IoT & Business

Internet of things has been a buzzword in today’s fast-paced world. Internet of things is a core technology in today’s era. Chances are you’ve already heard of the term - Internet Of Things. If not, IoT is commonly known as a network of physical electronic devices connected via the internet.

Applications of IoT is seen in various domains and this reflects the significance of IoT. However, the fact remains that there are many challenges and issues related to the use of IoT, and they cannot be ignored. This brings us to the heading of the blog: advantages and disadvantages of the internet of things.

Here are some advantages of the internet of things:

Increase Business Opportunities

IoT opens the door for new business opportunities and helps companies benefit from new revenue streams developed by advanced business models and services. IoT-driven innovations build strong business cases, reduce time to market and increase return on investments. IoT has the potential to transform the way consumers and businesses approach the world by leveraging the scope of the IoT beyond connectivity.

Enhanced Asset Utilization

IoT will improve tracking of assets (equipment, machinery, tools, etc.) using sensors and connectivity, which helps organizations benefit from real-time insights. Organizations could more easily locate issues in the assets and run preventive maintenance to improve asset utilization.

Efficient Processes

Being connected with a maximum number of devices to the internet, IoT allows businesses to be smarter with real-time operational insights while reducing operating costs. The data collected from the logistics network, factory floor, and supply chain will help reduce inventory, time to market and downtime due to maintenance.

Improved Safety and Security

IoT services integrated with sensors and video cameras help monitor the workplace to ensure equipment safety and protect against physical threats. The IoT connectivity coordinates multiple teams to resolve issues promptly.

Increase Productivity

Productivity plays a key role in the profitability of any business. IoT offers just-in-time training for employees, improve labor efficiency, and reduce mismatch of skills while increasing organizational productivity.

Cost Saving

The improved asset utilization, productivity, and process efficiencies can save your expenditures. For example, predictive analytics and real-time diagnostics drive down the maintenance costs.