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The internet of things (IoT) is all about the enhancement of business processes and solutions with sensors, devices, gateways and platforms.
By gathering all their data in one place, businesses can make intelligent decisions and design more efficient processes.
Identifying the potential benefits of IoT for business that specifically apply to your organization will lead to easier planning and deployment of IoT, while minimizing the risks involved.
The most significant IoT benefits that a majority of organizations can align with their business strategy are:
1. Enhancing Operational Performance
2. Maximizing Equipment Utilization
3. Improving Service Quality
4. Increasing Customer Engagement
Increasing customer engagement by providing products that interact with IoT, such as Fitbit, increases the perceived value of the products and increases preference for other compatible products. The data collected from these devices is also useful for carrying out targeted marketing campaigns that increase the likelihood of customers buying them. Increasing engagement can also be beneficial in healthcare, where tracking a patient’s health parameters may help in effective diagnosis of ailments, which may not be detected through a one-time checkup otherwise.
5. Optimizing Resource Management
Supply and demand data collected and analyzed in real-time can provide useful insights to decision-makers to manage manufacturing or service delivery capacities. A supply chain connected to an IoT network allows transparency between the participating businesses that have access to real-time market data as well as production data from the other businesses. This data can be used to inform purchase and to guide the decisions of the participating organizations.
Remote working has turned into the standard for companies since the pandemic hit in and is likely to continue. IoT is helping businesses navigate the Covid-19 pandemic. The Vodafone IoT Spotlight Report (2020) identified that 84% of businesses claimed IoT was essential for their survival during the COVID-19 pandemic. With supply chain network disruptions owing to the outbreak, inventory control turned into a big challenge for wholesalers and retailers at the time of the lockdown. It is here where IoT has paid off and turned into a means to offer more transparent and faster services to consumers.
So, have you already identified the IoT benefits that apply to your organization? If yes, then next you need to choose an IoT provider who is right for you.
Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.
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