There is no denial, almost every aspect of our lives generates data. From our smartphones to smartwatches and smart home devices, they know a lot about us. The insights collected by these devices benefit the product maker as well as the customer. No wonder we are emerging into an IoT world from which most of the population will benefit.
Have you considered using IoT technology for your business? To convince yourself, you must first understand how it’s transforming business strategies and operations worldwide. Start by reading these:
1: Improved Business Insight
Connected equipment in healthcare, agriculture, supply chain, manufacturing, other industries are creating data streams and analytics, giving a company more insight into the business operations and how customers are using their products and services. Even mortgage recruiters use software and tools featuring IoT to improve their recruitment process.
Cloud platforms such as AWS, Microsoft Azure, and IBM are having made this possible. When a company understands how its customers use its products, it can offer a more fulling experience that goes beyond meeting customer needs. IoT is reducing friction in the buying experience and helping customers to interact with products and services better.
2: Better Customer Experience
Speaking of improved customer experience, let’s understand how the data gathered via IoT technologies enable that.
Let’s say you use mobile card readers that connect to mobile phones for processing payments quickly. Apart from using this data, you can also gather more insights on how your customers reacted to promotions by checking the on-floor cameras. Online retailers such as Amazon measure that through their data-driven strategies.
3: Cost Reduction
IoT devices can save on tasks that were performed manually earlier. This includes monitoring equipment (heating and cooling) and other processes. Data can be logged from a central system in real-time, eliminating the need to travel the distance and check equipment status.
Apart from complying with safety measures, IoT-enabled tracking devices can also help with inventory management. This would reduce staff redundancy and save money. It may appear as if IoT is killing jobs but adopting an IoT enabled system will create job opportunities that didn’t exist before.
4: Asset Tracking & Waste Reduction
Once business efficiency and productivity are improved, waste, and efficiencies in the supply chain are reduced automatically. This is integral to IoT tracking. Such a solution can be developed to improve the supply chain and develop products that boost customer satisfaction and build new business models down the road.
5: Inventory tracking
For a business that completely depends on warehousing and storage, here again, IoT can do wonders. This technology carries profound controlling functions, which work wonders for inventory management and tracking. This would eliminate the hassle caused by inventory management and modification. Your working staff can engage in other challenging tasks instead of worrying about the inventory.
6: New Business Models
More and more companies have started to recognize IoT’s scope and its power to deliver customer and business insights.
IoT can add new value to a product and improve its design to boost its usage in the real world. If companies can integrate IoT into their products, it can benefit their customers and improve their internal processes, which is the place they can reap huge benefits from. Moreover, IoT has enabled organizations to move away from their traditional business models and invent new revenue streams. For instance, you may offer subscription-based services to your customers, drawing on the product’s connected nature.
Products that offer your organization valuable data enables you to give them access to valuable data, letting you offer the same product at a reduced cost, opening new markets and replacing your revenue from capital expenditure to operational expenditure. All this is possible via subscriptions.
7: Automated Services
The shipping industry could use some IoT help as well. By deploying IoT sensors on vehicles, it’s possible to maximize the visibility of the supply change. At the same time, it’s possible to improve transport operations. The sensors have the ability to detect temperature, lights, and other attributes that can stop delays, theft, disruption and more. With real-time alerts, the dock crew would always know about the arrival of the scheduled delivery.
By adopting IoT, so many businesses have witnessed a transformation. Have a meeting with IT experts in your organization to discuss how this technology can be implemented in your current business model. Don’t let your competitors win by being the first one to adopt IoT. This technology is as mainstream as googling for “staffing agency near me.” Make the most of it to improve your business operations, customer experience and revenue.
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