How IoT Devices Can Drive New Business Opportunities in 2021

According to Juniper Research, there will be more than 50 billion connected devices by 2022. From consumer video game systems and smart refrigerators to smart toll booths and oil tank sensors, these devices will continue to change the lives of people around the world. 

With this massive influx of Internet of Things (IoT) devices, businesses must rise to the challenge to meet the demands of consumers who are connecting everything from lightbulbs to toasters to the Internet, and businesses who are likewise connecting their smart equipment and machinery.    

Unfortunately, existing 4G technology is largely unable to provide the speed and efficiency that most customers need. In order to provide the best customer experience, businesses must look to 5G technology, which will enable these smart devices to work the way they should - not just decreasing customer frustration but truly providing a seamless experience.    

As IoT transforms the way we experience day-to-day life, here are a few ways that businesses can get ahead of the curve.

Transforming Supply Chain and Inventory Management

I spoke with the digital marketing consultant Glen Gilmore to get his take on how IoT [1] [2] [3] is transforming business. We agree that the main value comes down to efficiency: “Businesses should be asking, ‘How can we remotely monitor and automate more of our daily operations so we can do more with less?’” He says.

IoT devices allow for end-to-end visibility throughout the entirety of the supply chain, [4] [5] [6] [7] [8] [9] from sourcing to the sales floor, providing data that can be acted on in near-real-time — and often automatically. Today, chips in products, packaging, or containers transmit data about their location[10] [11] [12] [13] and IoT platforms can manage and monitor your connections in real time. And newer devices like smart shelves are being rolled out to monitor inventory and seamlessly reorder items when they are running low. These solutions [14] [15] [16] [17] can help ensure that companies can keep up with consumer demand and supply products when and where they are needed.

Smart objects can also monitor conditions at factories, warehouses, and in shipping containers to prevent and identify damage and spoilage of temperature-sensitive or perishable items, and automatically pull them out to be processed. As you might imagine, this ability has far-reaching implications that range from enhancing customer satisfaction to averting potential public health disasters, such as from tainted food.

Finally, IoT’s increased access to data and greater transparency help businesses and their customers monitor their supply change to get better transparency which, when paired with blockchain delivers a powerful, integrated solution for monitoring and enhancing quality in the supply chain. For example, a coffee company might provide customers with the ability to trace their bag of joe all the way back to the farm in Africa where it was grown to assure them of its sustainable growing practices and responsible treatment of employees.

Keeping Employees Safe

Ensuring a safe and secure environment at work is the most basic responsibility of business owners and managers. Intelligent video turns new or existing cameras into smart IoT devices: the service can “see” whether workers are wearing PPE or other protective gear correctly and when required, as well as monitor adherence to social distancing and other protocols.

IoT devices can also incorporate thermal imaging technology, which can non-invasively and safely measure body temperatures to help prevent the spread of illness. This technology can also alert managers to ambient temperature fluctuations that can indicate equipment malfunctions, fires, or other potentially dangerous conditions.

Such capabilities also reduce the need for eyes on a video feed at all times by automatically monitoring facilities for maximum capacity thresholds, unauthorized entries, and suspicious behavior--allowing employees to focus on higher-value activities. “From better inventory control to monitoring facility security or cleanliness, or preventive maintenance of equipment, the Internet of Things should be thought of as the Internet of Business Automation and Efficiency,” notes Gilmore.

Taking It on the Road[18] [19] [20] 

Almost every type of business, in some form or another, depends on vehicles, whether it’s a company car a sales rep uses to make customer calls or trucks that deliver products and raw materials. IoT devices support improved fleet management by tracking goods, monitoring driver compliance with laws and safety policies, and using data to optimize route planning for shipments and delivery operations based on traffic patterns and updates. 5G-enabled solutions can also analyze vehicle performance, providing early warnings about engine issues or other required maintenance and lengthening vehicles’ lifetimes.

While governments and businesses alike have laws and regulations to account for driver safety, these rules are increasingly based on data and telematics tools that report driver activity, ensuring compliance. Fleet telematics solutions paired with telematics apps help promote driver safety and performance as well as compliance with government regulations.

Connected wifi devices for vehicles can also support greater employee productivity and safety while traveling--no more dead spots, excruciatingly slow download and upload times, or spent batteries. Employees can be sure of their ability to access needed information and communicate instantly and securely no matter where they are.

Supporting a More Sustainable Future

One of the greatest advantages of IoT devices is how businesses can use data and automation to implement more sustainable practices and processes. “IoT offers businesses of all sizes the opportunity to make their operations more efficient,” notes Gilmore. “It provides crucial, real-time information and the chance to automate resource-consuming processes.”

For example, insights from data analysis on traffic delays and vehicle maintenance, performance, and speed can be used to lower fuel costs and reduce the need to buy new equipment. Even small adjustments can add up to significant savings and less waste over time.

Greater efficiency in fuel use can also lead to a reduction in carbon emissions emitted by vehicles and facilities, as well as help conserve energy. From identifying suppliers of materials located closer to factories to avoid shipping items over long distances to streamlining logistics, there are a multitude of ways IoT devices can help companies lessen the strain on limited resources and conduct business in a more sustainable manner.

The Voice of the Customer

While IoT technology has changed a number of internal business processes, from shipping to automation, it's also changing the way businesses interact with their customers.

With the preponderance of virtual assistants out there, from Siri to Alexa to Cortana and more, customers are taking advantage of voice technology to perform countless searches. Gilmore sees this space as a huge opportunity for savvy businesses.

“On the cutting edge of IoT, businesses should be leveraging voice technologies so that when consumers ask their favorite voice device about a business, product, or service they can be found,” he says. “As voice search becomes a primary method of consumer search, savvy businesses should seize the technology to improve brand discovery and customer experience. This should weave in chatbots as well.”

Just as businesses are streamlining their own processes by using IoT technology, they can use these technologies to improve the customer experience, creating an end-to-end experience that drives efficiency and satisfaction.

Discover the Benefits IoT Will Bring to Business

As 5G continues to roll out, we will see the Internet of Things get closer to achieving its full potential. Businesses of all types will realize opportunities for efficiency, better service, and improved safety across the range of their operations.

Click through to learn more about IoT with AT&T Business.