5 Effective Benefits Of the Internet of Things (IoT) in Business
By Zubair Choudhary
Internet of Things
IoT and mobile app development have been a hot cake in mass media in the past few years. The reason for the attention IoT is gaining is the benefits that it offers to SMBs. The whole concept of IoT revolves around innovation, advances, cooperation, and automation of millions of various applications. Its rapid development started recently.
IoT tools improve inter/intra-office communication, which leads to increased productivity.
A Harvard Business Review survey shows that 58 percent of companies saw increased collaboration through IoT devices.
Let's Breeze Into The Advantages Of IoT
The whole IoT concept can be defined by its two features:
1. Connectivity - IoT offers easy access to numerous information on a global scale and improve connection within one network
2. Automation - The overall idea of IoT incorporates connectivity and communication between apparatuses and other hardware without any human intervention
In addition to these features, IoT also offers numerous technologies to ensure automatic data transfer, analysis, and response between multiple devices. For example, automation is impossible without Machine learning, Artificial Intelligence, Big data, Cloud computing, and wireless communication technologies that have vastly enhanced connectivity.
Let's look at how these features influence the numerous benefits of the Internet of Things(IoT) and its offerings. However, it is essential to know that this brief review focuses primarily on the IoT benefits for businesses and barely mentions the relevance for individuals and households.
However, these advantages are mostly interconnected, where one leads to another, causing a chain reaction of positive effects.
1. Efficient operation management
• Efficient operation management is the basis for enhanced productivity that propels SMB's revenue. It also leverages the power of IoT as it cuts down time-consuming or repetitive tasks.
• Another significant advantage of interconnecting smart devices is automated control over multiple operation areas, such as inventory management, shipping locating, and fuel and spare parts management.
• For example, in this approach, RFID tags and a corresponding network of sensors are used to track the location of equipment and goods.
2. Cost-effective operation
• Due to reduced downtime periods, the equipment may have a higher production rate, resulting in higher profits.
• It automatically schedules and controls maintenance, supply of raw materials, and other manufacturing requirements.
• Again, IoT devices greatly simplify management within individual departments as well as throughout the entire enterprise structure.
3. Improved customer service and retention
• User-specific data accomplished by using smart devices also assists businesses in better understanding customer anticipations and behavior.
• IoT also enhances customer service by allowing post-sales follow-ups such as automatic tracking and reminding customers.
• It also reminds customers about the required maintenance of purchased equipment after its predefined period of use, the expiration of warranty periods, and so on.
4. Improved productivity of staff
• Because IoT solutions can automate mundane tasks, human resources can be transferred to more complex tasks that require personal skills, particularly out-of-the-box thinking.
• The number of workers can thus be reduced, resulting in lower business operating costs.
5. Adept use of assets and resources
• The asynchronous scheduling and monitoring enabled by connected sensors enable greater resource efficiency, such as enhanced power management and water utilization.
• For example, Simple motion detectors can save huge amounts of money on electricity and water bills, making small and large businesses more productive and environmentally benign.
As you can see, the Internet of Things is legitimately regarded as one of the most interesting digital technologies that will undoubtedly become more pervasive and relevant soon. IoT solutions have remarkable capabilities and enticing benefits even in their current state.
However, it is critical to recognize that integrating IoT in an enterprise requires significant effort and skill in order to reap the benefits while avoiding the drawbacks. As a result, hiring responsible and experienced professionals to implement an effective IoT solution is the most logical course of action.