Many companies have embraced IoT to drive business growth by optimizing their business operations, engaging their customers, empowering their employees and upgrading their products. Businesses have now started realizing how IoT-enabled solutions can benefit their company as well as their industry. With an end-to-end IoT strategy and implementation, you can keep your business one step ahead of your competitors.
If you’re considering building an IoT solution for your company, it’s very important to understand how it is currently transforming business operations for early adopters. Also, combining IoT with other emerging technologies such as AR, mobile, wearables and others is a plus point as it improves productivity, worker safety, asset tracking, customer experience, etc. These are just a few benefits that are compelling modern entrepreneurs to deploy IoT into their business model.
Now, let’s check out some of the key benefits that businesses harness by transforming into an IoT-enabled business.
With IoT devices connected with systems, companies now no longer just collect data but they also analyze that data, derive actionable insights and make data-driven decisions. The Internet of Things includes devices or systems consisting of sensors, actuators and gateways. These systems function depending upon the business infrastructure and also collect data at different intervals.
The gathered data is constantly monitored to extract better insights and analytics. If such data collection and analysis is performed manually by the workforce, then it might take ages for them to gather and that too without any assurance of accuracy. IoT can enable you to efficiently manage your data without human intervention. Besides, it not only manages data but also stores the data, which has a longer shelf life for the future.
Another noteworthy benefit of operating an IoT-enabled business is the overall reduction in operational downtime as well as expenditure.
For example, there is a small component failure in an industrial machine; and while the issue is detected and fixed the machine might remain down for hours or even days. However, with a robust IoT ecosystem, the company can leverage digital twin technology. With this technology, digital models of physical assets and their parts can be built using the data that IoT sensors gather. The stored 3D representations of machines and their parts can help engineers to understand which component has failed in advance. This will help the engineer to schedule maintenance and know how to replace the specific part of the machine.
Hence, such a technology can drastically help in reducing operational costs as well as system downtime in factories and other industrial installations. And at the same time, engineers can also learn on the job about how machines work and when machines need maintenance or upgrade.
The advantages of IoT-enabled business are not limited to an increase in operational efficiency, process monitoring and predictive maintenance. There are some forward-thinking organizations also that understand the scope of the Internet of Things in offering intelligent business analytics for different customers, their product preferences and how they use products. By using this gathered data about real-world usage, companies can create more value by providing advisory services to other companies in designing successful products in the future that reap huge profits.
For example, an IoT-enabled retail chain can gather a massive amount of customer data to analyze their customers’ buying patterns, preferences and more. Retailers can then provide better value by offering customers a friction-free buying experience. Likewise, insurance companies can transform their business into an IoT-enabled business and monitor customers’ driving habits and analyze that data for insights to offer car insurance and other policies accordingly.
Security threats and privacy breaches are some of the biggest challenges an organization faces these days. The standardized OTA (over-the-air) interface of IoT technologies helps to securely update a wide range of devices and prevent them from new virus attacks.
The traditional method of updating devices involves analysis, staging and distribution of the update. And this process generally happens during off-hours for the business. Hence, it is essential to incorporate a standard OTA interface to update mechanism because it fixes vulnerabilities, updates configuration settings and adds new functionality too.
There are several on-field jobs that need hands-on-experience and thorough training before a technician/worker starts performing the job independently by adhering to safety compliance regulations. Certain jobs in industries such as oil & gas, mining, construction and others need technicians to work in remote/lone places or hazardous locations. On the other hand, some industries such as, healthcare, manufacturing and telecom want the technician to make frequent field trips to diagnose equipment and schedule predictive maintenance. After all, equipment uptime is a vital KPI to optimize service delivery.
In every workforce training scenario, an IoT-enabled business can collaborate better with technicians, impart holistic training and share practical knowledge.
IoT also helps in improving worker efficiency when on the job. With IoT sensors placed across the workplace and in the field, it becomes easier for technicians to detect an issue and fix the problem on the first visit. These sensors also send alerts to a technician about the exact point of an anomaly or error and eliminate the need for continuous monitoring and costly field trips.
These are just a few pluses of implementing IoT technology in your business model for greater digital transformation. So, whether you are just planning, or have an established IoT-enabled business, this technology can provide your business with the new streams of income, high-quality product and services, new training approaches and more. If you want to know more about how can we facilitate your business with IoT, talk to our experts.
With the increase in adoption of the Internet of Things (IoT), companies from all industries now have a question – which IoT business model and application is right for them? Check out this whitepaper to know what, why and how of IoT business models.
In this whitepaper, we have covered some important elements you should consider when looking to transforming your business model.