IoT has opened up a world of opportunities for consumers and businesses alike. For enterprises, in particular, the data generated by IoT devices is highly beneficial for making smarter business decisions. In addition, these insights can be used for predicting customer behavior and possibly affect their experience with the brand.
The following are three benefits that the Internet of Things can deliver for business owners in any sector.
Reduced operational costs
IoT devices are already making an impact on companies’ bottom lines, ranging from cybersecurity to workplace efficiency.
As more businesses use IoT to streamline operations, more IoT technology would be made available and specifically tailored to help those businesses succeed.
Maintenance costs can be positively impacted when IoT devices are used with sensors to keep equipment running at peak efficiency. Troubleshooting equipment on the fly allows team members to identify problems before they impact staff and employees, saving the hassle and costs of large repairs.
Cost reduction is most observed in the manufacturing sector, where much of IoT is being implemented and utilized. A Deloitte study found that predictive maintenance brought about by IoT has benefited the manufacturing sector in several ways.
Companies may expect a 20-50% less time requirement to plan maintenance. Additionally, they may enjoy a 10-20% increased equipment uptime and availability. Lastly, a 5-10% lowered overall maintenance costs will benefit the bottom-line.
Enhanced efficiency and productivity
According to studies by Aruba, 83% of organizations say that the introduction of IoT in their workplace has improved the efficiency of their workflows. Automating time-consuming or repetitive processes is one way that businesses have achieved this.
In the same study, 46% of organizations that implemented IoT strategies saw efficiency advantages, even though only 29% initially expected that benefit. Leveraging big data through IoT can give a company a larger view of employee productivity. This will help determine which tasks are helping, or hindering, a company’s operations.
More business opportunities
IoT is a game-changer as it relates to harnessing the revenue-generating power of digital services. Tools such as artificial intelligence, advanced analytics, and smart utility grids enable businesses to collect actionable data that add value to their customers and their own business.
Retailers, for example, can use IoT to optimize displays by measuring in-store foot traffic. The data they gather allows them to predict and measure when customers are most likely to visit the store, which displays are most visited, and how long each client stays at a particular spot.
Similarly, vehicles equipped with IoT sensors can track speed and driving habits to assist insurance agencies in determining and optimizing rates for automobile insurance.
The numbers speak for themselves. IoT makes business processes faster, easier, and holds promise for companies large and small. As the IoT market continues to expand in the next few years, we can expect to see more businesses adopting IoT fleets, more use cases opening up, and increased revenue and convenience for organizations.