Globally, the increase in the number of devices connected to the Internet has led to exponentially higher data volumes. In 2020, it was estimated that the installed base of Internet of Things (IoT) devices reached 30.7 billion. Most newly generated data is valuable and can be applied in businesses to optimise and improve outcomes. Tapping into the IoT for business outcomes can increase efficiency, improve customer experience, and optimise costs.
It is crucial to break down the IoT for business owners to understand it better. Essentially devices, appliances, and even vehicles can connect and exchange data through a wired or wireless network. Almost every Internet-connected device in your workplace can communicate with other hardware and software.
With IoT, data collected from sensors can be swiftly analysed and used without any human intervention, saving time for you and your staff. This results in optimised manufacturing operations, increasing asset tracking accuracy, high granularity targeting of existing consumer services, and the creation of entirely new services and business models.
Digitisation by applying IoT to business processes reduces cost and increases speed, flexibility, agility, and, thus, efficiency. In an age where consumers demand tailor-made experiences from their choice brands, data collection and exchange are more critical than ever for business operations. With IoT processes in place, a business can access more consumer data than ever before and has the capacity to track and record the patterns of how consumers interact with IoT devices. With this information, businesses can offer consumers a better experience. Meanwhile, real-time data can also give your business insight into performance and productivity, increasing opportunities for innovation and improved customer engagement.
IoT devices can receive environmental information from sensors and control actuators from anywhere in the world, ensuring services are available just in time and only utilised when needed.
Smart offices can also ensure that temperature and lighting are optimal for employee productivity and comfort. Smart workplaces benefit a business by saving energy and costs, while moderated environments encourage a healthy and happy workplace for employees.
Overall, the correct application of IOT technology can potentially transform business across several sectors. The Internet of Things has already been applied to change how we tackle product manufacturing, supply chain and logistics, advertising and marketing for retail, mechanised agriculture, and monitoring of patient information in healthcare. Most importantly, the availability of real-time operations data has had significant outcomes on decision-making and support.
While IOT has the potential to transform an entire business’s way of doing things, technology should not just be applied for the sake of throwing technology at problems or challenges. Leveraging IOT through effective evaluation, planning, and deployment can provide businesses with competitive advantages and insight into operations, thereby maximising business outcomes.
