How IoT Can Transform Businesses For Efficiency And Growth?
In simple terms, the Internet of Things or IoT refers to interconnected devices via the internet. The interconnected devices make it easier to send and receive data seamlessly. Day by day, IoT is becoming popular and it is expected that in the marketplace by 2025, there will be more than 55.7 billion connected devices. In short, IoT will play a key role in the market. However, even now, many businesses are using IoT to grow their revenue and productivity. IoT is powerful enough to impact the business in many ways for good. Here is how IoT can transform businesses for both increasing efficiency and growth.
1. Cost reduction
As discussed above, IoT refers to the interconnectedness of devices via the internet. This interconnected network can easily streamline the supply chain production along with manufacturing elements. The streamlining of different parts of a business can substantially bring down the operating costs of a business. However, to truly enjoy the benefits of IoT, it is important to have a good internet speed.
Before you invest in IoT, check your internet speed either on Speed Test or Google Fiber. Upgrade your internet speed if necessary to implement IoT in your business. At the current time, the manufacturing sectors have proven that cost reduction is possible via IoT technology.
Many times, businesses are required to do repetitive tasks. Doing these repetitive tasks manually is both boring and time-consuming. In short, it is a waste of precious time and human resources. IoT supports automation, and it can optimize the workflow. With such automation, the productivity of the employee can also be increased. When IoT does repetitive tasks, an employee can focus on more important and interesting tasks.
3. Real-time insights
IoT uses a single network to connect all the devices. This makes it possible to track and control the different assets if required. Along with that, you can also enjoy real-time insights, which can be helpful in optimizing the workflow. IoT can improve transparency in sectors like transport and logistics by helping both the businesses and their customers to track the shipment and with real-time updates.
4. Strategizing the perfect marketing plan
To develop a proper marketing plan, it is important to have proper data from the customer’s end. IoT makes it possible to have a holistic view of all the customer’s preferences. This data can be used to determine the customer’s persona and develop a market plan accordingly. With the help of the right software, processing and visualizing the collected data is possible through IoT. This can further generate customized offers for the customers if required.
5. New business models
IoT is new. When a business implements IoT in their system, they basically design an ecosystem that can benefit both the internal structure of the business and satisfy the customers. With the integration of IoT, the business can also move away from the traditional revenue streams to the new ones. The data alone that IoT collects has a huge value. However, proper brainstorming is required to find out how you can develop a new business model because of IoT.
6. New product lines
IoT helps monitor the performance of a business’s products and services. Businesses can use this data set to bring out new innovation in their products and services. Also, IoT comes with a predictive algorithm which is extremely useful when it comes to predicting the innovation that you must do to keep the existing customers satisfied and further retain new customers too.
7. Improve customer experience
Lastly and most importantly, IoT is a handy tool for improving the customer experience of the business. You can use IoT to quickly address and then resolve the issues of the clients and provide them with the required support. An amalgam of IoT, artificial intelligence and chatbots can be used to improve customer happiness and collect the necessary data for the business to grow. Customer relationship managers can use this data collected by AI and IoT to create a better relationship with the customers.
The benefits of IoT in business are evident in many sectors. It plays a huge role in increasing the productivity and profitability of any business. If your business does not use IoT yet, look at how it can help your business to grow and implement it. Technology adoption has transformed the faces of many economies and it can do the same for your business too.