The Five Biggest Benefits of IoT in Business
‘Smart’ is hard at work, and not just at home
Ready for a little IoT 101?
The Internet of Things is a network of devices, vehicles, appliances and other systems with embedded hardware, sensors, software and network connectivity that enables data communication and automation.
The IoT allows remote control of objects via existing network infrastructure, enabling straightforward integration of physical devices into computer frameworks, resulting in increased productivity, accuracy and financial benefit.
Changing business models
With the evolution of IoT, the ability to learn and respond to customer needs and target customers is constantly evolving. This allows small businesses to compete with large corporations as equals based on innovation instead of scale and budget.
The connected infrastructure creates information convergence and provides high-value customized services. The product, initially used as a solution to specific problems, transforms into a smart solution capable of addressing any future issues.
Influencing the future of business
IoT has accelerated the growth of Cloud computing, Big Data technologies, mobility and a range of connected, intelligent consumer-oriented technologies for business. Progress in digital communications is leading to automated, virtual and information-exchange collaboration between machines without human interference. Most IoT technologies are targeted toward consumers with personalization of each product that goes far beyond the initial product offering itself.
The business benefits of IoT
IoT is offering many benefits to those who are ready to embrace innovation. Here are the 5 main advantages of the Internet of Things:
1. Cloud automation control
Businesses can use advanced IoT gateways and applications to connect devices. These devices generate real-time data and can be programmed to automatically perform certain operations when desired conditions are met. Employees are empowered with the ability to control devices and optimize machine operations, eliminating expensive human errors along the way.
2. Smart decision making
The ability to react to real-time insights or internal business operations can turn cost centers into profit centers. Data provided by IoT applications allows companies to discover what precisely is going on, determine root causes and effects, predict possible outcomes and create action plans. IoT-connected devices also have feedback loops that return real-time information and statistics. Creating strategies based on this information is critical for improving service quality and staying on top of the market.
3. Enterprise mobility
IoT connects processes, devices and the workforce to boost operational efficiency and create stronger customer connections. Employees utilizing wearable gadgets connected with the IoT can access company data and remotely control connected machines. This transforms departments in different locations into a unified organization with real-time cooperation.
4. New revenue streams
Internet of Things allows companies to quickly react to customer requirements and create new value streams. With all departments unified via IoT, operational excellence can be achieved enabling alignment of business processes with company goals. IoT enables personalized services and helps in the creation of additional income on top of traditional product offerings.
5. Improving safety
Businesses continuously struggle to maintain profitability while complying with regulations. Improving safety, decreasing risks and meeting administrative requirements tends to slow down innovation and increase expenses in cases where companies have limited control and data.
IoT connects series’ of sensors, alarms and other monitoring devices to a cloud network, and allows companies to protect important assets. Employees wear gadgets which monitor health metrics to ensure every worker is safe from potentially hazardous work conditions. IoT can minimize downtime, improve disaster planning and recovery and prevent losses, among other benefits.
The benefits of Internet of Things for business are great for profitability, control, mobility, scalability and security. Every business that combines IoT applications and business models can capture unprecedented opportunities.