The Internet of Things (IoT) is considered one of the most promising emerging technologies of our time. From multinational organizations to SMBs, the IoT is transforming the workplace and industries. Earlier, the adoption of IIoT was limited to large industries only, but now even small businesses are becoming reliant on IoT to connect devices and transfer data through a network. With the Internet of Things, machines and devices communicate with each other in real-time. With increasing digitization, more than 70% of businesses are using an IoT platform of one kind or another. For businesses of all types, this technology provides an opportunity to expand their operations, gain more productivity, and achieve higher profits. The concept of connecting devices is more than three decades old but it was only during the last decade that IoT adoption gained traction. From creating smart cities and smart homes to developing connected factories and smart hospitals, IoT has entered every aspect of modern life.
Benefits of IoT for Business Enterprises
Businesses that are still relying on the traditional methods need to explore the benefits of IoT to streamline their processes. IoT is used to achieve automation and connectivity. Automation allows establishing communication between different machines, devices, and other hardware without human interference. The interconnection of devices and machines helps in collecting, transmitting, and storing data. A variety of devices can exchange data in real-time to enable analysis and informed decision-making. However, to achieve maximum potential, IoT needs to be combined with other technologies like Artificial Intelligence, Big Data, and Machine Learning to enable automatic data transfer and analysis. Now let’s further take a look at the several benefits of this cutting-edge technology that SMBs can leverage to improve their operations.
- Higher Productivity
The main objective of any business is to generate higher profit and increasing productivity is the best way of achieving this goal. With the help of IIoT, manufacturers can boost their operational capacity by reducing unplanned downtime. Connecting machines helps in preventing sudden machine failure that could lead to costly downtime. Predictive maintenance reveals impending technical issues and even allows remote troubleshooting. Also, real-time communication between employees and machines makes the entire process even more efficient. Managers can monitor each production stage and keep a real-time track of machinery and in-hand raw materials. It will become easy to accurately assess demands and collate the resources. In addition to this, enterprises can also gather employee data and analyze their most productive hours.
- Improved Customer Service and Experience
Increasing productivity is useless unless your consumers aren’t satisfied. The ultimate success of any business depends on offering excellent customer services. Advanced IoT technologies help in providing better services that result in improving customer experience. For instance, e-commerce businesses are using IoT to allow their consumers to track orders, and improve satisfaction levels. Smart technologies like smart trackers and card readers can connect to smartphones to enable consumers to monitor their shipped products. The technology also allows businesses to automatically facilitate follow-ups after-sales follow-ups after-sales and remind the customers about required maintenance, warranty expiration, and more.
- Improved Work Safety
Besides increasing business productivity, IoT also allows creating a safe and more efficient workplace. Ensuring workforce safety not only keeps employees safe and satisfied but also helps in avoiding downtime due to unexpected accidents. Many factory workers are provided wearables embedded with sensors to keep tracking their working conditions and provide alerts against dangers. Even small businesses are using video surveillance cameras and smart locks to keep their office premises safe all the time.
- Reduced Operational Cost
An efficient IIoT platform helps in streamlining business processes and eliminates chances of human error. When mundane business operations are automated, the risk of human error is reduced. Also, automation helps in reducing the number of workers needed to perform a task that ultimately results in reducing the costs of business operations. When operational cost is reduced, businesses can gain higher profit. Moreover, tracking machines and equipment prevent downtime and eliminate chances of any error. IoT opens new business opportunities and enterprises can benefit from modernized business solutions. It becomes easier to analyze customer preferences and behavior that helps in allocating resources wisely and avoid wastage.