In every walk of life, we are generating data. The most appropriate example of this is a smartwatch. It counts each step we take and even senses the beats of our hearts. The smartphone that you are holding in your hand knows every location on the World map our hobbies, our interests and where we are planning to spend our holidays at.
Some of the big data analytics and data insights help the customers while others help the sellers or the product makers.
Each system in the world is getting connected with each other via the Internet of Things. The Internet of Things does not only make our lives better but also helps us to get connected to the people and things which are important to us.
The Internet of Things in business is no different. The IoT devices help the users to transfer important data to observe new data insights, to monitor crucial business processes, to boost efficiency and to help the businesses to make more data-driven decisions.
The IoT technology in businesses helps the users to know what exactly is happening rather than assuming. This can identify hidden patterns of behavioral changes in the business processes.
The IoT technology in business includes software, hardware, telecom services, and systems integration among other functions. By the year 2021, the IoT market is expected to generate a revenue of $520 billion. Moreover, Gartner predicts that there would be more than 8.4 billion IoT devices in the world by the year 2020.
According to the industrial market research analysis, the industrial market of IoT technology is expected to generate a revenue of $176 billion in the year 2022. However, there might still be some Internet of Things gaps in today’s world.
If you are considering implementing the Internet of Things in business, it is crucial to understand how it is transforming the operations and algorithms in business altogether.
4 Ways IoT is Set to Transform Business
Here are 4 key ways that IoT technology is set to transform businesses everywhere:
Improved Business Insights and Customer Experience
Connected and integrated equipment in aviation, agriculture, supply chain, manufacturing, healthcare, and other streams are creating big data analytics that has the potential to gain more data insights for the companies. The big data analytics can not only improve the end-user experience but also the business operations.
The retail business is at the forefront of IoT technology. The future of retail and shopping industry relies on strong customer connections.
One such example of IoT in business is the smart fitting rooms. They are now a living reality through IoT, augmented reality and artificial intelligence.
IoT technology is also being used in the UK to avoid queues while shopping. The shoppers simply have to scan, pay and go.
Cost and Downtime Reductions
One of the benefits of big data insights is the reduction in downtime and operational costs.
A good example of IoT technology in business regarding this aspect is the rise of digital twin technology. In this, digital assets are made into 3D objects from the physical items for more explorable 3D representations. This is by far the most important application of IoT technology in business.
This IoT technology can also help the workers to learn maintenance procedures through Augment reality, virtual reality, VR and AR headsets or smart virtual reality goggles.
Efficiency and Productivity Gains
By the Internet of Things in business, leaders can connect different key processes and identify tactics to improve productivity and efficiency.
The revenue generated by industrial IOT technology is expected to be more than $154 billion as stated in a recent Inmarsat report.
By IoT, companies are able to make data-driven decisions, which are altering the production and manufacturing processes. In fact, the processes are becoming more efficient and safer. IoT technology in business can be used to detect faults within production lines, ensuring projects don’t get hampered and stay on track.
Asset Tracking and Waste Reduction
The IoT can also reduce waste and track the assets to improve the productivity and efficiency of the business processes.
Industries are now adopting IOT technology in business to develop solutions for waste reductions, assets tracking and monitoring. This can not only make the supply chain optimal but can also improve the efficiency to create new business models and production of digitally and technically enhanced products for customer satisfaction.
Implementing IoT in the industrial sector is a wide digital transformative strategy. When it gets combines with other technologies, such as artificial intelligence, augmented reality or blockchain technology, businesses are able to gain competitive advantages, untapped revenue and high production of quality goods and services.