How to Grow a Business Using IoT
IoT or the Internet of Things describes the network of physical objects or things that are embedded with sensors, software, and other technology to connect and exchange data.
Almost all aspects of our daily routines are under the gaze of some digital device and these devices routinely generate data, from several steps, heartbeat, and location to our buying habits and preferences. We have entered into a world of IoT (Internet of Things). IoT aids our day-to-day lifestyle and keeps us connected to people and various gadgets and has changed how we interact with machines and use them for our benefit.
The use of such IoT devices in the business world is no different and these devices record and transfer data which is used to monitor processes, give insights, boost efficiency, and assist businesses in making informed decisions by identifying patterns and analytics.
Some IoT stats…
● There are approximately 7 billion IoT devices around the world, expected to go up to 25.4 billion by 2030.
● There are approximately more than 400 active IoT platforms in existence.
● IoT spending is expected to reach USD 1.1 trillion by 2023, up from USD 749 billion in 2020 and USD 1 trillion in 2022.
Some of the largest IoT segments by revenue in 2022…
● Consumer media and internet devices — USD 101.8 billion
● Connected vehicles — USD 73.8 billion
● Payment terminals — USD 39.4 billion
● Asset tracking and monitoring — USD 17.2 billion
● Inventory management and monitoring — USD 11.3 billion
How can businesses use IoT to enhance growth?
Businesses have gained a big advantage by incorporating digital solutions like IoT. It has allowed them to gain a competitive advantage, enhance customer experience, and increase growth and revenue. Some of how IoT is revolutionizing and transforming businesses are…
Asset tracking and inventory management — Asset tracking is a crucial part of any business along with inventory management. Using IoT smart tags and sensors, assets can be tracked and resource usage can be optimized. The tags and sensors can track assets, and manage inventories, and supply chains in real time. IoT helps the workforce invest time in optimizing resources, processes, and operations. Mobile apps associated with IoT can help track and manage assets in the field. Inventory management becomes easier with IoT. Tracking inventory is much easier and simpler from the stocking of goods to initiating the purchases.
Enhancing business insights and customer experience — Real-time data collection via IoT helps businesses gather data, using this big data to generate analytics and using such insights to gain a better understanding of their customer behavior, and buying patterns while gaining insights into their internal working. It helps maximize and better utilize the workforce and increase productivity. By understanding product usage by customers, businesses can improve the customer experience and fulfill their needs.
Reduction in downtime — IoT can help businesses reduce costs by reducing downtime and increasing productivity. By using IoT along with data analytics, augmented reality, AI, etc, businesses can automate repetitive tasks and reduce human intervention, thereby reducing costs and possible downtimes. IoT devices like temperature, humidity, and motion sensors can help provide crucial insights that can help improve business processes while helping reduce costs.
Efficiency — Developing software solutions using IoT application development services helps businesses improve efficiency and productivity. IoT usage creates optimized workflows through automation. It helps reduce, and minimize repetitive tasks and eases the way for optimal utilization of available resources and machinery. Automation and optimization of resources can help in the wastage of man-hours in organizations while making operations more efficient. A study shows that 83% of organizations powered by IoT have claimed to reduce expenditure and also encourage employee productivity. IoT helps increase efficiency in transportation and logistics by reducing the time to deliver goods to market or store. It helps in vehicle management and tracking deliveries. This helps in reducing costs, improving the bottom line, and increasing customer satisfaction.
New business opportunities — Using IoT and data analytics organizations can find avenues for increasing business, and find opportunities using trends and different business models using emerging patterns. Companies can market products to different demographics based on the patterns generated by AI and data analytics, use of social media, notifications, and other media channels to reach out to new markets can be made possible using IoT and other related technologies.
Enhancing security — IoT can help boost security and safety in businesses. Live surveillance using drones, CCTV cameras powered by AI, IoT networks, and deep learning can be used to monitor business premises, field assets, etc, and enhance security and reduce vulnerabilities.
In conclusion, IoT in business offers big opportunities to sustain and also expand growth. For companies looking to step up their operations with IoT, software companies offering IoT application development services can offer consultation and provide solutions for businesses. By using new-age technologies like IoT, AI, AR-VR, etc companies can become more agile, and data-centric to increase business and revenue.
