By Michael Rivera, PhD
The Internet of Things (IoT) is a cutting-edge technology transforming the digital world rapidly. Organizations globally leverage the possibilities of IoT to build one-of-a-kind products & services, improve productivity, and thrive profitably in the fast-changing business world.
Adopting relevant IoT solutions is the way to go if you’re looking to transform your business with digital technology. Are you still in doubt about how the Internet of Things can improve your company? If yes, this article is for you! It covers what IoT is and how the technology can help you build a resilient and profitable business.
What is the Internet of things (IoT)?
Internet of Things refers to physical objects with sensors, computing ability, software, and other technological capabilities that connect and exchange data with other things (devices and systems) over the internet or other communication channels. It’s a network of interconnected devices or objects that has the ability to transfer data over a network with no need for human-to-human or human-to-computer interaction.
Real-life examples of IoT are home automation, smart cars, wearables health monitors, biometric security systems, business process automation, etc. Home automation is an excellent example of IoT. In a smart home, electronic gadgets, like lights, fans, air-conditioners, kettles, blenders, etc., can be connected to one another over the internet. This networking allows the user to operate these devices from a remote location. Amazing, right?
Ways the Internet of Things Can Help Your Company
IoT is beneficial in many ways. But we will review the four major ways you can benefit from it.
1. Improved Business Insights
IoT solutions help you gain more visibility into the data you need for decision-making. The digital economy is getting more sophisticated by the day. And any company that wants to win must rely upon accurate business insights. Data-driven insights enable you to make decisions that benefit your customers and employees.
2. Improved Customer Experience
Having access to accurate data helps you know who your customers are and what they want. And knowing what your buyers want is all you need to offer a great customer experience. A lot has changed over the years, and customers expect more from businesses. Thanks to IoT technology, which helps companies get insights they need to improve customer service.
3. Cost & Downtime Reductions
Having access to real-time insights into operations, like the state of industrial machines, helps you to reduce operational expenditure and downtime. For example, the digital twin technology lets engineers know when machines are about to break down – enabling them to prevent sudden downtime.
4. Efficiency and Improved Productivity
IoT capabilities enable business leaders to identify ways to boost efficiency and productivity easily. According to a recent report by Inmarsat, businesses expect the Industrial IoT to increase revenues by $154 million.
The future of IoT is promising, and companies have a lot to gain from it. Whatever your needs and goals are, you can leverage the power of IoT to transform your business. And you don’t have to know how to write codes or build an in-house team of engineers. Thinaer can help you improve your company with industry-leading IoT solutions. Thinaer, trusted by the world’s leading companies, provides massive IoT-focused digital transformation. Do you want to learn more about how we can help you? Contact us today!