7 Ways in Which IoT Can Help Your Business

• By Mary Smith
• 09-11-2022
• Internet of Things

The global Internet of things(IoT) market is expected to reach $2.4 trillion by 2029. The technology is used in many industries like manufacturing, retail, and healthcare. In this blog, we will discuss the various ways in which IoT benefits businesses.

Ways in Which IoT is Transforming Businesses

1. Improved Business Insights & Customer Experience

IoT solutions have given companies greater insights into their operational processes. The future of your company is tied to the customer. The consumer of today does not believe in brand loyalty.

The consumer instead favors convenience and instant gratification. Predictive recommendations using the combination of IoT, AR, and VR are commonplace now.

IoT gives customers a seamless, hands-on experience with your products before purchasing them. This can happen in AR or VR, and before making the final decision on whether to buy the product, you'll have interacted with it virtually.

Amazon is using IoT systems in its physical Amazon Go store. This new technology knows when products have been moved and which items have been placed in a 'virtual cart.' Once customers exit the building, Amazon's system can sense this event and take care of the checkout process automatically.

IoT technologies like mobile card readers that connect to your mobile phone can make transactions easier and faster. On the other hand, video cameras on the store floor can capture customer reactions to different promotions.

2. Cost Reductions

IoT solutions can help your business reduce costs. Take the example of digital twin technology.

Digital twins are virtual models of physical assets based on real-time data. They usually take the form of structured data or 3D visuals. Digital twins are going to improve the ability of businesses like yours to predict and prevent breakdowns in equipment.

With augmented reality and artificial intelligence, digital twins have many benefits.

If a small but critical component fails in an industrial installation, it could result in downtime for up to hours or days. It can take time for the fault to be traced and fixed.

Now imagine every part of that installation being captured and represented in a digital twin. This data can tell engineers weeks in advance that the component is going to fail. The engineers can plan for scheduled maintenance and thus avoid the breakdown of the machinery.

Apart from the manufacturing sector, the healthcare sector is also using various IoT solutions. IoT healthcare solutions like heart monitors, asthma sensors, medication dispensers, and medical alert systems help healthcare businesses provide better customer service.

3. Improved Productivity

Connecting the key processes in a business is an excellent way to boost efficiency and productivity, as we see at Ford's Spanish plant. Employees there wear a special suit that tracks their movements. The suit then creates virtual reality simulations of what it's like to do the job.

The technology is somewhat similar to motion-tracking systems that track athletes' sprints. Ford engineers thought it could also be used for workstation design. Ford uses this type of technology to enhance manufacturing. They do this by designing stations that use less physical stress.

Ford is enabling data-driven changes to its production processes. They do this by tracking workers' movements. By analyzing their data, they are able to make a host of improvements ranging from safety and efficiency.

4. Improves Security

Using sensors for physical monitoring, IoT reduces security threats and weaknesses. A strong surveillance network can be built by connecting CCTV cameras to IoT networks. Automation, deep learning, and computer vision can be used to improve this and produce unique security solutions.

Emergencies should always be prepared for the ability to communicate can be the difference between life and death. If your building catches on fire, firefighters will need access to reliable information.

Smart buildings have the ability to monitor access and provide video feeds. They can also pick up other important information (such as how many people are inside) to share with first responders.

This way, the emergency team knows how many people are there in the building. This information helps them prepare better for their rescue operation. This way, IoT solutions help businesses reduce damage during emergencies.

5. New Business Models

The IoT can also bring new revenue streams to organizations that want to move away from legacy models. Since insights gleaned from data are often more valuable than the data itself, businesses have begun to offer subscription-based services to their customers. These services draw on the connectedness of the company's products, at times offsetting the initial cost of entry.

Amazon has proven that collecting data from consumers can be beneficial for businesses. By collecting data from customers, they can offer a similar product at a lower cost. In doing so, they are providing a service to their customers while also opening up new markets.

6. Theft Prevention

Theft prevention is a major headache for many businesses. This is especially true for businesses having complex supply chains. IoT-based supply chains make it possible to manage inventories with automatic control options and have at your fingertips the tracking of assets in transit.

Installing IoT products and software in your warehouse and storage units can help you in preventing theft. All you need to do is install surveillance systems with IoT and analytics. Then the system will take care of monitoring.

7. Inventory Management

Using IoT sensors, one can achieve efficient inventory management. IoT sensors can be programmed to sense incoming as well as outgoing goods. The data can then be transmitted to the inventory management software. This way, you will always be aware of the number of goods in your store.

Conclusion

IoT is all about making life easier in the workplace by leveraging devices like sensors, cameras, and gateways. They are delivering major benefits and can improve everything from safety to efficiency. To leverage the benefits of IoT for your business, you should contact IoT development experts. Firms like iFour are at the forefront of IoT development.