The Internet of Things not only connects devices and systems, but it also offers businesses innovative opportunities for gathering data and automating operations. The concept of IoT is radically changing the way businesses, devices and employees communicate and work with each other. This interaction automates tasks and produces an enormous amount of data which transforms major industries.
So, companies that do not invest early in the Internet of Things implementation will lose edge over their forward-thinking competitors. You can take the example of companies like Netflix, Hulu, Bigbelly, Intel, and others that have already embraced IoT solutions to stay ahead of the competition. By bringing together data and intelligence, IoT can modernize business operations in numerous ways.
With a huge amount of data flowing in from data centers, CRM, ERP, sensors and more, a business can have real-time or near real-time data which provides deep insights into the employee productivity, system performance and overall process. Businesses are able to modernize their operations by including preventive maintenance, automatic product upgrades or updates, and the tracking and tracing of assets and more. Hence, companies can now identify issues and shortcomings before their occurrences and can improve their business operations.
For example, a manufacturing company by implementing IoT sensors in production systems, assembly lines, warehouses and vehicles can produce a lot of data that managers can utilize to understand how operations are working. Also, managers can analyze gathered data to monitor products and improve product performance.
With IoT implementation, you do not have to schedule maintenance, because machines will send alerts to you about their problems. Basically, the data generated by the machine will be stored and you can use it further for advanced analytics to derive valuable insights and make better decisions. Besides, you can empower the floor supervisor or manager to continuously track assets and monitor asset health, pull KPIs to avoid unexpected breakdowns and increase return on assets (ROA).
Also with IoT’s predictive maintenance service, companies can have a proactive approach instead of a reactive approach. It will enable in detecting problems early so that part procurement and maintenance schedule can be planned accordingly.
Companies can gain greater visibility into the worksites by connecting workers with wearables. In dangerous conditions, to ensure the safety of the worker the company can remotely monitor the health, location, and compliance of workers. Also, with the gathered data, the company can improve worker policies, adherence to regulations and prevent accidents. Therefore, an IoT-enabled smart connected worker solution helps in tracking labor, increasing their productivity and improving worker safety.
With IoT devices and their continuous communication, security is a must. This is because different devices work in different physical environments and they communicate with each other using several methods. This communication is carried out using cloud-hosted applications in diverse physical environments. Such a complex ecosystem needs greater security to protect your devices and crucial data from vulnerable risks. With an end-to-end IoT strategy, companies can implement security clauses to keep their devices and data secure in such IT environment.
According to the marketing automation vendor Marketo – “51% of the world’s top global marketers expect IoT will revolutionize the marketing landscape by 2020.”
IoT will disrupt the marketing landscape by focusing on these aspects:
By using IoT for target marketing, marketers can increase customer engagement to find new and relevant ways to interact and delight them.
These are just some of the benefits companies reap by deploying IoT. By connecting assets and harnessing data, many companies have already created more value. However, before you adopt IoT, make sure you identify your business challenges, analyze the problems, choose an approach and then design overall strategy to achieve desired results. If you want to know how to leverage IoT for your business success, then our experts can schedule an IoT workshop for you.
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.