Internet of Things: Why Your Business Needs It?
We are at the best phase of the IT revolution right now. With so many technologies making their way into our everyday lives and influencing our lifestyle and the way things work, this is the most appropriate time to capitalize on the emerging technologies. While Big Data analytics have already established their commands across various industries, technologies like artificial intelligence and Machine Learning are still being gradually implemented in companies. However, what is slowly gaining significant importance simultaneously is the one called the Internet of Things
What an innovation! From human-to-machine communication to machine-to-machine communication, the Internet of Things is indeed a revolution in IT. Thanks to this technology, we now have watches and health gears that monitor our heart rates and sleep timing, smartphones that estimate traffic and suggest you the best time to leave, televisions that offer recommendations and understand our viewing preferences, cars that can drive by themselves, homes that provide next level security and illumination solutions and more! With data as the backbone of everything, the devices in the IoT ecosystem are smarter than we can ever imagine.
Estimates state that there are close to 15 billion connected devices in the ecosystem, generating trillions of gigabytes of data every single day. What’s more fascinating is that this volume is expected to multiply by manifolds by the year 2020, estimating a number of 60 billion connected devices. At the base of all these lie the crucial element called data, upon which tons of strategies and business plans are built and formulated. These chunks of data are what every business, start up and established organization wants to capitalize on. If you were under the conception that your business doesn’t need data, it’s time you wake up to reality. Your company needs data to work on tons of crucial things. From understanding your customer to making business decisions, you need data and IoT is a way to get hands on with it. Here are five reasons your business needs IoT.
Getting to know your customers
In the end, every business goal boils down to one thing – better customer service and satisfaction. Most of the IoT devices manufacturers out there have direct access to their customers’ behaviour. It helps them study their behaviour, shopping preferences, the time they make a purchase, their activities, sleep pattern, language and more. The information derived from all these raw chunks of data is crucial for businesses to work on several important aspects of customer satisfaction and service. They can make their products and service more intuitive, sensitive and personalized to deliver the best of customer contentment. IoT devices with apps further help your businesses get access to prime data you can capitalize on. This will help if you’re diversifying your business, venturing out into a new market or looking for new business opportunities.
The next big thing after customers is business operations. When a company has come to terms with the customers’ expectations, it has to strengthen its business operations to live up to them. And IoT will help your business do that as well. It can help your business regardless of what niche it belongs to. From an HR perspective, it can give you insights on recruitment patterns, attrition, happiness factors and more. From an operations perspective, it gives you information on the turnaround time of projects, the challenges in completing a project and resource allocation. Data from connected devices also take care of complex requirements. One simple example is Uber’s surge pricing and fare-revision technology. Uber found a way to eliminate the presence of a human to intimate users on price-rise during high demand times and recalculate the total fare after taking a different route. All it has done is collect the data from the device and implemented an advanced algorithm so the device can take a precise decision by itself.
IoT can pave way for faster and better way to execute things by automating some of the mundane and redundant tasks. If you feel your business has jobs that doesn’t require human intervention, IoT can track down and tell you how you can automate the jobs so your resource can work on what’s more required for your business. With the Amazon Go, the e-commerce giant has finally come up with a way to bridge the gap between online and retails sales. Amazon Go eliminates the presence of sales people and cashiers and replaces them with shopping carts and digital wallet for transactions. IoT can help you get tasks like these done with ease.
Or supply-chain analytics as it’s called in the industry, IoT can help you save tons of time, effort and energy on managing your inventory. If you have a retail store and say, one of your items in your inventory is going out of stock, IoT devices can detect the change and place orders automatically. Our very own Chai Point uses IoT for its supply-chain management. For huge organizations, this can immensely contribute to savings on power consumption, manpower and logistics.
These are the fundamental ways IoT can work wonders for your business. With the technology still evolving and researchers and the brilliant minds out there still figuring out newer approaches and applications to it, we’re confident IoT will have more to offer to your organizations than the purposes it currently serves. Speed, efficiency, productivity and more will only increase with the implementation of IoT in your business. So, work on your business niche and find out how you can implement IoT for your business. It’s time you get started with using IoT, at least in the most basic way possible.