By Michael Rivera, PhD
Digital transformation involves leveraging digital technologies to create or modify business operations to meet market demands.
But technologies are advancing quickly while market requirements and consumer demands are becoming more dynamic every day. This makes digital transformation an ever-changing process.
Today, digital transformation has evolved from what it was a decade ago. To become digital masters and stay competitive, business leaders must understand the latest digital transformation trends to capture value at scale.
However, data is a mainstay in digital transformation. It is critical to modifying business operations, gaining customer insights to enhance products, and improving employee efficiency.
Data is also at the crux of the Internet of Things, making IoT a massive enabler for digital transformation.
IoT in industrial settings offers:
- Leadership capability: IIoT allows business leaders to drive change systematically and profitably.
- Digital capability: Organizations can leverage IIoT to improve existing products or create new ones based on market demands.
By combining these two, you will become a “digital master” that can transform digital technology into a business advantage.
IIoT Applications to Strengthen Leadership Capability
Here are some real-world applications of the Internet of Things to strengthen a company’s leadership capability in its industry:
Asset Tracking and Inventory Management
Workplace theft costs companies $50 billion yearly. Businesses can reduce this risk using asset-monitoring IoT solutions to manage properties and create usage data.
For example, RFID tags have a unique digital footprint that improves inventory management. The encoded data has details like a product’s model, type, weight, color, and batch numbers that make inventory easier to track.
Optimized Product Usage
IoT allows businesses to collect tons of data, and there are many things you can do with that. The data from product usage can help you improve the value you provide. IoT data can help detect product performance, identify potential issues, and alert users when maintenance is imminent.
IIoT Applications to Strengthen Digital Capability
Here are ways your organization can improve digital capability:
Identifying New Growth Opportunities
Businesses can use IoT software to discover emerging trends and explore business opportunities. Data can help you find a new market for an existing product or create a new product that your current market needs.
Personalized Digital Marketing
Businesses can improve marketing campaigns with data collected on customer behavior and preferences. IoT-enabled devices can help companies deliver targeted content and ads to their customers.
Improved Digital Security
Hacking, data breaches, and identity theft are on the rise, and users are increasingly concerned about the safety of their personal information. IoT promises safer digital environments due to real-time monitoring. Your team can take a proactive approach immediately if something is suspicious.
Do you want your company to become a digital master by combining leadership and digital capabilities? Thinaer has full expertise in developing IoT software solutions for large and emerging companies. From data collection and analytics, IoT app development, and back-end infrastructure and integration, our team can provide an IoT-focused digital transformation for the company. Contact us now.