One technology that is making waves is the Internet of Things, or IoT as it is commonly called. Many businesses do not know what this technology is about, or what it can offer. However, a few have been adopting it, with very laudable results to show for it. The technology of Internet of Things provides for business an array of opportunities over their overall organizational processes. According to a report conducted by AVG, about 57% of business are highly optimistic that Internet of Things will bring some measurable benefit to their business. We will explore some of the numerous benefits that iOT can provide your businesses, but first, let us understand what iOT really is.
What is Internet of Things (IoT)?
Internet of Things refers to the technology that promotes the interconnectivity of devices that has an embedded system incorporated into it, so as to enable them to share and process information among themselves.
Examples of these devices include vehicles, home appliances and other items that may allow the incorporation of digital information to enhance its productivity. Statistics show that in 2017, IoT devices increased to 8.4 billion and it is predicted that by 2020, it will increase to 30 billion and its global market value to reach $7.1 trillion. The aim of Internet of Things (IoT) is to extend internet connectivity beyond the typical devices like tables, smartphones, desktops and laptops. It is targeted at enhancing the non-internet enabled devices or traditionally dumb devices to interact with other compliant devices via the internet; as long as they are equipped with the necessary embedded technology and various means of identification that can be used to ensure identity and data transfer/communication. This will create room for remote monitoring and control of these devices.
Five Ways Internet of Things (Iot) Can Benefit Your Business:
- Reduce Cost of Accessing to Valuable Data: The power of knowledge is a dictate that should never be undermined. And this also applies to the business world. With the drastic increase in the IoT, there is a considerable improvement in the monitoring and collection of all customer related data and their performance as well. This time conscious information can now be quickly accessed via the means of devices which are interconnected and these are being used by varieties of companies. This is more efficient and cost-effective when compared to the investment that may be used in hiring consulting firms for market research purpose. The accessibility of the cloud has made it possible for smaller firm to safely store data in the cloud which
- Improvement in Inventory Management: Smaller companies that appreciate IoT can leverage on it to efficiently manage and monitor the process of inventory. As smart devices and IoT technology continues to improve in it’s innovativeness, it is now easier to automatically keep track of items and improve the overall logistics and warehousing efforts. This provides for more efficient inventory management as compared to the manual process of keeping track of item which is more tasking, cumbersome and cost demanding
- Enhance the Understanding of Customer Behavior and Demand: Using Internet of Things (IoT), firms can easily study and understand customer demand pattern and their overall behavior. With this, firms can easily and effectively engaged in promotional offer advertising which will either in short or long run attract their targeted audience. They can easily arrive at what might be the possible decision of customers like what are they likely to buy, when and at what cost, which will in turn improve the overall purchasing process. IoT also offers customer the ability to know when it is needed to order a replacement for their products. Being able to make use of these data collected will help to improve the buying and selling process.
- Enhanced Remote Working Options: Adopting IoT in the workplace, workers can easily work together through sharing of information and collaboration not mind the disparity in their location. With just a click of a button, workers can easily collect, organize and upload information amongst team members as far as the devices implements Internet of Things (IoT) technology. Also devices such as smart glass which implements IoT technology has made it possible to provide remote support and also to monitor worker performances, it also makes it easier to provide data when its needed in order to improve performance or operation.
- Saves Costs: making use of Internet of Things (IoT) technology, one is guaranteed of saving cost in carrying out several activities. Take for examples, automatically controlling your office appliances such as bulb, printer, air conditioner and other devices will help save utility cost and time as this can be done from anywhere as far as the interconnectivity can be established between the communicating devices. It can also be adopted in reordering of the necessary office appliances as they go out of stock which makes it more convenient and cost effective.
It has been noticed that more organizations in different industries are beginning to adopt the use of Internet of Things (IoT) in order to efficiently carry out their operations. With the use of this technology, the value of the business is considerably increased. It is has been forecasted that businesses that adopt Internet of Things (IoT) technology earlier will notice a high increase in growth than the ones that are still unsure about what the technology has to offer.