What is the Internet of Things (IoT)?
Don’t we love the ambience and ease created by our smart homes? Thanks to IoT technology, smart devices have improved the way we interact with our surroundings and the future is looking even smarter.
AWS defines IoT as:
The collective network of connected devices and the technology that facilitates communication between devices and the cloud, as well as between the devices themselves.
Basically, the Internet of Things is the connectivity between devices that contain sensors, communication chips, powered by technology and the internet. Businesses are driven by data and IoT is creating, analyzing and transmitting this data in ways that will further benefit different facets of the business. This includes areas like product/service improvements, customer retention, data automation, building efficiency and reducing cost.
IoT is not just limited to Smart Homes but has gone on to make its presence felt in industries such as Healthcare, Financial Services, Transportation, Manufacturing, Retail & more. So read on to find out:
- 5 reasons why businesses should say yes to IoT
- Main industries adopting IoT today
- How IoT is transforming businesses
5 Reasons why businesses should say yes to IoT:
Increased automation leading to lesser workload
IoT brings about connectivity between various consumer devices as well as machines used in manufacturing outlets, all of which are interconnected via a larger system. While automation systems have been around for a while to ensure an increase in productivity and reduction in cost, IoT brings in a new focus that will result in minimal human intervention.
Will this lead to the elimination of human efforts completely while AI takes over, is something we’re yet to see.
The connected smart devices market has exploded in the last couple of years and is expected to make its way to every home and business. AR, VR, Blockchain, Cloud Computing and the likes come under the IoT range of technologies, making it capable of building powerful ecosystems.
More Data, Better Decisions
Due to increased connectivity and sensors, these systems are capable of collecting more data. The improved flow of information enables businesses to analyze the performance of their product or service, which in turn gives them a chance to enhance it.
Here’s why we keep stressing on why Data can change the whole picture – Data Analytics in Business Read Now
Improved Customer Experience
Real-time data with the help of integrated chatbots and feedback forms will lead to delightful experiences for the customer because this helps businesses to constantly improve their work and align it to customer’s response. IoT can keep an easy tab on customer reviews and equip the companies to solve problems faster with the support of advanced tools. Furthermore, by bringing in AI, it can improve any lag in services and aim for complete customer satisfaction.
Our lives are getting busier, but these smart devices are making it easier, sometimes even unknowingly. The ease with which we can control electronic devices by not moving from our places is truly a feat achieved by IoT technology. It’s reassuring to know that a device can take care of some of our important or even mundane tasks, leaving us with ample time and energy that can be focused on things that will enrich our lives. Let’s not forget our smartwatches and fitness bands which again help us stay on top of our health and make necessary changes to our lifestyle.
It is clear from the above that the future is IoT – more intelligent and transformative. So, let’s look at which industries have already recognized this and have made IoT its part and parcel.
Enterprise leaders have gradually started to realize how important IoT is to their companies. IoT is a network of internet-connected devices, provided with the ability to collect and transfer data across a network, but real-time collection and exchange of data has enhanced connectivity overall.
According to a Gartner survey, 47% of organizations plan to increase their investments in the Internet of Things (IoT)
Main Industries that have adopted IoT:
Our car today is connected to Navigation, Bluetooth, Wi-Fi and even an intelligent traffic system. It’s easier to take a call regarding which route to take, thanks to traffic congestion information that is readily available. There are also sensors built into most vehicles today that will warn you in case you’re in too much proximity with another vehicle or surface area, to avoid collision and divert the route. IoT also helps to track and locate your vehicle.
IoT enables patient care beyond the confines of a clinic or hospital. IoT devices can monitor health metrics like heart rate, blood pressure, and temperature and transmit this data to respective health authorities. In cases where there is some sort of abnormality, healthcare professionals are alerted to the situation to be taken care of. Until then, it saves patients’ time and effort to physically visit a medical center every now and then. Apart from this, IoT is also doing some great work by helping professionals monitor moods and potential cases of depression.
Complex procedures being taken care of by robotic devices is also not news anymore. This is making way for new breakthroughs in the healthcare industry every day and the scope seems to be limitless.
IoT has taken over multiple areas in this sector, right from Quality Control to Packaging and everything in between. Here are a few examples:
- Inventory Tracking – With radio frequency identification (RFID), IoT makes tracking inventory seem like a cakewalk. With this, there will always be an accurate record of each inventory’s movement in the supply chain. This also makes it easier to track any kind of loss or arrive at an estimate regarding its delivery date
- Predictive Maintenance – By attaching IoT based sensors to the equipments, manufacturers can identify any wear and tear that occurs occasionally or out of the blue and make necessary amends. This not only results in cost savings but also lesser downtime and efficient allocation of work on-ground.
- Asset Management – IoT brings in important inputs regarding an asset’s health and performance by constantly monitoring it. This in turn serves as a valuable input for businesses to ask important questions like – should it be optimized more? Should we outsource this machinery? Can there be changes made to the business model?
The increasing use of E-wallets, self-assisted services, and high security measures to protect funds are some of the areas where IoT comes to play for the Banking and Financial sectors. Additionally, it becomes critical for process automation, handling of extensive and sensitive data as well as prompt customer support during matters of extreme importance.
IoT has been gaining prominence and has become an integral part of BFS operations.
We’ve already come a long way from offline shopping to be able to order all that we need through apps. The process is still evolving, and we are already experiencing the next level by being able to try on dresses, glasses, and whatnot virtually, thanks to technologies like AI, VR.
Before you move ahead, read this interesting business story on how Zuci Systems partnered to develop an omnichannel customer experience with RFID-driven IoT connectivity for shore excursion marketing and sales, bookings, pass issuance, rebooking, and payments.
And finally, let’s look at 5 ways in which IoT is transforming businesses:
As IoT technology evolves, businesses can identify new opportunities, build up productivity, and increase efficiency.
It is to be noted that 94% of companies that have adopted IoT technology have already seen returns on their investments.
1. Customer Engagement
With the help of IoT technology, companies are integrating real-time customer services. This in turn helps them understand the pulse of the target audience and consistently work on putting out the best version of their product. The result – Customer delight and value creation for your business in the market.
2. Power of Data
For any business, data is a mine of opportunities if used correctly. While data has always existed in the business system, the real challenge lies in analyzing it and if done correctly, it has the power to change the dynamics. Enter IoT, which smartly collects, organizes, studies and shares data with businesses, giving them a chance to assess their strategy and enhance their relationship with their customers.
3. Creation of demand
IoT has been the driving force behind multiple tech-savvy products to have been released in the market in the recent past. Advanced technology in everyday products like washing machines, refrigerators or even television will become the bare minimum standards for future buyers. This is because IoT is doing the unthinkable and breaking barriers each day. With this IoT is not just easing customer’s lives but opening avenues for new businesses to venture into the market.
4. Marketing Strategy
In any enterprise, marketing is a department that must tailor its strategy to ever-changing trends and constantly keep tab on customer needs. In such cases, IoT technology comes to the rescue by providing sufficient data to better understand the need of the hour and design marketing campaigns aligned with it. The right plan does not just drive customer satisfaction, but parallelly generates revenue for the business.
The Internet of Things is revolutionizing business as we know it. By making data available in real-time, it is enabling businesses to think and act on their feet. They are able to respond better to any unexpected crisis, inventory and/or people problem. In short, it has made businesses intelligent, smarter, and self-sufficient.
The current IoT technology solution has moved from a research and development phase to a system that drives business value. This is a critical step in enabling digital transformation, which will become a driving force for all enterprises.
If you’re planning to bring about a transformative force in your business, partner with the best. Connect now with Zuci.