In this article by Procal, we will be discussing briefly how IoT benefits businesses. So let’s get started.
In recent years, the benefits of the Internet of Things, innovations, improvements, and all kinds of applications have become a common theme in the media. The whole concept involving the automatic interaction of millions of different machines within the global network is about thirty years old; however, its rapid development has only recently begun. While some developers take this idea too seriously by suggesting connecting every toaster, toothbrush, or trash can online, a network of “smart” devices (sometimes called IoT devices) offers many of the undeniable benefits listed in this article further.
1. Improved staff productivity and declining human labor
Thanks to IoT solutions, normal tasks can be performed automatically, so human resources can be transferred to complex tasks that require personal skills, especially thinking out of the box. In this way, the number of employees can be reduced, leading to a reduction in the operating costs of the business.
2. Effective performance management
Another important benefit provided by smart device connectivity is automatic control in many workplaces, including, among others, asset management, shipping tracking, fuel management and spare parts. For example, this approach involves the use of RFID tags and a compatible sensor network to track location and equipment.
3. Better use of resources
Automatic planning and monitoring used with the help of connected sensors allow for high efficiency of resource utilization, such as improved power management and water consumption. For example, simple moving receivers can save a considerable amount of money on electricity and water bills, thus making both small and large businesses more productive and environmentally friendly.
4. Inexpensive performance
Because of the reduced downtime, which is guaranteed by scheduled adjustments and automatic controls, supply of immature materials, and other production requirements, the equipment may have a higher production rate leading to greater profitability. Also, IoT devices are very helpful to manage within each department and throughout the business structure.
5. Improved workplace safety
In addition to the aforementioned benefits, systematic adjustments also have significant benefits in ensuring operational safety and compliance with the required regulations. On the other hand, safe working conditions make business more attractive to investors, partners, and employees, which increases brand reputation and trust. Smart devices also reduce the risk of human error during various stages of business operation, which in turn contributes to a higher level of security. In addition, a network of IoT devices such as surveillance cameras, motion sensors, and other monitoring devices can be used to ensure business security and prevent theft and corporate spying.
6. Comprehensive marketing and business development
Smart home devices, especially voice aids and other electronic devices that can communicate directly with end-users on a regular basis, provide valuable source information for business analysis. IoT assists businesses by collecting large amounts of user-specific data that is used to develop business strategies, targeted advertising, pricing policy, and other marketing and administrative activities.
7. Improved customer service and maintenance
The above is user-generated data obtained through intelligent devices and helps businesses better understand customer expectations and behaviors. IoT also improves customer service by simplifying post-sales tracking such as automatic tracking and reminding customers of the necessary adjustments for purchased items after the expiration date, expiry warranty period, etc.
8. Better business opportunities
Due to the increasing success, the company using IoT solutions is able to offer a wider range of services or products, or increase their quality compared to its competitors, but at the same price. Alternatively, such a company may perform extremely challenging tasks in terms of production complexity, time, or cost. Overall, the use of smart solutions makes the business more competitive and attractive as a business partner.
9. A reliable company image
A company that uses high-tech solutions, and IoT in particular, often makes a positive impression on customers, investors, and other business partners who are aware of the many benefits offered by the Internet of Things. In addition, it is easy to attract the most knowledgeable employees if the company provides a safe and secure work environment guaranteed by a network of smart devices.
These were the 9 Benefits of IoT technology for businesses listed by our end. If you know of any other benefits please feel free to mention in the comments below.