3 ways business can benefit from Internet of things

3 ways business can benefit from Internet of things
The Internet of things plays an increasingly important role in our daily lives. Think about it. Our smart fridge tells our smartphone we need a Smartwater. We depend on Fitbits to help us get our bits fit.

The potential uses Of IOT consumer products seem limitless. But how does this translate to enterprises, both large and small? What's in IoT for them?

Gartner recently published an Iot Trend Insight report, in which the analyst Venicia K. Liu revealed three main business benefits: increased efficiency and productivity; the ability to provide better customer experience; and increased profits along with new revenue streams.

Lets take a closer look at each of them.

1. The Internet of things helps businesses become more efficient and productive.

Answering the question about the most significant benefits generated by internal initiatives, IoT, 41% of the respondents of the Gartner survey noted an increase in productivity. This is particularly common in the medical, logistics and construction industries.

Thanks to the achievements of IoT, hospital staff can better take care of their patients, since excess documents have been replaced by devices that can scan bracelets and report modern medical histories. Scanners and mobile phone applications help warehouse workers and drivers provide product and delivery status to customers and management. Smart chips embedded in employee ID cards allow employees to enter the building, as well as paying for Lunches and snacks in the corporate dining room.

All these examples demonstrate how IoT technology not only improves the efficiency of business processes in General, but also makes the work of employees more convenient. This, in turn, leads to increased productivity and reduced turnover.

2. Thanks to advances in the iot function, businesses are able to provide a better overall experiences.

When it comes to the external benefits of the Internet of things, nearly 40% of respondents in the Gartner survey said that the biggest advantage of a business is a closer integration of customer service with product performance and usage.

Consider the auto industry. The new cars have built-in sensors related to mobile apps that can tell you when your car needs regular scheduled maintenance and can also diagnose any form of car problems on the spot. Lock the keys in the car? No problem. Your smartphone can open your car for you.

Using the Internet of things to provide a high level of customer service and convenience will be a new battlefield when it comes to competition. As consumers become more and more accustomed to The IOT lifestyle. All future products and offerings should be tailored to meet the needs of the Internet of things.

3. The ever-expanding Internet of things brings with it entirely new revenue streams and additional profits.

When you think of the vast amount of information gathered from all these IoT devices, it's no surprise that, according to a Gartner report, 10% of organizations will have a high-yield business unit dedicated to monetizing their data collection by 2020. Not only are "things" on the Internet of things revenue-generating, but the information they collect about consumer behavior can prove to be the most profitable source of income for the organization.

A company that manufactures fitness tracking devices can create a new revenue stream by offering consulting services to insurance companies, health clubs, and diet and nutrition organizations. Home security providers can offer assistance and advice to local neighborhood watch groups and law enforcement agencies.

The Internet of things is happening around us and it will continue to grow the way we both can and can't imagine. The best thing a business can do to stay on top of the trend is to know its customers and constantly anticipate their needs. Keep looking for ways to make your life easier and more connected.

Need Additional advice on all things IoT or looking to bring the next IoT product into fruition? We can help! Contact us today.

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  • user image james tinker 22 Jul 2020 In the manufacturing industry, IoT devices can track equipment and reduce downtime by anticipating failures or possible errors in future production. BY: cheap assignment writing - UK Academic Writers.

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