IoT in Business- What are the Benefits of IoT in Business

IoT or the Internet of Things is a technology that is changing the way devices connect and exchange data. From healthcare to automotive to hospitality, IoT has been transforming almost every industry and streamlining its operations. There are plenty of benefits of IoT in business that we are going to learn in this blog.   

What started as a simple technology that could only connect a few devices, IoT technology has matured with time, and with extensive ongoing research and innovation, the future of this technology seems very exciting for businesses and users, alike.   

Let’s look at how IoT is transforming and benefiting businesses.  

How IoT is Transforming Business?  

Earlier, closer to its inception, IoT use was restricted to individuals. However, as technology advanced, IoT was adopted by many organizations and businesses.   

In today’s time, this technology is successfully used across many industries and helping many businesses to better connect their operations, heavy machinery, etc., to create synergies and gain insightful analytics.   

For example, the manufacturing industry uses IoT technology for predictive equipment maintenance, smart security solutions, etc. Similarly, IoT facilitates logistics and fleet management for multiple businesses through delivery tracking and mileage and fuel expense control using smart sensors.  

In retail, smart sensors powered by IoT help with storage and selling predictions, and smart surveillance. And healthcare industry uses IoT for remote health monitoring and health data analysis.   

Thus, IoT in business has been changing the traditional ways of serving people and carrying out operations, ultimately widening the capabilities of many major industries.   

Benefits of IoT in the Business  

IoT technology is advantageous for both the users and organizations or businesses offering and adopting this technology.   

The following are the benefits that IoT offers businesses:  

1. Increased Operational Efficiencies and Reduced Costs  

IoT connects devices and facilitates the exchange of data that helps in core as well as other business operations. It improves communication and productivity across the organization. In fact, as per a survey by Harvard Business Review, 58% of companies are witnessing increased collaboration using IoT devices.   

Interconnection of smart devices offers automated control over multiple operational domains such as inventory management, delivery or shipping tracking, etc., streamlining the processes, providing better workflows, and ensuring timely services.  

The IoT technology further helps to cut down on repetitive or tedious tasks. This allows the staff or human resources to focus on the core operations that require more personal skills. This requirement for more staff thus reduces costs. allows the business or organization to It is used to optimize floor plans, leading to better work and time management.   

In fact, research suggests that 46% of businesses experienced efficiency gains after the adoption of IoT strategies.   

2. Real-Time Asset/Resource Visibility and Management  

IoT connects, monitors, and manages equipment, machines, or any other tools. The automated scheduling and monitoring using interconnected sensors offer real-time insights regarding resource management and higher resource usage efficiency.   

Real-time insights and analytics are offered for say, power/energy and water management, hence facilitating better resource management. Sensors can further detect the bottlenecks or issues in the equipment, allowing the business to implement timely solutions.   

3. Enhanced Customer Service  

IoT benefits businesses and customers, alike. With IoT-powered smart devices such as smart trackers, card readers, etc., IoT in business enhances customer experience. The card readers enable customers to carry out transactions smoothly and quicker, while the smart trackers help customers to monitor their products.  

Moreover, more customer-serving technology is being combined with IoT to gain insightful data into customer behavior, patterns, and more importantly, tastes and preferences. This helps businesses serve their customers better and offer exactly what they like.   

According to a survey, 56% of respondents said that they are investing in IoT to better or build on the customer experience they’re delivering. In addition, 42% have been able to expand their capabilities in terms of offering personalized customer experience using IoT services.  

4. Predictive, Real-Time Insights   

IoT devices offer effective, real-time analytics to multiple businesses. This allows them to identify problems and issues in a timely manner and work out solutions to avoid machine, or software failures and monetary losses.   

Moreover, IoT solutions allow businesses to gain and access historical analytics easily. Along with historical data, IoT also helps with predictive analytics and insights. In a survey, 47% reported that they have implemented visual analytics across parts of their organization/enterprises, capturing information on people, objects, and situations.  

5. Business Possibilities/Opportunities  

IoT technology helps a business gain actionable data through predictive analytics, artificial intelligence (AI), and smart utility grids. This further allows a business to offer what customers are seeking and add value to their lives.   

For example, automobile insurance companies leverage IoT sensors to gain insights into the speed and driving patterns of insurers and use them to optimize rates for automobile insurance.   

Using data and insights gathered from IoT sensors or other devices, businesses build new business models, techniques, and strategies to achieve higher business goals and grow at a rapid pace. This is redefining traditional industries and expanding their scope and capabilities.   

Businesses are looking out to expand their sales and operations to new markets with new products and services that IoT devices study and suggest as per customer tastes and preferences, behavior, and patterns. 

In fact, according to a Forbes Insights survey, IoT initiatives have helped 60% of enterprises to expand or transform with new lines of business, while 36% said that they are considering potential new business directions. Additionally, 63% have already introduced and delivered new or updated services directly to consumers owing to their IoT capabilities.  

6. Improved Work Safety  

The updates about maintenance and support for different equipment and surveillance cameras and sensors, all IoT services help a business ensure operational and organizational security and safety. Additionally, businesses are able to comply with the updated industry rules and regulations. This is a plus point even for business partnerships, as a clean and safe workplace leaves a good impression on visitors.   

Additionally, the room for human errors on different operational levels is reduced by smart devices, while coordination and safety are enhanced.   

Thus, IoT in business is a success when used optimally. From streamlining operations and enhancing customer experience to making the workplace a safer place, IoT solutions facilitate better company coordination and create synergies through interconnected devices.   

How can BigOh Help?  

BigOhTech, a well-known name in the tech industry, has been delivering IoT solutions to some of the most established industry players, streamlining their workflows. We specialize in emerging technologies and ensure our clients grow their business with the advancing times! 

Our dedicated development team consists of talented UI/UX designers and highly skilled IoT developers. Our team works day and night to create IoT products that connect businesses better internally as well as with their target audience, efficiently.   

Connect better with your users with our practical IoT solutions.

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