We often use the IoT in our everyday life, but the use of IoT technology in the business world is even greater. Smart systems help monitor and optimize technological processes, improve customer experience, and transform traditional industries with innovative approaches. Each year the number of connected objects grows exponentially, and this internet of things development impacts our lives more and more.
What is the use of IoT?
IoT stands for the Internet of Things. It includes all the objects connected to the Internet and/or with each other for collecting, exchanging, and sharing data. These objects may be sensors collecting data from the environment (temperature, humidity, motion, etc) or video cameras, or other objects. By the way, any device with on/off buttons can be used for the Internet of Things. This fact creates tremendous opportunities for businesses.
Let’s have a look at some effective implementations of IoT technology in various industries:
● Healthcare is one of the industries welcoming IoT devices most. The most common usage of IoT devices here is health data trackers. They collect data from the patient in real-time and send it to the doctor and/or show it to the patient herself. With such trackers, the patient does not need to visit the doctor in person and at the same time she stays under close medical supervision.
● Agriculture is another industry that benefits from IoT: many manual processes have been automated. Now sensors measure and adjust the climate inside greenhouses. Drones help monitor crops, spray plants, and analyze soil. IoT devices also help track the well-being and location of cattle. All this allows agricultural businesses of any size to reduce costs, save time and efforts, and become more effective.
● Logistics has literally transformed itself with the IoT. Sensors reveal the current location of goods and help estimate their arrival time. They also can monitor delivery conditions around perishable goods. In general, IoT implementation in logistics improves reliability and safety.
● Manufacturing has also been empowered with the Internet of Things. Optimization and automation of processes, remote management, inventory management, equipment monitoring, and automatically scheduled maintenance—all that leads to extraordinary performance, protects from human errors, reduces costs, and increases workplace safety.
● Retail has incorporated the IoT in many areas and benefits from it every single moment. Sensors are commonly used in storage condition monitoring. Cameras help collect information about customer behavior and preferences. Beacons attract passers-by into stores with discounts and offers. Marketing and security are based on IoT technology. These are only several examples of how the Internet of Things impacts various industries.
How is IoT contributing to businesses?
Let’s see how IoT technology may help businesses become more protected, productive, and profitable.
Increasing business opportunities
First of all, IoT technology allows businesses to collect actionable data and provide their customers with the value they need. Such data shows new directories to businesses, helps create new business models, and improve the performance of companies in traditional spheres.
Improving business insights and customer experience
IoT has a great ability to collect data about the user’s interactions with the product or service. Based on the collected data, analysts can detect problems with the product or find unfulfilled clients’ expectations. This will result in an improved experience for customers and more profit for businesses.
Increasing mobility and agility
IoT helps companies organize remote work for their employees. This lowers office expenses and provides better opportunities for hiring a high-level professional regardless of the location limitations. Also implementing IoT policies into companies optimizes various types of operations and increases business agility.
Enhancing asset utilization
Large companies with complex processes can use IoT devices to enhance their asset utilization. This may refer to international supply chains, multiple manufacturing and storage locations, complex equipment, etc. Improving safety and security IoT services can be integrated with video cameras and sensors. This allows companies to build a security system for workplace monitoring and equipment control, as well as ensure people and equipment safety.
Increasing efficiency and productivity
IoT devices are used to monitor technological processes: they can record and transfer data from the equipment to controllers. This helps optimize equipment effectiveness and decrease manufacturing costs. Later, data analysts check these records and find ways to improve the technological process.
Reducing costs and downtime
Additionally, IoT technology helps quickly react in case of emergency. When a critical issue occurs, an IoT device can detect it on the spot and send the necessary information directly to technical support computers. This minimizes downtime and saves labor costs.
Summary
The IoT offers businesses new opportunities through both developing innovative products and optimizing the existing models. Companies can easily collect and analyze data about their operational and technological processes, as well as customer experience. This is the key to reducing costs, increasing security, developing products that meet clients’ needs, and gaining more profit.