Transforming Business with the Internet of Things

March 25, 2019

As the Internet of Things (IoT) adoption continues to accelerate, it is changing how we interact with the world around us in increasingly complex ways. The global effect is becoming more apparent as the use of IoT expands and influences parts of the world that previously did not have easy access to the technology. Today, devices are providing us with data that we can use to enhance customer experiences and improve upon usability. Our mobile devices can now be accessed anywhere in the world at any time thanks to the Internet of Things.

What is truly remarkable, however, is how IoT is changing business and increasing efficiency across the board for operations of all sizes. The effect that the technology has on business is overwhelming and can completely redefine traditional business models. IoT allows for a number of devices and machines to be integrated with smart technology that overlays the products with network capabilities.

Here are some advantages that IoT solutions can bring to your business.

1. Reduction of operating costs

IoT solutions can help firms cut costs and maintain a competitive advantage. In manufacturing industries, IoT devices can be used to monitor equipment and minimize downtime by predicting failures or misalignments on the production line. Businesses can also save on energy costs and improve electrical efficiency by using IoT and smart building systems to monitor and control unnecessary usage of electrical systems.|

2. Understanding of consumer behavior

Understanding customer preferences and behavior is key to the success of any business, especially in the retail sector. With IoT, businesses will be able to collect, monitor and analyze data from video surveillance, social media, mobile and internet usage. This will allow analysts to predict preferences and trends so that businesses can accordingly design products and offer personalized value-added services for better engagement. With access to in-depth customer profiles, organizations will be able to retain their target consumers and foster brand loyalty.

3. Improve productivity and enhance efficiency

Maximizing productivity and efficiency is a high priority for businesses to ensure profitability. IoT devices can help manufacturing sectors accurately assess demand and efficiently manage various stages of production through real-time tracking of parts and raw materials. Companies can also collect employee data to calculate their most productive hours to schedule important tasks and meetings. IoT devices can also improve facility management, by informing employees about impending technical disruptions, enabling remote troubleshooting and repair of workstations and even automating routine functions such as setting thermostats and coffee makers on timers.

4. Improve customer service and experience

Flawless customer service is a key factor in ensuring overall profitability of any service. IoT technologies like mobile card readers that can connect to smartphones to process transactions easily and smart trackers that allow consumers to keep track of their shipped products can improve customer experience and overall satisfaction. Enterprises can use hyper-local advertising to offer customers an enhanced experience and meet their target needs. IoT solutions can even be embraced by utility providers to identify problems and proactively resolve issues using smart grid technologies and smart meters.

5. Improve workplace safety

IoT devices can help employers ensure worker safety and enhance overall workplace security. Using embedded sensors and wearables, workers in high-risk environments like mining, heavy industries and construction can be continuously monitored and warned against falls and exhaustion. Small businesses can make use of connected video surveillance cameras and smart locks to monitor office premises at all times and ensure the protection of important assets.

Let’s explore further how IoT is impacting business and the areas to watch for in the years to come.

Customer First
The most immediate and observable effect that the Internet of Things has on business is the mass integration of chatbots and other customer forward artificial intelligence. These technologies, in conjunction with the emergence of other technologies such as the blockchain, focus on customer satisfaction and provide business owners with a unique portal into the lives of their customers. Thanks to the revolving door of technology, chatbots have been used to synthesize data and pinpoint particular problems with any product or service that can be improved.

This is incredibly useful to business owners and managers everywhere as customer satisfaction is the only thing that really matters. Thanks to the Internet of Things, you can now have feedback given at any time during a service’s use or product’s operation.

The inclusion of artificial intelligence into business is a direct result of the Internet of Things and is being used expertly by customer relations managers everywhere. The technology provides managers with useful data and provides customers with immediate support so that they may use their products in a better way. As with any business, the customer is the most important part and The Internet of Things will ease the barrier between a business and its customers.

Operate Efficiently
Operations will also be heavily impacted as the devices of old will become new smart devices that can connect to the internet and communicate with each other. There will be intelligent conveyor belts and sorting machines that can help orchestrate large-scale automation and provide real-time feedback on operational efficiency.

This increases the amount of monitoring that can go on in any factory or large-scale manufacturing operation. This helps to create a strong bond between an owner and their work. The increasing rate of adoption will increase output tremendously for all businesses and make each iteration of a product better.

Truly, IoT is about making vastly superior work environments that run smoothly and accurately. These innovations will make businesses run cheaply and, as a result, will expand the business landscape dramatically as inclusion will be inexpensive and manufacturing will become more practically feasible.

The Future Awaits
The Internet of Things is a complex web of networks that can improve our lives dramatically. IoT will make businesses more customer focused and give them the ability to expand indefinitely without incurring egregious cost. In the near future, IoT is poised to make a definitive impact in the sphere of business. With careful strategy and planning, adoption of IoT solutions can result in improved profitability and marked benefits for businesses.

Want to learn more about the Internet of Things and how your business can leverage it? Contact us to schedule a free consultation.