Top 5 Benefits of the Internet of Things to Businesses

Top 5 Benefits of the Internet of Things to Businesses

26 May    Finance News

One emerging topic of social, economic, and technical significance in recent times is the Internet of Things (IoT).

Durable goods, trucks and cars, consumer products, sensors, utility and industrial components, along with other everyday objects are being equipped with Internet connectivity and powerful data analytic capabilities aimed at transforming how we live, work, and play.

Projections for the impact of the Internet of Things on both the economy and Internet itself are good, with some anticipating up to 100 billion connected devices as well as a collective global economic impact estimated to be higher than $11 trillion by the year 2025. Many businesses seek the professional guidance of Internet of Things (IoT) consultancy.

What Are the 5 Important Benefits of IoT to Businesses?

1.Lower Operational Costs

IoT solutions can help businesses cut costs and maintain their competitiveness. IoT devices can be used in manufacturing industries to monitor equipment and reduce downtime by predicting misalignments or failures along the production line. Businesses can also use IoT and smart building systems for monitoring and controlling the usage of electrical systems thus saving on energy costs and improving on electrical efficiency. Smart buildings can also have health and wellbeing benefits too – they can cool to optimal temperatures, create calmer environments and even improve air quality – read about how to measure air quality here. Then you can understand how smart buildings improve it.

2.Understanding Consumer Behavior Better

The key to success of any business is understanding customer behavior and preferences. IoT allows businesses to collect, monitor, and analyze data from social media, video surveillance, mobile and Internet usage. This will in turn allow analysts to predict trends and preferences so that businesses are able to accordingly design products and offer customized value-added services for better engagement. Organizations will have access to in-depth customer profiles and thus able not only to retain their target customers but also to foster brand loyalty.

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3.Better Productivity and Enhanced Efficiency

A high priority for businesses looking to ensure profitability is to maximize productivity and efficiency. IoT devices can help those in manufacturing to assess demand accurately and manage different stages of production efficiently through the real-time tracking of raw materials and parts.

Companies can also gather employee data and use it to determine the most productive data to schedule critical tasks and meetings. IoT devices can also improve the management of facilities, by informing employees about pending technical disruptions, facilitating remote troubleshooting and the repair of workstations as well as the automation of routine functions such as setting coffee makers and thermostats on timers.

4.Improved Customer Experience and Service

Sound customer service is critical to ensuring the overall profitability of any service. IoT technologies such as mobile card readers capable of connecting to smartphones to easily process transactions and smart trackers that let consumers keep track of their shipped products can provide an improved customer experience and overall satisfaction.

Businesses can take advantage of hyper-local advertising and coupons to offer their customers a better experience and meet their target needs. Utility providers can embrace IoT solutions to identify problems and proactively resolve issues using smart meters and smart grid technologies.

5.Enhanced Safety at the Workplace

Employers can use IoT devices to ensure the safety of workers and enhance the overall workplace security. Using wearables and embedded sensors, workers in high-risk environments such as construction, heavy industries, and mining can be monitored continuously and warned against exhaustion and falls. Small businesses too can take advantage of connected video surveillance cameras and smart locks to constantly monitor office premises and ensure that critical assets are protected.

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IoT is expected to make a definitive impact in the business world in the near future. With proper planning and the right strategy, adopting IoT solutions can result in more profitability and other benefits for businesses.

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Top 5 Benefits of the Internet of Things to Businesses

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