IoT and Its Benefits for Businesses
JUNE 24, 2019IoT and its benefits in businesses
IoT also called a machine to machine (M2M) communication. M2M refers to connecting physical devices around the world that are connected to the internet and collecting data from the cloud. By looking at the immense growth of IoT, it definitely will be playing important roles in the future of technology. IoT will change our world completely. Nowadays almost every electronic devices like mobile phones, laptop, desktop, and smartwatches all are connected with the internet. IoT technology benefits not only one, but it is useful for individuals, businesses, and society as well.
Researchers have already forecasted that by the year 2020, the number of IoT devices in the market will grow to 30 billion from the current value of 10 billion. These types of predictions are also getting supported by the growing market of smart devices. IoT can help small businesses to reduce production expenditure and generate better revenue.
Let’s see how businesses can take advantage of the Internet of Things (IoT)
Increase Business Opportunities
Internet of Things can boost productivity and efficiency significantly in an organization through better assets and resources utilization. IoT solutions can help business cut costs and maintain a competitive advantage. By using IoT, businesses can save on energy cost and improve efficiency. IoT has reduced time and increase return on investment (ROI).
Improved Security
Internet of Things (IoT) can help the business to improve workplace safety by using sensors and cameras which help monitoring equipment. We can continuously monitor workers in high-risk environments like mining, construction, and heavy industries. With the help of IoT sensors, small businesses can use smart locks to monitor premises all times and protect premises against physical threats.
Cost Saving
Internet of Things (IoT) can help businesses to cut costs and improved asset utilization and productivity. Businesses can save on energy costs and improve electrical efficiency with IoT sensors and control unnecessary usage of electrical systems.
Understanding of Consumer Behavior
With IoT, businesses will be able to collect, analyze, and monitor the data from social media and other online channels. This will allow us to analyze trends so that businesses can design products and brands according to the consumer’s preference. IoT share real-time information with consumers like when their order will arrive, how their goods are being transported and improve customer experience.
Improved Decision Making
IoT can increase awareness and implement real-time insights to make smarter and better decisions and reduce operational costs.
Efficient Process
IoT refers to Machine to Machine communication. So the maximum number of devices connected with each other. The data collected from devices will help reduce time and maintenance. Companies can also collect employee data to calculate their productive working hours. Also enabling sensors in routine functions like coffee makers and switch on/off lights.
Increase Productivity
Productivity plays an important role in the profitability of an organization. IoT technologies improve labor efficiency and reduce mistakes. Machines can increase productivity compared to workers. With the use of IoT enabled machinery can produce more products. Machinery can work 24*7 hours without any break.
Remote Working
The use of an internet connection that allows devices to send and receive data to one device to many devices. It allows humans to operate and monitor any devices in any areas. Research by Cisco estimates that the global quantum of IoT-based devices will reach a staggering 50 billion by the year 2020. By that same year, studies indicate that half of a company’s full-time workforce would be working remotely.
IoT helps businesses to improve workplace safety by using smart sensors. With the help of IoT, it can result in improved efficiency for businesses.
