The Internet of Things (IoT) is changing the business world in many incredible ways. Here’s how IoT can be helpful for your business.
Thanks to technology, we gain quicker access to information and experience more convenience. What’s more, its continuous evolution makes the world’s fabric more responsive and smarter.
For instance, technology innovation, such as the Internet of Things or IoT, merges physical universes and the digital world. Read on as we dive deeper into the uses and benefits of IoT for your business.
What is Internet of Things or IoT?
IoT refers to internet-connected physical objects or things that can gather and exchange data over a wireless network. According to Statista, an estimated 22 billion IoT-connected devices were in use globally by the end of 2018.
It’s no longer surprising how IoT opens doors of opportunities and possibilities for businesses around the world. From data cascade, customer service and support, to the birth of new revenue models, IoT can work wonders for your enterprise when utilized properly.
7 Impactful Uses of IoT for Business
Not sure how IoT can help improve the way you do business? Let’s drill down into the top benefits of IoT for your enterprise.
As organizations, communities, and businesses evolve, so does data. IoT plays an even greater role as data cascade becomes more valuable in daily life.
By utilizing IoT, businesses can fetch critical data in real time, helping them make informed decisions and identify strategic actions. For instance, a computerized system may allow you to monitor operational tasks to ensure your products’ exceptional quality.
From unit function management to product tracking, IoT provides real-time access to crucial information, helping guarantee customer satisfaction. Not only that, but IoT is also beneficial in developing competence strategies.
2. Customer Service and Support
One of the significant benefits of IoT for business is for customer service and support. IoT makes this possible by addressing issues long before they arise.
For instance, IoT sensors may predict problems before they even happen, then alert engineers about the impending dilemma. The device or equipment can then be fixed before the trouble arises to any downtime.
In a nutshell, automated systems can provide possible solutions to address issues so you can resolve it as soon as possible. As a result, you can render outstanding customer service and support by identifying and solving issues before they even occur.
Security remains to be a major concern for businesses across all industries, and IoT can be of significant help. Enterprises can control their environments better with IoT, and enhance their business’ security and efficiency.
For instance, a security personnel can report a door breach live-feed video, or supervise parking gates remotely. In retail, enterprises can collect customer behavior information.
Businesses, however, still need to pay proper attention to connected devices and systems to prevent cybercriminals from causing a breach. Establishing corporate cybersecurity policies, protocols, and procedures can go a long way in data protection.
IoT is also seen to revolutionize the supply chain within the next few years, and it’s easy to see why. Its ability to enhance the supply chain visibility, operational efficiency, and revenue opportunities makes IoT for business more valuable.
In logistics, more specifically, IoT allows you to track the shipment location down to the unit. Location-based data powered by IoT is beneficial for shipping companies, particularly in ensuring the quality and safe and timely delivery of goods.
This is especially helpful for perishable goods, such as fruits and vegetables. Location-based data can help businesses analyze information pertaining to the precise area where quality might have deteriorated. Additionally, IoT can provide alternative routes in case of a possible interruption.
5. Customer Experience
IoT is extremely useful for online retail businesses or eCommerce, particularly in enhancing the customer journey. With the help of analytics, you can make appropriate actions to improve the customer experience.
For instance, enabling IoT will help your eCommerce website recommend the exact items your customers are seeking. Plus, customers can stay updated about their order and shipping status.
IoT also allows you to better understand your customers based on their purchasing habits. As a result, you can explore innovative ways to satisfy their needs.
IoT-enabled devices also make it more efficient and much easier to maintain assets remotely, especially during unexpected times. For instance, IoT-connected assets, such as pumps could generate work orders based on their condition.
With the use of mobile solutions and EAM, technicians could identify the exact area where the object that needs fixing is located. Technicians can then identify the issue and note the spare parts needed in fixing the asset.
Apart from time reduction, this would also be extremely helpful in cutting costs associated with AII emergency repairs. IoT can decrease the maintenance cost by over 25% and downtime by 35%.
7. Revenue Models
Senior executives are planning to utilize IoT for business in the coming years, believing it could unlock new revenue opportunities. Several business leaders also believe that IoT will create a significant impact in the years to come.
It comes as no surprise why many enterprises are pouring funds into IoT for infrastructural upgrades. It gives way to new revenue models from existing products and services, making it valuable for businesses globally.
There are so many incredible ways IoT for business can benefit your logistics, security, customer experience, and revenue models. The key is to explore its massive potential and utilize what you believe will work best for your business.
IoT and other innovative technology can help change your business in many incredible ways. Head over to our website to find the right technology solution for your business.