Satya K Vivek
In this fast-paced digital world, enterprises’ dependencies on technologies are shooting up exponentially. Internet of Things (IoT) is a technology that is evolving very well with its wide spread adoption and the benefits generated. IoT technology is identified with two aspects:
Businesses can save a lot of time by deploying IoT. Particularly, IoT solutions can help automate tasks that takes long hours to complete in few minutes.
Major motivation for most of IoT programs is cost savings, productivity enhancements, safer work environment and efficiency improvements. By enabling better understanding of end consumer behavior, businesses can enhance the experience consistently. Here are some of the key benefits of deploying IoT solutions.
With IoT technology, today businesses can collect and process data from variety of sources. This enabling them to get analyse and generate insights quickly to drive key business strategies as well decisions.
Enhancing efficiency and productivity makes the businesses more profitable. IoT technology plays a big role in helping manufacturers and enterprises to assess the specific demands better and channelize required resources in meeting them. As a result the efficiency goes up at all stages of production.
Using IoT technology, routine labor intensive tasks can gets automated; the human resources can be re-deployed for more critical and complex activities. This will eventually results in reduction in the number of workers and costs. IoT keeps the employees well–informed, facilitating improved relationship with their clients.
Having a better understanding of customer preferences and behavior will help businesses in deciding what kind of product and service to be offered, what more can be added and what has to be dropped from current products & services. IoT technologies facilitates market research at massive scale by gathering, analyzing, and interpreting data from customers’ activities like – video surveillance, usage of mobile, internet, and social media. IoT solutions leveraged by utility companies are enabling them to find issues and solve using smart meters and associate grid technologies.
IoT technologies by improving the interconnection of smart devices and automation of device control over multiple operation areas like inventory management, shipping tracking, fuel & spare parts management. In manufacturing industries, IoT devices can be used to track equipment and reduce downtime by foreseeing future failures or probable errors on production lines.
The automated scheduling and monitoring implemented along with interconnected sensors and machine enable higher efficiency of resource usage such as energy and water across the production lines. Energy expenses and recovers of electrical efficiency by utilizing IoT solutions. Smart building management systems allow tracking & monitoring and thus facilitate avoiding redundant usage of electrical systems.
Using IoT technologies critical assets are connected via sensors, enabling remote real-time insights and monitoring. The data from the connected systems help in operating them better with the detection of faults or conditions leading to faults early. In case of emergency, the IoT application can be configured to automatically switch off the machinery, preventing it from overheating and getting damaged.
IoT solutions improve safety in the work environment, by integrating intelligent emergency procedures. The scheduled maintenance is advantageous in ensuring operational safety and compliance with regulations.
Smart devices reduce the probability of human error during different stages of business operation, resulting higher level of safety. A network of IoT devices such as surveillance cameras, motion sensors, wearable and monitoring devices can be utilized to ensure the security of work zones, environments and warn or alert on emergencies making the work place a safer place.
By leveraging IoT solutions, businesses are able to come up with new revenue streams by offering range of services & products with increased effectiveness and user experience at competitive price levels. The use of smart solutions makes an enterprise more competitive, attractive, and a true business partner.
IoT improves customer experiences by facilitating after sales supports and follow-ups through automatic tracking, reminds on maintenance, ending of warranty periods etc.
A company that employs high-tech solutions like IoT makes a positive impression on customers, investors, and other business partners. Attracting highly experienced staff to the organization becomes easier when the company provides a safe and secure work environment guaranteed through a network of smart devices connected via IoT technology.
Data is the most effective tool for today’s enterprises. More and more industries are transforming themselves with data-driven business models. The biggest contribution of IoT technology is the collection, aggregation, storage and analysis of data from end-to-end business ecosystems.
IoT technology and solutions are making consistent and significant impacts on each and every business. With more focused as well as targeted tactics & strategies, adoption of IoT solutions will bring even better profitability and benefits.
Even though IoT technology can deliver even greater value, companies need to prevail over challenges such as data & information security, lack of interlinked technologies and privacy concerns.