5 Ways Businesses Can Take Advantage of IoT

5 Ways Businesses Can Take Advantage of IoT

Internet of Things, or IoT, is a mammoth network on inter-connected devices which can decipher, collate and transport data over the internet without any need for human intervention. IoT also refers to the advanced technology behind systems which are capable of sensing and reacting to real-time stimuli without any human interference in the process. IoT devices assist businesses in generating large volumes of data critical to their growth, helping them to become more productive and profitable, while gaining better customer understanding. Companies are hiring trained IoT professionals for taking advantage of the connected digital economy and taking their business to greater heights.

Businesses can take advantage of IoT in the following ways:

Reducing Operating Costs

IoT empowers manufacturers with the power to continuously monitor all motional aspects of the production cycle. Business can reduce their operating costs significantly and stay competitively ahead by deploying IoT solutions. They can also reduce downtime to the minimum by intelligently predicting device failures and taking prompt corrective measures, through real-time operational insights.

Tracking Assets

Businesses can deploy IoT for tracking their assets in real-time, for preventing them from getting misplaced and improving their efficiency. The continuous monitoring of devices ensures that any issues with performance can be tackled in real-time. This tracking also ensures regulatory compliance while determining their upgrading cycle and helps companies benefit from insights real-time. For example, the transport industry can deploy IoT to monitor stopping and idling time of vehicles, and also monitor their temperature, fuel and load.

Tracking Inventory

For collating real-time stock-level data and reducing the cost of manual stock evaluation, companies can use IoT effectively. This results in better inventory management for businesses in the manufacturing, retailing and wholesaling sectors. Every item in the inventory can be given its own Radio-frequency identification, or RFID, tag which has a unique identification number containing data of the item, such as batch number, model etc. This gives real-time updates to the user of the device, and the device can also be controlled by the user from his or her smartphone.

Improved Customer Engagement and Increased Productivity

The humongous volume of data collected by businesses using IoT enables them to streamline customer engagement with omnichannel marketing, improve customer service and offer customised products and personalised service. For example, an energy company can show customers where they can save energy and lower their power bills, with information collated from smart meters using IoT. Using IoT, organisations can offer real-time updated training to employees for improving their efficiency while being on the job, which results in significant cost and time saving.

Improve Workplace Safety

By making employees in high-risk work environments, such as construction sites and heavy industries, use wearables with embedded sensors, companies can continuously monitor them and take immediate action in the event of the employee falling sick, thus ensuring employee safety in the workplace. By deploying video cameras with sensors, organisations can monitor employee and equipment safety.

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