Key benefits of IoT technology are as follows:
- Technical Optimization: IoT technology helps a lot in improving technologies and making them better. Example, with IoT, a manufacturer is able to collect data from various car sensors. The manufacturer analyzes them to improve its design and make them more efficient.
- Improved Data Collection: Traditional data collection has its limitations and its design for passive use. IoT facilitates immediate action on data.
- Reduced Waste: IoT offers real-time information leading to effective decision making & management of resources. For example, if a manufacturer finds an issue in multiple car engines, he can track the manufacturing plan of those engines and solves this issue with the manufacturing belt.
- Improved Customer Engagement: IoT allows you to improve customer experience by detecting problems and improving the process.