffic, estimate the travel time, and calculate fuel consumption. Logistics companies can use tracking tags to check if their staff is doing their job carefully. Any business can increase the experience of customers by using IoT.
Connected equipment in manufacturing, agriculture, aviation, healthcare, the supply chain, retail, e-commerce, and many other industries, is creating more data streams and analytics. It means that companies are getting clearer insights about their business operations and how their customers use their products or services.
These are just a few of the benefits that implementing IoT technology in business can bring. If you are planning to integrate IoT devices into your business process or if you have any questions about IoT — contact us and we will help you boost your business growth.
