Today, the term Internet of Things or IoT is not new for anyone as it has been transforming business operations for more than a decade. Owing to its high-speed data communication and ability to connect with any smart device, IoT is all set to bring new changes in our daily lives. Today, IoT is not only affecting our lives, but it is rapidly passing into business use; from automation to connectivity, IoT has numerous applications in the business world and helps entrepreneurs to boost profitability.
The IoT is the emerging technology that stimulates projections for conventional businesses because it can modernize and connect everything.
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What is IoT?
In simple words, you can say that IoT collects data from various connected devices, and organizations utilize that data to streamline business operations and build unfathomable relations with their customers. The IoT based applications benefit business owners in three ways:
- Improve operational efficiency
- Enhance productivity
- Reduce overhead cost
IoT is no longer a theoretical concept these days as it is also associated with many other trending technologies such as 5G, Artificial Intelligence, machine learning, cloud computing, and edge computing and delivers a competitive advantage to brands. From the smart manufacturing process to auto dispatch and warehousing to assent management, IoT has planted its roots in the business sector.
Modern enterprises are today leveraging IoT applications to streamline workflow and improve business efficiency. Now before jumping to its effects, let’s go through some eye-popping IoT statistics represented by well-known sources.
Vital IoT Statistics
- The IDC projects stated that IoT’s global spending would soon surpass $1.1 trillion by 2021 with a CAGR of 13.6%.
- Further, McKinsey Global Institute claimed that every second, 127 new devices connect to the Internet.
- IoT and AI applications have the potential to boost business output up to 40%, Accenture revealed that.
Now it would not be wrong to say that IoT has found its way into the heart of enterprises and revamping business ways. Besides, digitization has given an opportunity to businesses to adopt IoT in its early stage to gain competitive results and enhance customer experience. Apart from the profit and growth, IoT benefits can go deeper.
Four Ways IoT Transforming Business Landscape
From the above mentioned statistics, it is clear that the execution of IoT is changing the entire business world and catapulted many companies to upscale their business without any barrier. It also increases competitiveness and systemizes business operations. This blog post summarizes five ways IoT brings organizational changes and how to make them strong to survive in the long term.
Reduced Overhead Costs
No matter how much profit you make during the quarter or year, an entrepreneur is always concerned about expenses as it reduces their profits and prevents them from focusing on core business objectives. Here IoT applications come to the rescue and enable business owners to reduce expenses in several ways. This saved fund you can use for the development of your business that drives long-term growth. Here are some key areas where IoT cuts business costs.
- Efficient inventory management
- Lower maintenance cost
- Optimize energy use
Enterprises more often face challenges when it comes to managing inventory. Lack of advanced resources and technology often leads to poor inventory management resulting in delays in order fulfillment and wasted stock. Eventually, it will harm your profit line and reduce overall productivity. Luckily, today businesses have IoT applications that automate inventory tasks and increase efficiency. It means your inventory staff can now focus on other core business objectives.
Driving Real-time Insights
Real-time data from various processes and devices via connected sensors are extremely useful to businesses as they can track activity in real-time and take necessary action. We have already observed drastic change across all sectors due to IoT, especially online business. By leveraging advanced IoT-based solutions within their white label app for online business, they can gain real-time buyers’ insights and increase their ROI with smart sales and stock management.
The Internet of things plays a major role in connecting devices like hardware, sensors, and cameras to work efficiently. Thereby, an organization can make informed decisions that help them to obtain favorable results.
For instance, farmers these days are using IoT applications for the well-being of the livestock. By doing this, they can monitor animal’s health and take instant actions based on real-time data.
Tailored Marketing Campaign
As an enterprise, gathers, processes and visualizes enormous amounts of data to build robust marketing strategies to reach a large audience. Using connected applications, markers can obtain a 360-degree view of their customer’s preferences and come up with an effective marketing strategy to boost sales. Further, it also helps to deliver a personalized customer experience to make the most out of it.
Marketing is now changed and has become more data-driven than before, modern businesses using advanced tools to learn about customer’s preferences and needs. This data makes it possible to deliver a personalized customer experience that will also increase brand reputation and customer brand loyalty.
Here you can take an example of popular fan brands, Big Ass fans. Users can now adjust lights, speed, and temperature using sensors. This is the reason why this brand differs from other ceiling fans in the market.
Improved Business Insights and Foresight
Every business owner’s goal is to improve its bottom line while spending less. Digital IoT models help business to understand how to boost profitability by using existing resources. Managers using IoT software for forecasting their business growth after a certain period of time. Advanced IoT apps also offer suggestions about what kind of strategies organizations should follow to generate leads and revenue.
Here you can take an example of the healthcare industry, how it uses IoT technology to detect disease and monitor the condition of patients, no matter where they locate.
IoT technology has transformed the business sector, from automation to marketing to customer experience; IoT is gradually making its way in the business sector. Organizations that want to expand their business reach have already embraced IoT in their operations, while many enterprises are still doubtful about this concept. Know where you want to stand to reap the biggest benefits.