The Industrial IoT is poised to revolutionize the way businesses operate. Investing in IoT means; spend money to save money and scaling your business.
Use IoT as a tool to optimize internal processes
You’ve heard of smart streetlights, drones that collect location data, and self-driving cars. Now imagine all of this technology can help transform your business, used to save money and increase productivity.
We’re making it easier than ever for companies to stay connected and improve their bottom line. Whether that means optimizing internal processes like employee schedules, new consumer insights, ramping up security, or tracking inventory. What’s more exciting is to run your own business around an IoT product.
Statistical Data on IoT
Business Insider Intelligence predicts that the world will experience an immense increase in the use of IoT devices (from 10 billion in 2020 to more than 64 billion) by the year 2026. It also forecasts companies and users spending an estimated $15 trillion on installing IoT devices, integrating IoT solutions, and supporting systems.
In the upcoming years, businesses will be the top adopter of IoT devices and solutions is supported by the McKinsey Global Institute report estimating a potential economic impact of $11.1 trillion annually by 2025.
Unleashing the potential of IoT applications is not a pipe dream. We have identified 3 IoT applications that could empower your business and go beyond technology: asset tracking, remote monitoring, and data analytics. All three rely on networked devices to collect data and send it back to a central server.
Let’s look at using these IoT applications to save time, money and increase efficiency, and power up your business.
1. Tracking your assets
Asset monitoring is the most common IoT example for businesses to take advantage of the Internet of Things (IoT). Many firms employ “monitoring IoT devices” to get insight across their supply chains, giving real-time data to simplify operations and spot possible problems.
Inventory management is still a laborious process, and moving assets from one location to another produces several inefficiencies. The cumulative effect of cost savings can be rather significant. If business resource planning uses IoT asset and material tracking systems they end up saving time and efforts. The server returns detailed information on locations, quantities, values, and even owners of assets.
Operations, inventory and logistics
The capacity to find and monitor critical assets — whether raw materials or finished goods — enables a business to optimize its logistics operations. It allows maintaining adequate inventory, anticipating quality concerns, saving time, keeping safety compliance by theft detection, and other monetary benefits. These IoT applications can also tell you whether there is a waste depot nearby. It saves your money on materials or energy usage when manufacturing products.
Products become misplaced or stolen and resold to the black-market sale. Theft occurs on rented equipment, which can range from automobiles to construction equipment. Stores either carry extensive inventory or are continuously out of stock of the things they sell. These inefficiencies stem from imprecise knowledge about item location and their consumption that can be resolved using remote asset monitoring systems. You can protect your data, minimize your IT resources, and increase security by integrating this IoT security application into your business.
Access and security
Business Insider estimates IoT devices will have a $1.9 trillion impact on industries, specifically their logistics and supply chain management. IoT technology like asset monitoring, and business cloud security enables firms to track their operations more precisely, making better decisions. It would assist you on who can access your business information and how to save your money wisely.
2. Remote Monitoring
A Goldmine of Data
There’s no doubt about what IoT is and how “secure IoT devices” will cover your business in the future. IoT devices make it easier for your company to monitor all aspects of its facility remotely. You’ll know if something needs to be fixed before it breaks down, loses track, or has been affecting your business image. It allows problem fixation before the customer even has a chance to notice anything wrong.
Internet of things allows seamless data collection regarding a business’s current functionality. There is nothing more precious than having access to the right data before an issue occurs. Furthermore, you can estimate future cost savings for saving money on repairs and preventing customer problems. It can help your company to be rich in money and its reputation.
Positive and Negative Aspects of Remote Learning
The primary difficulty for IoT projects to optimize internal processes is connecting the business case with the ways IoT examples might help. Optimization usually necessitates a thorough understanding of the company’s operations.
Remote monitoring is an example of IoT devices for internal process optimization with minimal risk and huge profit. The risk is minimal, as even if the optimization does not deliver the anticipated outcomes, the internal process will continue to operate. Aside from the time spent developing the answer, the potential upside is substantial, based on the scale of the problem being addressed. According to industry experts, preventative maintenance can yield a 545 % return on investment for organizations.
Improve Customer Service and Experience
Having the ability to monitor product usage continuously allows a company to identify and mitigate any warranty compliance concerns before they occur. The research report estimates that the Global RegTech Market in 2019 was $5.31 billion and is likely to reach $33.1 billion by 2026.
Using internet of things in the form of connected sensors and customized monitoring schedules can easily double your business. In addition, networked M2M devices can immediately notify operators if compliance issues are identified. It enables the organization to warn customers and prevent future product failures.
Increase New Business and Revenue Opportunities
Suppose a business can continuously examine field data obtained from its products via remote sensor connectivity. In that case, it enables them to significantly improve their ability to foresee and analyze failures or improper actions. It will also minimize labor costs because you may also utilize trackers and sensors to generate a constant revenue stream on your existing and new products.
3. Internet of Things: Data Analytics
It may seem like a far-off dream to some companies, but data has become the new oil – and every company needs it. Data helps businesses make important decisions and grow exponentially.
By installing IoT devices, you can better understand your consumers by gaining access to relevant data. By observing usage patterns, you can optimize and help your business processes reduce costs.
Marketing & Sales: Sales Team Optimization
Marketing and sales dollars are presently (and should be) highly important for firms behind a data-based client funnel. Customers’ insights are gathered using IoT apps, which then drive revenue from sale optimizations. Suppose a corporation can issue notifications for cross-sales and up-sales prospects. In that case, its sales and marketing activities can be significantly efficient. After all, sales and marketing departments want to spend their time selling to the most likely customers. Using that knowledge on customer-driven data is perfect. You may boost your organization’s value by concentrating on promising prospects.
The Internet of Things is generating a new wave of data. By 2023, the data traffic will grow 25 times more than there has been since its inception. Furthermore, connected sensors are expected to account for nearly 40% of the entire data generated. It adds enormous value to make informed company decisions and frame competent plans, as all this data keeps generating.
The IoT can revolutionize just about everything, and your company is no exception. Leveraging this technology could mean millions of dollars in savings to power your business.