What is IoT? Willing to implement IoT in your business? Want to know how IoT can improve your business?
Here, in this blog, you will get all such answers. Let’s start!
A technology that has revolutionized the world with its ability to connect physical assets to the internet is the Internet of Things!
Before moving ahead, let’s look at some stats and facts about IoT:
IoT development spending will reach 1.2 trillion dollars by 2022. (International Data Corporation)
Cisco estimates that they will create 847 zettabytes per year by 2021.
IoT could generate 1.2 trillion dollars worldwide through enhanced productivity.
More than half of the new businesses will run on the Internet of Things by 2020
Introduction to IoT
Internet of Things is basically a hub of physical devices that are connected through the internet. Moreover, these devices can gather and share data across a network. In simple words, IoT can be defined as a term used to talk about all the objects connected to the internet.
These things include IoT devices and IoT enabled physical assets.
How IoT is making your Business Smarter
IoT has the amazing capability to make your business smarter. In simple words, using IoT will put a big impact on your business and that too at the base level. Here is how IoT does it.
Allows your Business to create Smart Products
Customers are always in a search of products that connect and sync in a smooth and continuous way. Netflix is a company that has recently shown interest in the Internet of things and recently created a smart solution- ‘The Switch’ for its users.
The Switch is a wireless button that has a microcontroller and an infrared transmitter in it. It can easily sync with various connected devices like TV, smartphone and Phillips Hue lighting system.
It clearly shows the importance of IoT in present time. In an era of competition, IoT will power up businesses to create smarter products.
Makes Business Decisions and Operations smarter
Since IoT devices and IoT enabled physical assets are connected to the internet and the internet is connected to you, the success of working remotely can be ensured. This will ultimately make the decision process faster and more efficient.
For instance, in the manufacturing industry, once goods reach the restoration stage, an IoT device sends an alert or notification to you. Then, you can easily set for restoration automatically without using any human resource.
Once all these tedious tasks are automated through IoT, you can have more time to focus on the core strategies of your business.
Alteration in your Business Model
When you invest in IoT, it ensures quick expansions and creating new as well as recurring revenue streams at comparatively lower costs. Here, a business will easily enhance their operations as they get data insight to streamline and achieve higher automation.
For any advancement, there are market drivers as well as barriers. And same is the case of IoT. There are various issues related to security and privacy in IoT advancement. In the present time, customers are smarter. They very well know that more advancement in IoT may result in more vulnerability of the acquired data hack.
KPMG conducted a survey. In this survey, around 74 percent of Millennials said they would use more IoT devices if they had more confidence about the security of these devices.
Moreover, in other age groups, around 50% of Generation Xers and Baby Boomers have a similar opinion. Companies that are working with data should realize that cybersecurity is not a simple internal IT risk, but it is a big business risk.
It is really crucial for businesses to understand the fact that digitally charged products permit for survival, growth and many expansion possibilities with huge strategic values for developer communities.
In the present time, the real need is to work together. Hence, producers and service providers need to come together in order to result in complete customer satisfaction. The main key is to keep trying in short and iterative cycles and pay attention to direct solutions instead of complex ones that require a strong foundation.
Whenever an IoT enabled solution is created by an IoT development company, it makes a relationship between the business, the product, and its customers. It is a continuous cycle that enhances customer engagement and awareness- something that every company looks for.
Understand Customers in a Better Way
There are several companies in the market that make IoT enabled products that connect them directly to their customers’ behaviors and preferences. For instance, Fitbit knows how much we all exercise and what our normal sleeping patterns are.
Moreover, Samsung can gather usage data from their smart TVs. An elevator manufacturer Kone learns how their customers use elevators. Even firms that don’t produce IoT devices can frequently gain access to data from other people’s devices.
If these insights are utilized in a proper manner, then companies can make quicker and better business decisions. By analyzing and gathering the data, analysts can look for trends and recognize new business opportunities.
Provide new customer value propositions
One step ahead from using IoT devices to better understand customers is to make them part of your offering. For instance, tractor manufacturer John Deere utilizes IoT in many different methods to provide new and innovative products as well as services to its consumers.
These products and services range from self-driving tractors to intelligent farming solutions. Here, sensors monitor soil health and crop levels and give farmers advice on which fertilizer to use and which crops to plant.
Inventory Tracking and Management
IoT is likely to transform how companies track and manage their inventory. If you are a business that is quite dependent on warehousing, manufacturing, or storage, you might be using remote scanners and other high tech devices to help your workers keep a track of inventory items.
In the future, it is more likely that smart devices would be able to keep tabs on inventory changes entirely automatically, allowing your employees to get free from cognitively demanding tasks.
Accessibility and Speed
With the accessibility to new types of research and purchasing forms, the buying cycle will become short in length. In this case, consumers will directly find and order exactly the product they are looking for.
Moreover, these consumers will demand quick delivery of the product. Also, your business partners, suppliers and logistics providers will have the same kind of advanced technology at their disposal. Ultimately, it will help you to serve your customers faster.
Productivity and Efficiency
Not only the speed will get increased, but with IoT enables devices and physical assets, tasks will happen faster. Moreover, recent and greatest IoT developments will make your employees achieve large scale tasks quicker and with greater precision.
It will reduce your requirement for more staff members. Also, you may be able to scale operations in new areas that permit you to grow your business.
New Customer Needs
When customers will see the new kinds of devices, they will create new demands. They will want things they didn’t know they would want before. Smart devices will become the new standard for appliances and gadgets.
Customers may also demand more integration, more efficient tools and accessories that make their new smart home enabled lives smoother and more efficient.
New Staffing Requirements
The need for IoT experts is generated when you implement IoT in your business. You will require IoT developers if you want to integrate these devices into present procedures successfully.
Also, you may require data analysts in order to make the best use of data. Yes, these are highly skilled positions, but they will help you to take out the maximum out of your investments.
Hence, IoT development is in demand and has the capability to make your business smarter. That will ultimately result in increased recurring revenue.
Moreover, we looked at certain positive changes that come with IoT implementation in your business. Now, you are quite clear about how IoT can enhance your business.