Beyond Convenience: The Unexpected Benefits of Implementing IoT

The pioneers of industries are highly acknowledging the abundant benefits that the Internet of Things or IoT brings to businesses in every sector. As per the forecast of the business insider, the number of IoT devices being used in several industries will reach 55 billion by the year 2025.

IoT allows organizations to replace outdated manual asset-tracking systems by executing automated sensors. Those sensors help in seamless connection to the internet and incorporate centralized systems allowing real-time monitoring of the important company assets.

IoT also has a high potential for elevation of consumer satisfaction to novel heights by providing the latest functionalities and customized experiences. Businesses and IT users can make use of the IoT platform for the maintenance of their IoT ecosystem, managing devices, applying analytics, and building up new services depending on the insights of IoT. Putting it simply, IoT allows things like wind turbines, paint cars, etc. to do effective communication and offers real-time updates on the status. Nowadays, Internet of Things technology is everywhere, even at places where we least expect it, starting from the healthcare sector to retail and agriculture. There are endless applications and benefits of IoT .IoT offers businesses better, innovative services such as remote healthcare and efficient fleet management.

Common use cases of IoT

IoT offers a strong foundation for building smart and connected devices that allow a proper understanding of the processing of assets and operation of the businesses and customers. The uses of IoT are flexible as all business models as well as industries can get huge benefits by taking the right approach.

Here are some of the common use cases of IoT:

• Retailers can make use of the IoT for better ordering to prohibit waste and overstocking. They can utilize the shopper analytics for optimization of the store layouts for strong scaling and sending notifications through the app to the users near any store location.
• The telecom department can do remote monitoring of the equipment and prediction of the maintenance for prevention of technical issues or any kind of downtime for consumers who rely on their communication services.
• Logistics companies can keep a good track of the fleet, inventories as well as personnel to enhance efficiency and reduce the loss of goods because of late deliveries.
• Energy-based companies can increase effectiveness and sustainability through various IoT initiatives that connect everything starting from turbines to water meters. The sensor-implanted infrastructure allows them to detect the changes in the equipment in real-time to prohibit outages, make workplaces safe and avoid rework.
• In utilities, it becomes easy to keep track of the consumption of energy in real-time and distribute the energy or the other products wherever they are required for increasing the smart grid initiatives and decreasing outages.
• Manufacturers can increase the process effectiveness, decrease downtime, and gain strong insights into the performance of the equipment depending on the sensor data from the equipment connected.

These use cases show how organizations can make use of IoT insights for their benefit.

Benefits of implementing IoT

Let’s have a look at some of the major unexpected benefits that businesses get by using the power of IoT:

Enhanced safety alerts

A lot of IoT devices can send automatic messages to supervisors or managers to inform them about all useful news. For instance, they can alert them, if there is any machine tampering or any unauthorized attempts to bypass the lockout processes. Because IoT helps in reporting mistakes and all important equipment failures, it becomes easy for the supervisors to get a solution rapidly.

Improved customer experience

Even if IoT has mostly influenced the back-end processes due to its new presence, recent IoT uses have overturned the way customers approach their bonding with several businesses. Front-end consumer engagement has become a priority for businesses when they better communicate with their target audiences mainly through IoT devices. Today’s customers want to interact with businesses by phone whether through chatbots, mobile-friendly websites or any application. So, businesses are making use of the novel technology and then combining it with IoT for better customer experience.

Better visibility

This is one of the strategic advantages of implementing IoT when the matter is about production. IoT connectivity helps consistent tracking of the processes as it allows enhancements that should be made on a rolling basis. Manufacturing processes along with hangtime benefit when restricted access is recognized. It allows easy adjustments for the realization of good approaches and management of production and decrease of cost of operations.

Better management of inventory

IoT allows the managing inventory to make use of the automated asset in tracking and reporting using ERP to avoid all expensive mistakes that come with functioning within obsolete inventory tracking systems. The connectivity facilitates items to get tracked and recording of data to the ERP system. This helps in the reduction of working hours for inventory management every month and also the possibility of errors.

Updated fleet management

Construction and other companies face many challenges when matter comes to fleet management such as difficulty in finding equipment, getting access to equipment information in several degenerated systems, and recognizing the status and equipment value. IoT has updated fleet management systems by incorporating systems into one single framework having data and displaying information about the scheduling of equipment, working orders, consumer rentals, and many more things.

Conclusion:

Businesses are making use of the latest IoT analytics to unlock several benefits which include increased effectiveness, productivity, and cost-cutting. The implementation of IoT brings in new inventions and is redefining conventional business operating models thereby opening several opportunities for achieving success.