Top 5 Benefits of IoT In Business
The Internet of Things (IoT) is gaining momentum and currently shaking up all aspects of society, including the business world. Businesses are now leveraging on IoT technologies to enhance processes, optimize tasks, stay competitive, and spike their efficiency. Here are the top benefits of IoT in business.
Data generation for business insights
IoT is generating and processing tons of data like never before, making it possible for fast and informed business decisions. Studies indicate that the amount of data generated by IoT devices in the last few years has gone high drastically. This data surge offers enormous strategic and operational potentials that can be harnessed to expand the perspectives of business owners in order to make informed decisions.
Cost and downtime reduction
IoT can also be used to bring a drastic fall of more than 25% in maintenance costs that businesses are burdened with and a 35% reduction in downtime cost. For example, many industrial processes experience downtime due to the failure of a small but critical component in machines. It usually takes hours for the fault to be traced and fixed, but with IoT, engineers can instantly spot faults and have it fixed, and this can help slash both operational costs and downtime.
Increased efficiency and productivity
IoT devices can be used to monitor critical processes of any business and identify ways to boost efficiency and productivity. For example, Ford’s engine assembly plant in Spain uses a special suit equipped with body tracking technology that makes it possible to track the movements of workers to enhance its processes, make workers safer, and spike productivity.
Improve customer experience
An excellent customer service is very important in every business. IoT technologies have a cross-functionality design, which makes users feel like they are connected to everything simultaneously – yet, with no disruptions. For example, IoT technologies can be embraced by utility providers to identify problems and proactively resolve issues using the smart grid. Likewise, IoT-enabled equipment can connect smartphones to mobile transactions to speed up the processing of transactions.
Improve workplace safety
IoT devices do not only simplify the operational aspect of an enterprise, but it also improves workplace security. Employers can use IoT devices like embedded sensors to monitor the office environment and warn against errors, which may lead to injuries. Similarly, IoT provides multi-layer security that provides real-time insights to protect business data by making sure that any breach or attack on the system is dealt with in a timely fashion.
In a nutshell, IoT can simplify everything that businesses do and help tackle existing challenges so that organizations can focus on efficiency and growth. With detailed strategic planning, businesses can take advantage of IoT to develop solutions needed for their survival and profitability.