The Critical Role IoT Technology Plays in Today's Business Environment

From Fortune 500 behemoths to fledgling startups, most businesses have faced the brunt of the obstructions to their regular business operations over the past couple of years. Unsurprisingly, the IoT Ecosystem has flourished with significant increases in adoption and deployment with a projected increase of almost 16.7% (CAGR) in worth from 2021-2026 reaching upwards of $600 Billion.

Forward-thinking enterprises have readdressed their strategy and have integrated IoT assets into their repertoire in preparation for the emerging economic and cultural landscape of the modern tech-business amalgam.

The 9 Aspects of Business where IoT Plays a Critical Role

IoT can't prosper without building a technology and connectivity infrastructure that optimally supports all of its functionalities. At the same time, most enterprises have strict requirements in terms of QoS and Security assets.

The beauty of IoT lies in the fact that it can bridge these gaps by offering a seamless private network that functions autonomously within sectioned off areas, e.g., an on-prem intranet.

IoT innovation now enables hassle-free security, compliance, service, and unmatched performance for various establishments like hospitals, smart logistics, and more. Read on as I elucidate the nine aspects of business in which IoT is set to play a pivotal role in getting economic structures of the digitally augmented world up and running.

Enterprise agility and perspective

IoT is no longer something that can be ignored, given the repercussions of the socio-economic fallout of the recent past.

IoT allows businesses to engage with customers and gather valuable data that can be deployed for streamlining business processes, service offerings, and products.

Monetization policies have also evolved with the IoT enabled advent of pay-per-use products, subscription-based services, as well as data collection and sharing models.

Enhanced Automation

The world has gone digital. From online concerts and classes to online shopping, most business engagements are now remote.

The evolving business ecosystem has urged companies to adopt AI-based technologies for reducing pressure and dependence on humans. Numerous companies have gone entirely remote, thanks to the incentive of digitized processes.

Enterprises are now focused on building a strong and personable online presence, which has become a prerequisite for business continuity and relevance.

Greater Appreciation for skilled Human Resources

As mentioned earlier, IoT adoption has reduced pressure on existing human resources; however, it has not affected the need for human intervention and supervision.

Every company that wishes to leverage the capabilities of IoT has now hired or is in the process of hiring highly-skilled professionals versed in disciplines of data analysis, engineering, administration, finance, and tech.

IoT has brought about increased digitization and flexibility in all aspects of the business, from sales to administration and outreach.

Monitored Performance

Companies that have embraced IoT, have effectively evaded operational and administrative issues. Most digitized businesses offer a centralized platform from which business and employee performance can be accurately monitored.

In addition to performance, IoT powered performance evaluation can track the progress of market strategies as well.

For e.g., an enterprise with online marketing initiatives can efficiently monitor traffic and conversion patterns with the many analytics tools available today. With the uninterrupted connectivity that an IoT system offers, businesses now possess evolved performance evaluators to keep them abreast of any development or deficiencies that may arise in their business processes.

Remote Collaboration

IoT offers previously unseen opportunities for constant collaboration between managers, teams, and clients, safeguarding the three's vital link.

The manufacturing industry has also woken up to IoT capabilities and is rapidly implementing data-driven automated control systems.

With real-time data, fluid communication, and collaboration, IoT has played a significant role in updating supply chains and has helped manufacturers identify trends and risks so that crisis control and continued relevance endures in the sector.

Smart Manufacturing Environment

The Industrial Internet of Things or IIoT has helped enterprises across sectors increase productivity and transparency across channels.

The digital revolution that we know of by Industry 4.0 has paved the way for an integrated, interconnected, and intuitive approach to business. Some implementations that IIoT has facilitated are:

• Equipment remote-monitoring
• Vision-based control-systems
• Workforce tracking and monitoring
• Machine learning for enhanced automation
• Data-driven equipment and tool control

IIoT has helped enterprises with a 360-degree view of their operational capabilities and deficiencies, demand and supply metrics, and mitigation of threats and risks. From remote-assistance, digital workplaces to IIoT enabled inventory management, IoT has helped improve performance as well as strategy since its widespread adoption.

AR/VR for Augmented Visualization

Finding significant implementation in the spheres of e-learning and Healthcare, IoT powered AR/VR technologies are now prevalent even in production environments.

From training to remote-maintenance, immersive AR/VR technologies have brought a revolutionary change to how we perceive reality.

Keeping in step with the new normal, which decrees social distancing and self-isolation, businesses are now deploying AR/VR tech to conduct operations efficiently.

Telehealth/Telemedicine

The new normal is witnessing an ever-increasing adoption of IoT tech in the healthcare sector. Healthcare professionals can now deliver assistance to patients remotely without requiring either the doctor or the patient to be present at the same location, or for that matter, even in the same country.

With the utilization of the latest IoT telecommunication technologies and wearable devices, doctors can now conduct health-checks, diagnose diseases, if any, and deliver better care for patients. IoT powered telehealth technologies cover a wide range of applications from learning to diagnosis; treatment to continued care and professional advice.

Business Resilience and Flexibility

The business sphere still holds elements of inevitable uncertainty. The world's economic ecosystem is yet in a phase of transition, and the changes that this flux brings are unavoidable. Here is where relying on IoT capabilities can help businesses build the required resilience and flexibility to remain relevant.

Business IT rests heavily on connectivity and cybersecurity. IoT networks that connect people to devices and vice-versa are an excellent way of building a strong defense against malicious intent.

By leveraging the advanced analysis capabilities that IoT device data provides, enterprises can identify key points of efficiencies, availability, performance, and quality powered by real-time data, thus generating cost improvement opportunities.

Business Benefits of IoT App Development

Here are a few of the advantages that IoT app development can provide to build a competitive advantage for your business.

1. Efficiency in terms of Costs

Companies can cut costs associated with daily chores by using IoT solutions in their day-to-day operations. Equipment monitoring, for example, can aid in the prediction of potential issues and the reduction of downtown.

2. Productivity Gains

The introduction of IoT technology provides for increased productivity, particularly in manufacturing and key process automation. IoT solutions can aid in the management of operations, the monitoring of equipment's condition, and the notification of potential problems and malfunctions.

3. Improved Customer Service

The network of interconnected devices generates a large amount of data that may be used to increase consumer satisfaction. These types of solutions aid in the early detection and resolution of problems.

4. Improved Workplace Security

In high-risk areas, IoT apps may collect data in real-time and identify any anomalies that could turn into hazards. As a result, such organizations' employees will have a safer working environment.

To select the best decision among IoT app development platforms, you must first understand how to create an IoT app from a technological standpoint. The procedure necessitates in-depth technical expertise and mastery of each of the required protocols. That is why many businesses prefer to collaborate with a technology partner that specializes in IoT application development.

In Summation

The flux and evolution of the business landscape has shaken things up in almost every sector and business vertical, driving a massive shift towards automation facilitated through IoT tech.

The shift from being a traditional enterprise to a digitally empowered organization starts with IoT. Increased competitiveness, relevance, heightened efficiencies, rapid innovation, new business models, and rich customer experiences are only a part of the value proposition IoT brings to enterprises.

IoT enables enterprises to get closer to their end-user/customer both figuratively and literally and leverage this proximity to improve the way they create, market, and sell their products/services. But for stellar IoT app development, you need the right ally. Fret not, Mindinventory has your back.