The Internet of Things has enormous potential to transform not only the business landscape but the world around us in general. Though at the moment it is too early to talk about the mass adoption of comprehensive IoT systems in our everyday life, more and more businesses all over the world start investing in this technology to change the way they are performing various tasks.
It is expected that by 2030, the global IoT market will reach the size of $621 billion. And it will indicate quite quick growth. Just imagine: in 2020, this figure was at the level of $181.5 billion. However, this interest in IoT technology from the side of businesses is absolutely clear and can be explained by the range of new opportunities that companies can enjoy thanks to the implementation of IoT solutions into their business processes.
Already today top IoT developers can build cutting-edge products that will be able to automate numerous tasks, reduce the load on companies’ staff, increase the accuracy of different operations, and help to organize efficient gathering and processing of real-time data.
The impact of IoT can be already observed in multiple industries from healthcare to manufacturing. And given the continuously expanding functionality and capacity of such solutions, it is obvious that it is just the beginning of the overall IoT transformation. But to fully enjoy the benefits of this technology, you need to understand how IoT can support your company based on the peculiarities of the already existing processes and your ongoing business needs.
Predictive analysis for making better decisions
One of the advantages that IoT tools can bring to businesses is the accuracy and precision of data processing. Thanks to the capacity of IoT solutions to gather huge volumes of real-time data and efficiently process them, it is possible to detect even the slightest signs that can indicate risks of failures, downtimes, or falling customer satisfaction. Thanks to IoT sensors, operators can timely detect the necessity to conduct maintenance of their equipment and machinery and, as a result, avoid serious losses.
Moreover, thanks to the Internet of Things companies can more efficiently work with financial data, define trends, and better understand continuously changing market needs and consumer demand.
All this information can be used in a decision-making process and make it more productive and better informed. When executives make decisions based on high-quality analysis and the most relevant data, the risks of making a wrong choice are lower.
Real-time data monitoring
For companies working in many industries, it is crucial to have access to the most relevant real-time information related to various business processes and their steps. Thanks to this data, they can quickly react to any changes, find the best solutions to any possible problems, and even take proactive measures when any deviating trends are detected. The brightest example that we can mention for demonstrating the importance of this benefit is the logistics and transportation industry.
To reach the highest customer satisfaction and the best quality of services, logistics operators always need to have the possibility to timely react to dynamic delivery conditions. Having the most accurate real-time information about the precise location of goods, specialists can better manage all further steps of the transportation process. Moreover, IoT sensors can measure such parameters as air temperature and humidity that can be vital for transporting particular groups of products. If any of these parameters reaches a critical level, an operator as well as a driver will receive a notification and will be able to take measures so that the quality of goods won’t deteriorate due to inappropriate conditions of transportation. As a result, companies can avoid significant financial losses.
Increased workplace safety
Workplace injuries are considered to be among the most important issues for many manufacturing enterprises. Given the importance of staff health and well-being, companies invest huge amounts into various solutions for making their facilities a safer place for their employees. However, not all solutions demonstrate the desired level of efficiency. And in this case, IoT can change the game.
First of all, smart devices and IoT sensors can indicate dangerous behavioral trends and notify employees and managers about them. Secondly, IoT devices (and especially wearable ones) can continuously measure vital parameters of employees to check whether a person is ready to fulfill this or that task if it requires any special physical effort. Moreover, as IoT sensors can be also installed on equipment and detect any possible failures and tech issues, they can also notify users about any risks of technical problems that can lead to serious injuries and pose a threat to people’s health.
Getting additional competitive advantage via automation
Given the high competition in different markets, for businesses, it is crucial not only to offer the best products and services at reasonable prices but also to deliver them faster than their rivals and avoid mistakes at all steps. That’s exactly what IoT solutions can allow them to do.
Already today a lot of companies rely on the Internet of Things in inventory management, delivery tracking, manufacturing process monitoring, and many other tasks. IoT can not only streamline the execution of these tasks but also minimize risks of errors and fully eliminate those mistakes that are typically caused by human factors and can lead to huge financial and reputational losses.
Step-by-step IoT automation is becoming a standard for many industries and if you want to stay afloat, you definitely need to find ways to adopt this technology and start using it for your business needs.
Instead of a closing word
Of course, when companies consider the implementation of any software solutions in their processes (and IoT products are not an exception), they need to think about the financial side of this step. It is absolutely natural that these solutions and their deployment will require investments. Nevertheless, when you are estimating the feasibility of this move, you need to take into account the benefits that you will be able to enjoy in the future, including the increasing profitability of your business and new possibilities for its growth and expansion.