The global market of IoT is booming; it is expected that more than 41 billion devices will be connected to the internet by 2027, and millions, if not billions, are already in our daily use today. IoT offers several advantages for various sectors, and the world of business is no exception. From lowering the cost of production to providing a secure platform to store and retrieve crucial data, IoT offers many advantages for businesses of all sizes and sorts. Read on to learn about the top 5 applications of IoT for businesses.
IoT Applications for Businesses
- Improved Customer Experience
- Improved Productivity and Efficiency
- Lower Operating Costs
- Optimized Asset Usage
- Enhanced Security
Improved Customer Experience
Customers are the central point of focus for any business; no matter how big or small a business is, it can’t stay in the market if its customers are not satisfied. Thus, companies are constantly striving to provide their customers with the best services possible. One way businesses can improve their customer experience is by using IoT technology. By collecting and analyzing data from consumer behavior, IoT allows businesses to learn about their customers’ preferences so that they can take the necessary steps to improve their experience. Moreover, IoT can also help suggest to customers while making a purchase and also keeps them updated about even the minutest details about their order till it reaches their doorstep.
Improved Productivity and Efficiency
Another great advantage of IoT for businesses is the automation of repetitive tasks. By alleviating the workload of employees, IoT improves their efficiency and eventually improves the performance of businesses. In fact, according to a study by Aruba, about 75% of companies adopting IoT reported an increase in their profitability. Moreover, cloud-based platforms improve collaboration among team members and allow them to retrieve and use the required data and information from anywhere and at any time. This is particularly important for organizations working remotely and has been a life-saver during the pandemic crises a year back. Thus, by automating repetitive tasks and increasing collaboration, IoT enables employees to work more efficiently and contributes to improving the overall productivity of the business.
Lower Operating Costs
Since IoT enables the automation of repetition and reduces the need for human labor, it eventually lowers the operating cost for businesses. By reducing labor hours and the need for manpower, IoT can save money on wasted time, overheads, and shutdowns. A study by Deloitte shows that factories using predictive maintenance technology can reduce their downtime by up to 50%, saving up to 5-10% in maintenance costs. Moreover, with the help of smart lighting and heating/cooling system, IoT can help businesses become more energy efficient. Other ways through which IoT can help businesses save money and reduce the cost of operation include stock management, employee attendance management, and improved safety compliance, among others.
Optimized Asset Usage
When an asset is utilized to its full capacity, the ROI increases. Thus, one of the main goals of an asset management system of an organization is to improve the return on investment by optimizing asset usage. And in this regard, IoT can prove to be extremely helpful. IoT sensors keep the relevant personnel informed about the asset condition and help schedule maintenance in order to avoid damage and increase their lifetime. Moreover, IoT-powered asset management software also helps you know about the optimized working conditions of assets like machinery to give the maximum output while keeping the health of equipment intact. These are just a few of the many benefits of IoT in asset management.
Security is of utmost importance to businesses of all sizes and types, whether it be security against thefts or cybercrimes. IoT solutions can help provide businesses with valuable insights to enhance the way they work and stay secure. IoT security cameras help owners keep an eye on their workplaces, even from a distance. All that is required is connectivity to the internet, and that too has become convenient, thanks to superfast and widely available internet services like that of Windstream.
Moreover, IoT solutions help protect the computer system of organizations against cybercrimes. IoT security tools offer protection against unwanted breaches and ensure the integrity and functionality of IoT solutions.
In this fast-paced world of technology, the competition among businesses is fierce, with those utilizing technological solutions to the best of their abilities winning the battle. IoT is one of the most widely used technology in almost every major sector, and businesses are no different. From improving the customer experience to enhancing productivity, lowering operating costs, enhancing security, and optimizing the use of assets, there are numerous advantages of IoT for businesses.