Emerging technologies such as artificial intelligence, robotics, quantum computing, nanotechnology, and the Internet of Things have changed how businesses around the globe operate.
These technological innovations are based on advanced algorithms that have the power to completely transform industries by eliminating human error, increasing workplace productivity, cutting expenses, and many more.
And because we can’t discuss all of them in a single article, we’ll focus on one of the most prominent: the Internet of Things, or IoT. This technology has already started its journey to complete digital transformation, changing how large, small, and midsize businesses use devices in the working environment.
The IoT mechanism, according to which data is automatically transferred through a network, has been making waves, especially in the manufacturing industry, also called Industry 4.0. Hence, by collecting all their data in a single place, manufacturers are able to make more pertinent decisions and develop more meaningful processes.
Nonetheless, IoT is far from being just about manufacturing. According to statistics, 83% of organizations spanning a range of areas have seen improvements in their operations and productivity after implementing the IoT technology. Most businesses that have embraced IoT have also confirmed returns on their IoT investment, so there is no room for doubt: IoT is here to stay.
If you’re still weighing, here’s a list of undeniable advantages of IoT that will shed some light on this revolutionizing technology.
Increased productivity and profitability
IoT helps increase productivity in the workplace through automation. This technology automates time-consuming and repetitive tasks, such as inventory management and data entry. And since human labor is reduced, productivity will increase significantly.
Human resources can also be transferred to more meaningful or complex duties that demand out-of-the-box thinking or other individual skills algorithms can’t support.
Another example of tedious tasks involves PDF editing and archiving. However, if you have an IoT-enabled device that removes the obstacles associated with this, you can increase not only documentation speeds but also communication between departments.
Another reason more and more companies are implementing IoT technology in their business operations is that it provides real-time insights, making tracking more accessible and faster. Thereby, bottlenecks or areas for development can be spotted in advance.
However, if you implement this technology for the first time, ensure you train your staff properly. Employee training is an essential part of any successful and smooth-running company, especially in this technological era.
Since many innovations have emerged as robust tools for business operations optimization, your staff needs thorough training on using and controlling them for maximum productivity and top-notch safety.
Fortunately, there are a lot of options in this sense, from online courses and one-on-one meetings to workshops and mentoring programs. Courses like ITIL v4 Foundation, for example, can help your team navigate today’s technological advancements, including artificial intelligence and IoT, providing insightful information and instructions on how to make the most of them.
Optimal asset utilization and tracking
The automated monitoring and scheduling that comes with IoT technologies allow for better use of resources and assets. That could mean everything from enhanced water consumption to power management.
Smart motion detectors can significantly cut water and electricity expenses, promoting a more productive and sustainable business model. Autonomous control and real-time insights help companies make the most of their assets without being forced to repair them too frequently. Asset-heavy industries, in particular, have implemented IoT for better transparency through location and more meaningful updates.
One of IoT’s most significant advantages refers to streamlining. Streamlined operations further promote cost reduction, helping companies specialized in production, supply chain, manufacturing, etc., saving precious time and money.
The manufacturing industry, in particular, benefits from this innovation, reducing downtime by up to 20-50% and saving 5-10 maintenance costs.
IoT sensor-based devices can keep machinery and equipment running at peak functionality, and manufacturers can control them more easily. Nevertheless, IoT technologies can be customized to help businesses regardless of industry, from healthcare and logistics to agriculture and supply chain management.
Enhanced security levels
If there is something that businesses have undoubtedly learned in recent years is that the Internet can be both their friend and enemy. Any vulnerability in this digital era can not only cause companies to lose profits but also make them a target for the many cybercriminals out there.
By implementing IoT-enabled devices, tools, and equipment, organizations can finally address this problem, but this doesn’t mean they need no other protection measures in place. All these devices should be equipped with the right security software tailored to each business’s needs and requirements.
IoT also contributes to enhanced safety in physical locations. A network of IoT devices, such as motion sensors and surveillance cameras, can improve an organization’s security and keep thieves or other malicious actors away. This network can be further enhanced with deep learning technology to build custom security solutions.
While many companies aim to generate revenue from their digital services, just a few use a cohesive strategy in this regard. If you’re dealing with the same problem, IoT could be just what you need to push your company forward.
Smart utility grids, artificial intelligence, and advanced analytics will allow you to provide the quality of services your clients seek by gathering actionable data. Having all the needed information in a single and safe place further helps you identify potential issues and develop business models that align with your industry or audience’s requirements.
IoT can be used in various ways to make your voice heard in this competitive market. For instance, IoT sensors on automobiles can monitor different driving habits and speeds, further allowing insurers to enhance rates on automobile insurance. In retail, on the other hand, IoT can be utilized to assess in-store foot traffic and hence optimize displays to meet customers’ needs and habits.
Many companies are already using IoT to increase the quality of their products and services and perform challenging tasks better than competitors. This not only saves them time and money but also makes them more competitive and attractive to investors or potential business partners.
Improved customer experience and thorough marketing are other notable upsides IoT can bring to your business, so ensure you consider implementing this revolutionizing technology.
Arnab is a passionate blogger. He shares sentient blogs on topics like current affairs, business, lifestyle, health, etc. To get more of his contributions, follow Smart Business Daily.