If you haven’t heard the term “IoT” being volleyed about, you’re missing out!
What is IoT technology? To put it simply, IoT refers to devices and gadgets that can collectively be used to transmit and store data. Given that about 26 billion computers will be in use by the year 2020, there isn’t a more effective medium for businesses to reach their customers.
What devices are IoT? You might be surprised to learn that this technology doesn’t merely embrace traditional computers. Rather, it also encompasses thermostats, vehicles, lighting fixtures and wearables (like watches) – essentials owned by the average city person.
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With the emergence of such interconnected technology, the future for businesses looks bright. If used smartly, IoT can be used by businesses to glean valuable data, gain a competitive edge and foster innovation. In fact, there are a number of apps being developed by IoT companies to address the pressing problems of the modern-day enterprise.
So why should businesses be excited about this particular development in the world of IT? Find out below!
- Drastically Reduces Operating Costs
In manufacturing, IoT devices are tremendously useful to predict mishaps on the production line and can supervise equipment – both of which lead to the reduction of downtimes. Smart energy systems can be used to measure non-essential energy usage in buildings and offset waste, thus saving on electricity costs.
- Gives Valuable Insights Into Customer Buying Patterns
The bedrock of a successful business is to decode customer behaviours, particularly in the retail space. IoT provides the ideal solution. Information can now be gathered through social media, surveillance footage, internet habits and mobile phones. Such information can then be used by companies to create value-added products and foster a strong and loyal customer base. Detailed customer personas help brands understand what their audience is asking for.
- Streamlines Productivity in the Work Cycle
To generate higher profits, businesses must prioritize productivity. IoT to the rescue! This helps companies measure demand and manage efficiency at different phases in production; right from tracking supplies in real-time to transporting the final output to its designated retail space. Employee data is collected by IoT devices to study the most productive hours during which high-priority tasks can be assigned.
Apart from this laundry list of benefits, IoT also helps offset technical difficulties and allows for remote troubleshooting.
- Increases Workplace Safety
IoT technology helps elevate workplace security. How? Simple. It leverages embedded sensors and wearable, especially in risky settings like heavy-duty industries, mining, construction, etc. to alert people of hazardous material, dangerous terrain and employee exhaustion. Moreover, IoT can also be used to monitor the premises and protect important assets by implementing surveillance cameras.
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