Key benefits of IoT technology are as follows:
Technical Optimization: IoT technology helps a lot in improving techniques and making them better. For example, with IoT, a manufacturer is able to collect data from various car sensors. The manufacturer analyses 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.
Apart from above benefits below are some additional advantages of IOT:
1. Improved productivity of staff and reduced human labor
Thanks to IoT solutions, mundane tasks can be done automatically, so human resources may be transferred to more complex tasks that require personal skills, especially out-of-the-box thinking. This way, the number of workers can be minimized, which results in reduced costs of business operation.
2. Efficient operation management
Another significant benefit offered by the interconnection of smart devices is automated control over multiple operation areas, including, among others, inventory management, shipping tracking, fuel and spare parts management. For example, this approach involves using RFID tags and a corresponding network of sensors to track the location of equipment and goods.
3. Better use of resources and assets
The automated scheduling and monitoring implemented with the help of interconnected sensors enable higher efficiency of resource use, such as improved power management and water consumption. For example, simple motion detectors may save significant sums of money in electricity and water bills, thus making both small and large businesses more productive and eco-friendly.
4. Cost-effective operation
Due to the reduced downtime periods, ensured by automatically scheduled and controlled maintenance, supply of raw materials, and other manufacturing requirements, the equipment may have a higher production rate resulting in bigger profits. Again, IoT devices greatly facilitate management within individual departments and across the whole enterprise structure.
5. Improved work safety
In addition to the abovementioned benefit, the scheduled maintenance is also highly advantageous for ensuring operational safety and compliance with the required regulations. In their turn, safe working conditions make the enterprise more attractive for investors, partners, and personnel, increasing the brand reputation and trust. Smart devices also reduce the probability of a human error during various stages of business operation, which also contributes to a higher level of safety. In addition, a network of IoT devices such as surveillance cameras, motion sensors, and other monitoring devices can be utilized to ensure the security of an enterprise and prevent thefts and even corporate espionage.
6. Thorough marketing and business development
Smart devices that are situated at homes, especially voice assistants and other appliances that can directly communicate with end-users on a regular basis, provide invaluable source information for business analysis. IoT helps enterprises by gathering large volumes of user-specific data employed for developing business strategies, targeted advertising, fine-tuning price policy, and other marketing and management activities.
7. Improved customer service and retention
The abovementioned collection of user-specific data achieved by using smart devices also helps businesses to understand the expectations and behavior of customers better. IoT also improves customer service by facilitating follow-ups after sales such as automatic tracking and reminding the customers about required maintenance of purchased equipment after its predefined period of use, the ending of warranty periods, etc.
8. Better business opportunities
Due to the increased effectiveness, the company that uses IoT solutions is able to offer a wider range of services or products, or increase their quality in comparison with its competitors, but at the same price. As an alternative, such a company may perform more challenging tasks in terms of production difficulty, time, or quantity. Altogether, the use of smart solutions makes an enterprise more competitive and attractive as a potential business partner.
9. More trustworthy image of the company
A company that employs high-tech solutions, and IoT in particular, generally makes a positive impression on customers, investors, and other business partners who are aware of numerous advantages offered by the Internet of Things. Moreover, it is easier to attract highly-sought experienced staff if a company provides a safe and secure working environment ensured by a network of smart devices.