SEVEN REASONS YOU SHOULD IMPLEMENT IOT WITHIN YOUR BUSINESS

The Internet of Things (IoT) has clear use cases for the consumer sector - but for enterprise, it is all about the long-term picture.

According to research from McKinsey, 58% of companies polled who had gone into production with their IoT initiatives had seen at least a 5% increase in revenue, while 46% added they had seen a 5% decrease in cost.

Many industries and sectors are set to feel the benefit, from agriculture, to construction, to logistics. Yet each of these areas will see dividends through similar trends as methods of working converge.

The usage of IoT is already at its peak and has revolutionised consumers' lifestyle at an unprecedented rate. The technology has not only transformed the consumer sector, but also influenced the industrial sector.

Here are seven reasons why IoT is essential for enterprises:

1.Increased efficiency and productivity

A business can significantly increase its productivity by knowing the needs of its customers. This can be achieved by instrumenting smart devices into operations to improve efficiency, so that more can be done in less time. Additionally, large-scale tasks can be completed faster and faultlessly with the help of IoT-based software and appliances.

2. Inventory tracking and management

IoT has the potential to transform the way companies track and manage their inventory.

Businesses that depend on manufacturing, warehousing and storage will be able to monitor changes in their inventory automatically, with the help of smart devices. This will save plenty of time for workers to perform more important, insightful and challenging tasks.

3. Data sharing

Smart devices are known to keep a track of consumer behaviour, which is essential for a business to function and flourish. This gathering and exchanging information process has completely changed the way data is handled.

IoT devices do not just offer access to consumer data, but also track and record their usage patterns of how a consumer interacts with these devices via machine learning. Machine learning makes these devices smarter and smarter so that they can offer a better user experience and help businesses interpret that data, offering a room for improvement. This same data is used by businesses to study the scope for improvement, understand what consumers want, invent new methods for advertising and marketing.

4. Remote working

IoT is believed to open the door for remote work.

The ability to connect multiple devices to the same network will allow employees working remotely to be closer and more connected to their job than ever before. Such workers will be able to complete their tasks from remote locations by connecting to devices in the office or factory floor.

5. Shorter buying decision cycles

IoT is also going to change the way consumers purchase products, as the buying cycle is said to become shorter. The targeted advertising enabled by the technology will further facilitate buying decision-making process, which will allow customers to anticipate a faster and convenient delivery service. For instance, placing an order through Amazon Echo to receive products the same day - this urge for instant gratification will bring forth new demands on businesses, which will require them to make the most of smart technology in order to keep a track of consumer demands.

6. Creating new consumer demands

In order to expand their reach, businesses will have to keep in mind that as consumers will be acquainted with IoT, they will start demanding things that they did not know they wanted before, expecting extra every time they make a new purchase. There will be a time when smart devices will become the new standard for appliances and other day-to-day usable things.

Businesses will have to keep up with the rising needs of consumers in the future, because they may demand more integration and efficient accessories to make their new smart home-enabled lives easier.

7. IoT expertise

As organisations will employ IoT into their businesses, they will also need to hire IoT experts. Just implementing the technology would not suffice. The more businesses start hiring IoT specialists, the more individuals will be willing to learn about advanced technology. Furthermore, recruiting data analysts would prove to be add-on assistance to the experts' team.

IoT has so far been successful in making our lives easier and better - and now it is time for workplaces to get the most out of it. It is for sure businesses following the IoT trend will be ahead of competition and those who do not will be considered as dinosaurs.

This news was previously published on: https://www.iottechexpo.com/2019/06/iot/seven-reasons-you-should-implement-iot-within-your-business-enterprise/