Here's how you can transform your business with IoT
Regardless of your industry, IoT and its applications have the potential to transform your business in myriad ways.
By the year 2020, Gartner predicts that between 20 to 30 billion devices will be interconnected all over the globe, and more than half of the major new business will incorporate some or the other element of IoT in their processes and systems. With the cost of IoT technology falling all the time, businesses can accrue maximum benefits at an affordable price. Businesses, large or small would do well by implementing IoT in their systems, as IoT has the ability to support business growth and simultaneously create new opportunities.
How will IoT transform your business?
IoT today is more than just hype and businesses are now using it to serve a variety of purposes. This is mainly because organizations have now realized the amount of valuable time and money they can save by integrating IoT in their systems. A network of inter-connected objects that are able to collect and exchange data using embedded sensors, IoT helps eliminate inefficiencies in business models and increase visibility into core business functions.
Listed below are some key areas of business that IoT is bound to transform:
Customer experience
What is a business without its customers? We all know that as customer requirements change, the face of businesses also changes. Connected devices and technology provide businesses with data that can enable them to reach their customers more efficiently and gives them a clear insight into their wants and needs. This data can then be used to add value to the products and services provided to customers, thus enhancing customer experience and satisfaction.
Enhanced operational efficiency
IoT is now a part of a business’ operational solutions and is bringing about significant transformations in the transportation, healthcare, and manufacturing industries. In manufacturing, connectied manufacturing devices and aggregate data are enabling manufacturers to reduce overhead, optimize inventory, and increase profits. In healthcare, IoT adds value by streamlining everyday patient processes, by using connected devices and reducing the administrative and resource costs. The sensors in IoT can be used for many types of machinery to monitor performance and detect faults before they occur. As a result, IoT helps in enhancing the operational efficiency of a business.
Business model innovations
IoT has triggered a series of innovations in several business models. Usually, a business model requires taking into consideration a lot of factors, such as demand and supply, equipment and machinery, and output and profits. Use of IoT can churn out data that can be analyzed to create useful information, which in turn helps in redefining business models.
IoT in business: What can you do to ensure transformation?
In order to enable transformation with IoT, businesses must have a clear top-down vision of the entire enterprise landscape, both process and technology. This must include all systems – finance, ERP, CRM, IoT. Once there is visibility, businesses must monitor data and conduct real-time analysis for a holistic view of the as-is scenario and the development of any upcoming business models that use IoT.
IoT doesn’t demand big upfront investment. Therefore, it is convenient for a company to identify ways in which their systems, processes, and operations could be made more efficient by the integration of IoT. IoT is destined to change the competitive landscape of industries. Businesses that do not seize the opportunity may face a serious threat of disruption and get left behind. But those who do, have real business advantage in store for them.