An increasing number of businesses are embracing the Internet of Things (IoT) as a key component of digital transformation. As a result, more and more businesses will be able to benefit from this industry’s rapid expansion. By connecting all of our devices to the internet, the Internet of Things (IoT) industry (encompassing IoT hardware, software, system integration, and telecom & data services) was estimated to reach $520 billion by 2021, according to Bain insight.
There’s also a cumulative annual growth rate of 13.6 percent projected for the global IoT spending to $1.1 trillion by 2021, as reported by the International Data Corporation (IDC). KPMG’s innovation study results show that the Internet of Things (IoT) is the most important technology for unlocking significant business prospects. IoT was cited by over 17% of those polled as the most important driver of business transformation.
How IoT-as-a-Service is Changing Enterprise Technology Companies
As the digital revolution develops, businesses are able to take advantage of IoT-as-a-Service to stay ahead of the competition and improve customer service. Although sales and profit growth are important, the advantages of the Internet of Things (IoT) extend far beyond. Below are 10 ways in which the Internet of Things (IoT) is reshaping the business landscape:
Keeping track of your assets and inventory
Do you have issues tracking and managing your inventory? Are you losing a lot of money as a result of misplaced assets? Do your employees spend an excessive amount of time resolving issues relating to inventory? Automated controls provided by IoT applications can help you better manage your inventories. If an asset is lost in transit, IoT-based asset tracking in the supply chain becomes a perfect solution. IoT software and solutions can help you keep track of inventory changes in your warehouses and storage facilities. The use of IoT and analytics in surveillance systems can help prevent theft before it occurs.
For instance, when Amazon uses Wi-Fi robots to scan QR codes on its products, it doubles its shipping capacity.
Sharing and Perception of Data
The Internet of Things (IoT) has totally transformed the way data is collected and processed in almost every industry. An additional benefit of IoT applications is that they can monitor how a user interacts with their devices. The application improves its user experience by recognizing patterns and using that information to its advantage. For organizations looking to use that data for growth, IoT products are also handy. For example, you can examine consumer needs, the buyer’s journey, opportunities for innovation as well as new advertising and marketing strategies. Wearable devices, such as smartwatches and Fitbits, can transmit data via sensors and provide us with the most accurate picture of our requirements.
Creating New Markets
Because of the predictive maintenance algorithm included in the IoT platform, companies are able to keep tabs on the functioning of current goods as well as develop new ones. Continuous engagement and value-added services are made possible by the ability to move IoT data across the organization’s ecosystem of customers and partners.
With the help of the Internet of Things (IoT), John Deere, a producer of farm equipment, has been able to provide their customers with a wide range of cutting-edge and creative goods to meet their customers’ needs. Intelligent agricultural technologies, such as self-driving tractors and more, monitor crop levels and soil health, providing farmers with advice on what crops to grow and what fertilizer to apply.
Developing a Strategic Marketing Plan that Works
To meet client demands, companies must be able to handle, visualize, and respond to large amounts of diverse data. Internet-enabled devices allow them to gain a complete overview of their consumers’ interests and design campaigns that generate income from their audience. Segmenting customers and creating tailored offerings to meet their specific needs are both facilitated by this technology.
Big Ass Fans, for example, has developed a smart fan with speed, light, and temperature sensors, among other features. This fan stands out from the competition since it allows the user to customize the speed of the fan to his or her liking.
Achieving Real-Time Data Analysis
Businesses are being transformed by real-time data from processes, people, and devices via sensors since the ability to see exactly what is going on can be a huge benefit. Retail, in particular, is already a hotbed of innovation in the key sectors. Retailers may boost their revenues by effectively managing sales and inventory by getting real-time feedback from customers. Internet of Things devices, such as systems and smart cameras, play a critical role in enabling them to work together. In this way, a company can make wise judgments, resulting in advances in business models that help it achieve its corporate objectives.
Livestock monitoring, for example, focuses on the care and feeding of agricultural animals. Ranchers can monitor the health of their livestock using IoT applications. Knowing about the sick animal in a timely manner allows them to round up and eliminate a large number of sick cows.
Streamline Multi-Channel Service Delivery
Because it simplifies the entire purchasing process, the omnichannel approach to sales is widely accepted today. The Internet of Things (IoT) has a significant impact on this service and greatly enhances the user experience. Organizations and manufacturers can monitor operations, status, and service levels from a distance thanks to sensors built into internet-connected devices, and they can respond quickly to customer requests for assistance.
As an example, AWM’s Smart shelf is equipped with high-definition optical sensors and edge displays, which display product pricing as well as information that transmits data on actual inventory levels and enhances the shopping experience.
Convenience, Efficacy, and Efficiency
Customers, above all else, want their orders delivered quickly. The majority of business partners, including logistics service providers and suppliers, use IoT technology to assure speedier order fulfillment. Processing at a high pace isn’t the only way to get things closed. High levels of productivity and efficiency are also required by businesses.
Your company’s output can be boosted by better knowledge of the market and its customers. The Internet of Things (IoT) can also help to orchestrate considerable automation and provide real-time feedback on operational efficiency. Businesses will be able to run more efficiently as a result of these advancements, which will open up more space for development because insertion is less expensive, and manufacturing is more practical.
Workers can benefit from IoT-powered smart desks, for example. Individual preferences are considered as the desks learn and adapt, ensuring that workers are as comfortable as possible while also getting the most out of their time.
Increase the level of satisfaction of your clients
Customers that are dissatisfied with your product are less likely to recommend it to others, which in turn reduces your market share. So, what can you do to make customers happier? Using the Internet of Things to construct your product is a viable option. Improved tools for monitoring customer problems provided by the Internet of Things (IoT) make it easier to address and fix them.
Artificial intelligence, chatbots, and the Internet of Things (IoT) all work together to improve customer satisfaction and provide business owners with a unique window into their customers’ daily lives. Chatbots can synthesize data and identify areas for improvement in any service or product. To better serve their customers, customer relationship managers, and end-users alike, the Internet of Things (IoT) is incorporating artificial intelligence (AI) into its operations.
Mercedes Benz’s Mercedes Me Connect is an amazing demonstration of how IoT-connected vehicles can deliver a remarkable in-car customer experience. Modern sensors and technologies like machine learning are used in conjunction with the Internet of Things to enable customers of this connected car to stay in touch with the rest of the world.
Create a New Set of Consumer Preferences
Customers’ expectations have risen as a result of their exposure to IoT applications. It is possible for a refrigerator to create grocery lists based on its own inventory, for example. Ten years ago, this would have been considered farfetched. Refrigerators will come equipped with this as standard functionality in the not-too-distant future.
Shifting Consumer Behavior
Changing consumption models are the result of the internet of things impact on the corporate world. Flexibility in consumption is calling for a new business model that changes the way items are bought. We’ve gone from buying a product to paying for it as we use it. The Internet of Things (IoT) makes it possible to track how often a product is used and bill customers accordingly.
The benefits of IoT are undeniable, and this is about to change how the Internet of Things may benefit businesses. Even more importantly, it ensures that customers receive only the best services and products at the proper time. Businesses that have embraced the Internet of Things (IoT) have found new ways to serve their customers by being more responsive to their requirements. In all, using IoT devices to run your business could put you ahead of the curve when it comes to new ways of interacting with your customers.