IoT has a lot more to offer than merely establishing connections between systems and devices. We are in the digital age that Hollywood once fancied with sophisticated connected devices and technologies surfacing day after day. IoT is paving ways for new services and products, which were just a figment of our imagination up until a few years ago. According to experts, more than half of the new businesses are going to run on IoT by 2020, providing them with increased automation and productivity.
A recent Forbes Insights survey found that with the assistance of IoT initiatives, 60% of businesses have begun to expand and transform new lines of business. 36% are contemplating new business directions, while 63% have already begun to deliver consumer service using IoT functionalities.
The following is an insight into how IoT devices could boost your business and make it more successful:
The survey also found that businesses have expanded or set out with new ventures in preventive maintenance, tracking of assets, and automatic product updates and upgrades.
Businesses acquire data from the sensors embedded in the production systems, warehouses, assembly lines, and vehicles. The managers use this data to better manage the operations and know how the processes are flowing.
Companies can now successfully achieve insights into the performance and productivity levels of their systems and processes which they get from IoT systems as well as data centers, production systems, and sensors. This allows them to have more opportunities for growth and innovation for their business.
Boost Collaboration and Coordination
Technology has brought numerous changes to the workplace. One of the best methods to achieve better employee productivity is to introduce flexible working hours and options for remote working. Using connected devices and harnessing technology for effective working allows employees to work and collaborate without staying in the same physical space.
There are portable devices, cloud-hosted software, and employee tracking apps (like Xnspy), that allow employers and their employees to manage their work from shared networks and keep each other in the loop regarding their locations. A Harvard Business Review survey reports that because of IoT-based creativities, 58% of respondents have witnessed increased collaboration within the business communications.
Businesses can use massive amounts of data from IoT devices, improving our day-to-day operations. Some companies use smart sensors in their office rooms to know when some of the rooms have the most number of people. This information could help with efficiently planning the meetings.
Acquiring Data from Physical World
With intelligent devices, cloud services, application platforms, security protocols, and communication networks, organizations prefer to implement IoT into existing platforms. From construction firms to retail stores, from clothing brands to restaurants, employers collect data all day long. For example, remote constructions sites collect weather-related information. Retail stores are equipped to collect product counts at different locations.
So, IoT technology not only gathers data but also alerts people of any sudden or abnormal change in situations such as temperature reaching above 100 degrees, indicating a fire.
Transforming Perception of Data Sharing
Data collection and exchange is an integral part of the business function. IoT has transformed the way businesses handle data. Businesses research the data they acquire using it to study the consumer requirements, buyer cycle, and the scope for improvement along with newer methods for advertising and marketing. IoT technology helps with effective interpretation, collection, and sharing of this data.
IoT devices have not only offered better access to the consumer data but also monitor and record the patterns users use to interact with the devices. This makes the devices smarter, allowing improved user experience while helping the business to use and interpret that data in the best interest of the business.
Organizations have a lot of expectations regarding IoT and its connection to flexibility and efficiency. The incorporation of IoT across a variety of areas in the organization leads to the digitalization of the processes that help in reducing costs and improving speeds. 37% of executives from the survey hope to achieve greater efficiency and productivity from their IoT ventures. There is also the potential of improved productivity as AI assistants are going to contribute to daily tasks and learning form human habits.
Given the huge amounts of data, businesses are gathering daily, the question of data storage also arises. How do businesses prepare themselves for data storage? IoT collects huge amounts of data, and Cisco estimates that the amount is going to reach 847 zettabytes per year by 2021, so enterprises need a place to store all this information.
Having your own local data storage system is a fast but costly solution. Another option is a cloud storage provider, which is cost-effective compared to local data storage and offers the option for scalability. Edge computing could be another possible alternative. Rather than storing data on core network or cloud, it is pushed to the network’s edge to prevent data overload, and allows quicker access to the user.
IoT is here to stay, and within a few years, we would see it integrated into almost every aspect of our lives.