HOW IOT IS IMPORTANT TO YOUR BUSINESS
Thanks to the emergence of the Internet of Things, we are living in an era of performing business efficiently.
From wristwatches to the bathroom, IT sector, and industrial machines, all are having sensors to communicate and collect for better performance. We say communication of things means, increasing productivity. However, as an experienced IoT consultant, many company CEOs and managers asked us; How IoT technology realistically helps us to work more efficient and smarter?
We would suggest some actionable techniques and plans that help them to increase the productivity of their organization. We believe that there are 3 important ways in which the Internet of Things will change the face of your business:
Making Marketing Smarter
The IoT industry is not only helping the people and communities but providing new and endless opportunities to the businesses. Especially where marketing is a concern. It allows marketers to improve marketing ROI.
One of the most important things to any business is its ‘sales data’ if you know the information like; why, when, and how much your products being purchased and consumed, then you'll be able to apply better marketing campaigns towards your clients or customers.
The IoT devices can gather this data and supply it back to you instantaneously. With the help of this data, your company can create well-informed marketing strategies that improve ROI for future sales.
Perhaps the most important benefit of integrating IoT in marketing is that; it allows marketers to show relevant campaigns or ads to the audience and analyze their behavior.
The “As-a-Service” Revolution
IoT has changed the way business is performed. According to stats, there will be 22 billion IoT devices connected by 2020. With this huge increase in number, companies have the opportunity to measure the customer's interest and usage about their products and services.
We think it is a golden opportunity for companies to create new business models and services for generating a stream of revenue because every company wants to switch from an on-off sales model with an ongoing stream of income *(which we call as a service-based model).
This could be achieved by gathering the data from IoT connected devices, and transform it into smart, actionable form and utilize it as service-based models.
In fact, it is a combination of products and value-added services that leads towards a long-term relationship between company and customers. Even customers are also satisfied and happy because they don't have to make big investments.
We call it a win-win situation both for the company and its customers. You can start working on it by;
- Creating business models.
- Offer new services.
- Create or enhance competitive advantage.
Improve your Business Productivity
IoT devices are making the business efficient in an incredible number of ways.
But it depends upon the needs and concerns of your company. First, you have to define your “Problem Statement.” It’s about the metrics (process) you need to improve.
No doubt that implementing IoT technology helps; to reduce the overall operational cost, better coordinate operations, lowering energy costs, improving supply chain, or streamline routine tasks. According to the report, the IoT could generate $1.2 trillion globally through improving productivity.
With IoT devices, there is the possibility of automation. CEO and managers can use IoT devices to monitors and controls various operations across the business. Using these devices to automate a repetitive process that is usually performed by employees can increase productivity by saving time to focuses on more complex tasks.
Let us share the example of Rolls Royce Aircraft Engine. It contains the IoT sensors that send real-time data on the ground to analyze engine performance. This data helps the company to detect any problem before any failure.
The Internet of Things isn’t just about smart devices, but sensors also play a part. These sensors can be in jet engines, large scale machines, or even in your shoes that sent back useful data into the cloud. Companies then know more about the product, and operations are getting in the right way.
Final Thoughts
Put IoT to Work for You. Companies are getting the most out of this technology to generate more revenue. If you think you need free advice. We have 15 years of IoT consultant and project implementation experience that helped many companies to reach the next level.
