Advantages of IoT in Business and Some Inspiring Use Cases
The advantages of IoT (Internet of Things) and the innovations and improvements that it confers on businesses have been a regular topic in the mass media. It has become a go-to technology not only for startups but also for big business enterprises.
IoT is a rewarding technology both at the individual and institutional levels. Innovative and creative applications of IoT bring huge impact and revolution into business operations and decision-making.
According to the sources, if companies blend IoT technology properly with the physical world, results can generate a huge economic elevation of about 11 trillion dollars. By collaborating with knowledgeable IoT development services providers, businesses can accomplish success with this trending technology.
We will quickly scan through some notable advantages of IoT and some excellent IoT use cases to inspire your business to transform for the future.
Let’s move on to see some inspiring IoT use cases from some of the world’s top business enterprises. If you would like to have an exclusive look at the top IoT trends that you need to know in 2021, read here.
IoT in Business — Some Inspiring IoT Use Cases in the Enterprise Level
We can see many amazing and inspiring IoT use cases from some of the top businesses. They tremendously use IoT technology to be integrated into their existing business models and reap the best benefits.
BT, a UK-based company that is one of the top communication services, deployed an IoT framework for location intelligence. They schedule their engineers and use the location map intelligence to get optimum performance by utilizing existing resources.
By using IoT-based location intelligence, BT can visualize real-time data from their sensors. This information can be further used to find the resource network and correlate it with the customer requirements. With all these technologies and utilities of IoT, the company succeeded in responding quickly to the needs of its customers.
With location details of employees and data of their customers, they make highly informed decisions while meeting up with the existing demands and releasing new services. They are finding sure fire ways to leverage the advantages of IoT.
Another big engineering firm, Siemens in Europe, is brilliantly tapping into the potential of IoT. They transformed their operations using IoT technology. The company runs hundreds of turbines across the places, mostly at remote locations and tracking using RTI messaging software. With the help of this, they enable predictive maintenance to help maximize the productivity and efficiency of the wind turbines even in highly unpredictable weather conditions.
Another big example is UPS Enterprise, which has got one of the top implementations of IoT for business to reduce their operational cost while delivering goods by tracking their truck routes.
UPS effectively blended vehicle sensors with GPS tracking, which helps drivers to know the shortest possible route to be undertaken.
This brings in a highly cost-effective combination of their routes. It had brought in a big revolution both economically and environmentally.
UPS saved fuel quantity of around 1.5 million gallons just by covering their ten thousand routes. In turn, these applications of IoT proved to be a great money saver for them, along with fulfilling their environmental responsibility by reducing the carbon footprint.
Advantages of IoT in Business
Let us explore a few important benefits of the deployment of IoT technologies to better the business.
1. Enhanced productivity
Every company strives to be more efficient in terms of production and productivity. With the help of IoT applications in the manufacturing industry, production units can assess what and where their specific demand rises and collate available resources to manage different stages of production. Apart from just monitoring the production, IoT also can train their employees in real-time to become more skillful and productive to offer a positive impact to their firm. There are many professionals who provide training to those who are looking for it. You can find plenty of options for your requirement.
2. Better understanding of customer behavior
When it comes to discussing the advantages of IoT, its enhancing role in understanding customer behaviour needs special mention.
Ultimately, it is the consumer behavior that decides the result and output of any firm. So, they are the kings of business. Having a good command over customer preferences and behavior will help businesses to understand what type of products and services they like or dislike.
IoT developers use IoT technologies to do massive market study possible. The businesses are now able to gather, analyze, and interpret data of customer activities and gestures through various sensors, video surveillance, usage of mobile and other gadgets, social media, and internet activities.
3. Discovery of new business opportunities
Modern businesses need not be conventional as their customers are coming up with new requirements. As time passes, our businesses need to change, and the number of possibilities they can have now is countless.
IoT may be the most trustable partner to marketing and customer support to leverage the best out of those opportunities and explore creative possibilities.
IoT-based technologies have now revolutionized the entire business atmosphere by helping in reaching out to customers in a better way. It further gets accelerated by collaborating with the expert IoT solutions providers like Bridge Global for more practical solutions even in times of business uncertainty.
4. Higher cost-effectiveness
At all stages of business processes, money is involved in some form or another. One cannot afford to lose even a penny in unnecessary cost. IoT applications can come to the rescue here too.
IoT technology can help the decision-makers to predict the downtime of equipment, help in monetization of the resources, ensure energy efficiency, etc. It also helps in cost-cutting helping an establishment with competitive advantage.
Better utilization of assets is one of the main advantages of IoT. It leads to reduced maintenance needs, enhanced customer service, better user experience and workplace safety, enablement of real-time analytics and historical analysis. In a nutshell, applications of IoT can ensure a good business environment.
Wrapping Up
There are infinite opportunities in IoT, along with many challenges too. In any case, IoT continues to boom across the globe in every possible sector, and so businesses must be in touch with the evolving trends in it. Furthermore, they should stay in tune with the flow to receive the best technical solutions to their business challenges using IoT and to draw all the possible advantages of IoT.
Originally published at https://www.bridge-global.com on June 17, 2021.
