The Internet of Things is an emerging topic of technical, social, and economic significance. Consumer products, durable goods, cars and trucks, industrial and utility components, sensors, and other everyday objects are being combined with Internet connectivity and powerful data analytic capabilities that promise to transform the way we work, live, and play. Projections for the impact of IoT on the Internet and economy are impressive, with some anticipating as many as 100 billion connected IoT devices and a global economic impact of more than $11 trillion by 2025.
1. Reduction of operating costs
IoT solutions can help firms cut costs and maintain a competitive advantage. In manufacturing industries, IoT devices can be used to monitor equipment and minimize downtime by predicting failures or misalignments on the production line. Businesses can also save on energy costs and improve electrical efficiency by using IoT and smart building systems to monitor and control unnecessary usage of electrical systems.
2. Understanding of consumer behavior
Understanding customer preferences and behavior is key to the success of any business. With IoT, businesses will be able to collect, monitor and analyze data from video surveillance, social media, mobile and internet usage. This will allow analysts to predict preferences and trends so that businesses can accordingly design products and offer personalized value-added services for better engagement. With access to in-depth customer profiles, organizations will be able to retain their target consumers and foster brand loyalty.
3. Improve productivity and enhance efficiency
Maximizing productivity and efficiency is a high priority for businesses to ensure profitability.
IoT devices can help manufacturing sectors accurately assess demand and efficiently manage various stages of production through real-time tracking of parts and raw materials. Companies can also collect employee data to calculate their most productive hours to schedule important tasks and meetings. IoT devices can also improve facility management, by informing employees about impending technical disruptions, enabling remote troubleshooting and repair of workstations and even automating routine functions such as setting thermostats and coffee makers on timers.
4. Improve customer service and experience
Flawless customer service is a key factor in ensuring the overall profitability of any service. IoT technologies like mobile card readers that can connect to smartphones to process transactions easily and smart trackers that allow consumers to keep track of their shipped products can improve customer experience and overall satisfaction. Enterprises can use hyper-local advertising and couponing to offer customers an enhanced experience and meet their target needs. IoT solutions can even be embraced by utility providers to identify problems and proactively resolve issues using smart grid technologies and smart meters.
5. Improve workplace safety
IoT devices can help employers ensure worker safety and enhance overall workplace security. Using embedded sensors and wearables, workers in high-risk environments like mining, heavy industries, and construction can be continuously monitored and warned against falls and exhaustion. Small businesses can make use of connected video surveillance cameras and smart locks to monitor office premises at all times and ensure the protection of important assets.
In the near future, IoT is poised to make a definitive impact in the sphere of business. With careful strategy and planning, the adoption of IoT solutions can result in improved profitability and marked benefits for businesses.
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