Internet of Things (IoT) is essentially a network of interconnected devices that can collect and transfer data across a network.
Sensors, communication devices and identity chips that are continuously intersecting with cloud and analytics engines have resulted in a new age of automation in businesses. IoT delivers constant feedback and facilitates better decision-making for businesses of all sizes. IoT platform is transforming industries like healthcare, energy, automotive, manufacturing, and transportation as well as countless appliances like air tracking, door cameras, security systems, electricity plugs, thermostats, ovens, and hundreds of others.
How IoT is Transforming Business?
Asset Tracking and Inventory Management
With IoT Applications, you can grant some automatic control options to manage your inventory. Similarly, IoT can help you track assets in the supply chain that went missing in transit.
Installation of IoT products and software in warehouses and storage locations can go a long way in helping you manage changes in the inventory. Embedding surveillance systems with IoT can prevent thefts even before they take place.
For example, Amazon increases its shipping capacity by engaging WiFi robots that scan QR codes on its products and track its order.
Data Sharing & Perception
Data collection and transmission is pivotal in all business functions, and the adoption of IoT has revolutionised the processing of data. In addition to greater access to user data, IoT applications track the patterns in which users connect with the device. The application learns from the patterns, becomes smarter, and offers a better user experience.
IoT applications also help businesses in deciphering the data to help the company grow. The data offers valuable insights into consumer requirements, buyer cycle, the scope for enhancement & inventions and approaches for marketing and advertising.
For example, wearable devices like Fitbits and smartwatches communicate data through sensors and offer the most precise information on our needs.
Forming New Business Lines
Product-based companies can monitor the performance of their products using the predictive maintenance algorithm embedded in the IoT platform. This possibility of transferring IoT data across the ecosystem of the organisation’s customers and partners enables new paths of innovation in the form of continuous engagement and value-added services.
For example, John Deere, a farm equipment manufacturer employs the IoT in various ways to provide new as well as innovative products to their customers. These include self-driving tractors, intelligent farming solutions and more where sensors constantly monitor crop levels & soil health and offer farmers advice on what crops to plant and what fertilizer to use.
Effective Market Strategy
Once an organisation can process and respond to huge volumes of data, it becomes possible to create strategies to meet the needs of the customers. With devices connected to the internet, organisations can get a holistic view of their customers’ preferences and use this data to create campaigns that drive revenue. Additionally, it helps to segment customer base, generate customized offers for boosting the customer satisfaction rate, and enhance their experience.
For example, Big Ass Fans have created their smart fans with light, speed, and temperature sensors. Tailoring fan speed based on the user’s comfort preference, this fan stands out from other ceiling fans on the market.
Driving Real-Time Insights
IoT enables organisations to receive real-time data from processes, devices, and people via sensors. The visibility into what is really going on is revolutionising businesses.
Real-time data from processes, devices and people via sensors is revolutionizing businesses; since visibility into what is really going on can be a game changer. We are already observing innovation across the core sectors, especially in retail. By gaining real-time insights of buyers, retailers can stock products on-shelf and increase their profits with efficient sales and stock management.
For example, Livestock monitoring deals with animal farming. With IoT applications, ranchers can collect data about the well-being of the cattle. By knowing timely about the sick animal, they can whip out and prevent a large multiplicity of sick cattle.
Facilitate Omni-Channel Services
The omni-channel approach to sales streamlines the whole shopping experience. The incorporation of sensors on internet-connected devices facilitate the supervision of operations, status, and service levels from remote locations and offer prompt support as and when customer demands.
For example, AWM’s Smartshelf is equipped with high-def optical sensors and edge displays, which displays product pricing as well as information that send data about actual inventory levels and increases the shopping experience.
Accessibility, Efficiency & Productivity
Beyond everything, customers always demand quick deliveries. Most of the business partners like logistics service providers and suppliers apply IoT technology solutions to ensure faster delivery of orders. With improved information about the market and consumers, you can increase the productivity of your business. In addition, IoT can support to orchestrate extensive automation and offer a real-time response on operational efficiency.
For example, IoT powered smart desks offers the ideal workstation for employees. The smart desks learn and adjust based on personal preference to ensure individuals are set up for best comfort as well as productivity.
Improve Customer Experience
If the customers won’t be delighted with your product, they will never provide positive feedback, which eventually leads to a decline in your market revenue.
The feasible solution is building your product with the Internet of Things. By facilitating the support team with improved tools for monitoring the problems faced by the clients, IoT supports you to address and resolve them easily.
In addition, the mass integration of chatbots and artificial intelligence with IoT, focus on customer satisfaction and offer enterprise owners with a unique gateway into the lives of customers. Chatbots synthesize data as well as spot certain issues with any service or product that can be improved.
Mercedes Benz’s Mercedes Me Connect is a perfect example of how the IoT connected cars can deliver top-notch in-car customer experience. This connected car enables customers to connect with the world using modern sensors and technologies like machine learning to complement its IoT features.
Changing the Consumption Model
The internet of things impact on business drives the changes in the consumption models. There are flexible consumption calls for the new business model that innovates how products are purchased. We have evolved from purchasing a product to pay-per-use. Thanks to IoT, it facilitates to measure the utilization of a product and charge by utilization.
As an experienced and trusted Internet of Things partner, we are happy to answer any questions remaining, or to help you to create the things you need to thrive in your business. Call us at +31 853 012 993, or click here to visit our website. We are looking forward at the opportunity to create just the perfect things/software for you. Together we can make your (online) business a success!