Why does IoT matter for your business?
There are more than 10 billion IoT devices in the world in 2021. Data surrounds our daily lives, and almost everything we use generates data. The smartphone in our pocket knows our exact location, where we plan to go on a holiday, and what we intend to buy online. Our smartwatch tracks our heartbeat and our every workout. The computer that we use every day for work knows our interests based on what we search online.
Some information is beneficial to the customer while other information, the manufacturer. Overall, we are moving towards an internet-connected world where data is shared for the benefit of everyone. The Internet of Things (IoT) keeps us connected to people and things that matter to us, making our daily lives comfortable and satisfying.
In the business world, IoT is used the same way as in our personal lives. IoT devices track, monitor, and record data that can be used to improve efficiency, provide new insights, and make informed decisions. These devices tell businesses what is really happening, eliminating a ton of guesswork. The data IoT devices record is prime for analytics and AI systems that can help identify behaviors or patterns unknown to us before.
If your business is still lagging in IoT devices, you need to catch up with the trend and understand how IoT can transform your business. Here are the reasons why IoT matters for your business.
4 Reasons Why IoT Should Be in Your Business
1. IoT improves business insights and customer experience
IoT connects machines in the manufacturing, supply chain, healthcare, and other industries in producing data streams and analytics that will help businesses decide based on data and not on what they hope to happen. When a company understands everything from the point of production to how customers use their products, they can do everything in their power to improve customer experience.
Even in retail, IoT is at the head of enforcing change to have data-driven strategies. The future of retail is based on reducing the friction between the business and the customer. With data, a company can provide the convenience that its customer requires, be it in a physical store or online.
2. IoT minimizes downtime and costs
One of the significant benefits of having access to information is reducing downtime and operating costs. IoT supplies the much-needed data to make smart predictions and proactive operations.
The rapid emergence of digital twin technology allows a business to see ways ahead into the future. For instance, without digital twin technology, the failure of a critical component can delay a company for weeks or months. With this technology, engineers and production managers can identify if the said component will fail weeks in advance and do something about it. A quick order of a replacement part and a brief maintenance schedule can save the business massive downtime.
IoT devices in the form of tablets, AR headsets, and smart goggles can help workers learn more about the machines that they operate. With better understanding, it can also help avoid any impending downtime.
3. IoT increases productivity and efficiency
IoT connects business leaders and processes to find ways to increase productivity and efficiency, especially regarding visibility across the organization. 83% of companies report increased efficiency after investing in IoT development. Data allows businesses to understand their market better and identify customer needs.
According to a recent Immarsat report, industrial IoT will increase revenues by $154 million.
4. IoT helps reduce waste and track assets
IoT is essential for reducing waste in the business setting, related to increasing productivity and efficiency. Since IoT can connect the business to its supply chain, it can prevent things from getting lost in the complex web of manufacturing to delivery.In the trucking industry $2.5 billion is lost each year due to theft of equipment lost inventory, When things get lost in the supply chain, the business increases waste and loses money.
IoT can be used to track these assets and avoid losing or wasting them. An IoT device can be embedded in an asset so that the business knows where it is in real-time. If it is not in the right place at the right time, the company can take proactive measures to correct the issue.
Business Gains From IoT
These are just a few of the ways your business can benefit from IoT. When IoT combines with other technology strategies such as AI, ML, VR, AR, robotics, and blockchain, your business can discover hidden pain points and unlock new revenue streams.