The Internet of Things, or IoT, it’s a fast-growing technology, that consists of everything we understand as a connection between physical devices and software, in order to exchange data. There are IoT solutions that businesses can use and have a lot of benefits. With a proper strategy, they can be sure they will make a profit and monetize their work successfully.
The huge growth of IoT solutions is expected in the years that come
These solutions are not that valuable in the meaning of technology, but they are crucial for the business, and we can expect a real revolution in the development. According to Orientedsoft, over 20 billion Internet things are connected to one another, and when they are properly integrated, they will bring a lot of benefits, including reduced labor costs and more automated processes, then better service, less waste, and more efficient logistics. These solutions can turn your business around, and they will help you get more creative with your new ideas, which will be nice to enhance efficiency and increase profits.
How is the situation right now?
Around 45% of entrepreneurs claim that IoT helped them increase their profits up to 5% every year. There are some of them that say their profit was even better, up to 15% annually. As a result of the implementation of the IoT, a lot of companies reported increased profits. Right now, there are more than 20 billion things connected, and this number will still grow as time goes by.
Who has the most benefits of IoT?
Almost every person or group that is a part of the chain can have some benefit from the increased usage of IoT solutions. For example, the consumers who are using these solutions, as wearable devices, smart homes, clothes, all the devices we own, and so on. The governments can enhance their performance through this technology, especially when it comes to the infrastructure or the healthcare sector. The businesses take the largest piece of the cake, and we can openly say that the IoT is affecting all the industries, including infrastructure, logistics, transport, retail, trade, banking, education, agronomy, mass production, and so on.
What are the benefits of it?
There are plenty of benefits of using Internet of Things solutions implemented in your job, like cost reduction, or better customer experience. It may help the company generate new sources of profit, by automating some processes and letting the system work at a higher speed than usual. When you provide nice customer care, you can be sure that the customer experience will be even better. The IoT will help you analyze the data, compare their preferences, predict what they would want next, respond immediately to their requirements, and accept their suggestions for improvement. Also, every change is easier to implement using technology solutions. It also offers a lot of new services or even helps you decide what to offer next.
When you use IoT solutions, you can easily collect important data to analyze, that will help you improve either the product or the service you provide. Also, you can be sure you offer sophisticated solutions to your clients, no matter how big is the demanding volume.
Once you have some solution, you can see how improved are the efficiency and productivity, by any aspect. You can monitor all the processes that are occurring at the particular moment, and analyze how that affects the overall performance. You can even find more optimal solutions to the issues you may have during the work, and determine what factors affect your success mostly.
Use IoT to design products
In this scenario, you are able to use the IoT to create, design, and develop new products, that have this technology implemented in their design. Think about how it can be useful for the client, and will they be able to understand how it works, so they can use it. The sensors built-in can help collect the needed data and improving the product over time.
Better business processes
Every business needs someone or something to monitor the overall performance, detect the weak points, and suggest how to improve that. For example, the public transport service can use the technology to analyze how many people are using it every day, which routes are most rentable, and how many daily users have monthly tickets. They can also track the general behavior, estimate the average length of one travel, and decide when it’s the right time to open a new line, cut some old, or improve some of the current ones.
The insights are a result of all the data the IoT helped the business owner to collect. It shows if the development is taking the right direction, but also helps the company to estimate the right amount of resources, and control the quality of the product or service. It can be used in different contexts, so the company owners can get the right conclusions, and make the right decisions after that, or predict some behavior, that will lead to a better solution.
Is there a successful example of an IoT startup?
Of course, there are plenty of examples, because if there weren’t, we won’t have written this article too. So, we can mention Armis Security that protects us from cyber-attacks, then Den4Dogs that detects and provides safe zones for our pets, as we need to get somewhere pets are not allowed. PoLTE is an example of a location service similar to GPS, that is using the cellular network to provide accurate location data. Petnet is our favorite because they are allowing us to feed our pets when we aren’t at home, and their bowl is empty, using the Wi-Fi connection. See what they did there? They connected plenty of Internet things like devices and networks, to provide and complete some service.
We hope that now you understand better the importance of implementing IoT solutions to your business, and all the benefits you can have of it.