The internet has revolutionized communications to a large extent. It has transformed the world irrevocably. Those born in the late 1980s or early 1990s have never seen a world without the World Wide Web. It is a tremendous invention which provides us with the greatest advantage of getting hold of any information from any nook and corner of the world we may be in. One of the other crucial technologies which are now a significant part of digital transformation in enterprises is the IoT or the Internet of Things.
If you own a business enterprise or are a part of an organization that aims to use IoT for its business, wait no more, as IoT is evolving each day and this is the perfect time for you to think of administering IoT to increase the efficiency of your business process and make them future-ready. Before proceeding further, let’s first gain a concise idea of what IoT is.
Concept Of IoT Simplified
For easy understanding, think about any article, post, e-mail, or any information that you read online each day. Any device on which you read it such as a desktop, laptop, smartphone, or a tablet, is connected to the internet. The internet is certainly a boon as it provides us with any information we need through a single click of the mouse or in the palm of our hands, in case of a smartphone. The Internet of Things is based on this concept. It is a sensor network consisting of billions of smart devices which connect, people, applications, and systems for collection and sharing of data.
Put simply, it means gathering all the information around us, connecting it to the internet, and making it available according to each individual’s needs across the globe.
Technical Definition Of IoT
IoT refers to a system of interrelated objects, mechanical and digital machines, computing devices, people, or animals which are equipped with unique identifiers (UIDs) and the ability to transfer data over a wide network without the need for human-to-computer or human-to-human interactions.
General Benefits Of IoT To Enterprises
Organizations across various industry verticals are now using the Internet of Things to gain better control of objects and environments which are beyond the control of the internet. IoT allows both individuals and businesses to stay connected with the world around them to deliver enhanced customer service, operate more effectively, improve areas of decision-making and problem-solving, and to accentuate the values of their business.
Having said that, let’s list the general benefits of IoT.
- Enhanced employee productivity.
- Effective monitoring of business processes.
- Integration with new and existing business models.
- Increased revenue generation.
- Improved customer experience.
IoT To Leverage Business Productivity
IoT can maximize business productivity in the following ways:
1.Creating New Business Lines
In the Forbes Insights Survey (online survey from Forbes community leaders), a majority of the executives have mentioned that IoT is paving the way to new business opportunities. For example, enterprises now have opportunities to offer ongoing services to product manufacturing such as providing predictive maintenance as and when required. This data, when shared with the customers and partners of an organization’s ecosystem, opens new avenues to innovation in the form of continuous engagement and novel value-added services.
2.Reaping Benefits From IoT Analytics
While many regard IoT as a technology with the potential to change the world, people often fail to notice that it is not a concentrated technology as revolutionary as Artificial Intelligence (AI) or blockchain. It is just a link connecting various technologies. These links collectively form IoT which provides valuable data to individuals and business corporations. IoT development is the best point to start from for companies planning on full-scale digital transformation. Apart from the benefits of IoT devices and sensors, IoT Analytics (first-party data) can be generated and utilized for upgrading to AI, predictive analysis, and other use cases.
3.Improving Signage And Marketing
A company’s productivity and efficiency cannot be enhanced if the enterprise lacks the knowledge of the strategies that work and those that don’t. IoT provides relevant data to make informed decisions at the right time. IoT Technology is not limited to back-end logistics. It can be utilized in marketing, customer service, and advertising. For example, the usage of dynamic signage is a good IoT opportunity for the retail sector. If the data shows that a particular product isn’t moving, polls, feedback, and customer service surveys can be used to check for any disconnect between the way in which your product is advertised and the reason for customers buying or not buying your products. This aids in coming up with relevant campaigns within a short span of time.
4. New Ways To Understand The Customer
IoT paves the way to employ technologies such as computer vision to help companies understand customer requirements and customer behaviour, as they are critical aspects of a company’s operations. This involves the use of cameras and visual sensors. More than 47% of the executives in the Forbes Insights Survey report use visual analytics to gather information on people, situations, and objects. On-floor cameras with in-built artificial intelligence or analytic systems can help retailers anticipate and understand customer reactions to sales promotions.
Companies today think of restructuring and reframing their business processes and rethink new business strategies to approach markets, customers, businesses, and competitors to stay ahead in the corporate race which comprises of cutthroat competition. According to a survey, in every single second, 127 new devices are connected to the internet and by the end of 2020, Gartner, the world’s leading market research and advisory firm, predicts the harnessing of over 20 billion IoT devices by both consumers and enterprises alike. Not long ago, automatic cloud storage systems were set up to enable employees to work at any time from anywhere. The Internet of Things has now taken the cloud to the next step by entering the business sphere. The technology of IoT is getting better with each passing day. More and more companies come forward each day to embrace IoT initiatives to optimize their businesses and become industry leaders.