IoT enables companies to automate processes and reduce labor costs. It also cuts down on waste and improves service delivery, making it less expensive to manufacture and deliver goods, as well as offering transparency into customer transactions.
The internet of things helps people live and work smarter, as well as gain complete control over their lives. In addition to offering smart devices to automate homes, IoT is essential to business. IoT provides businesses with a real-time look into how their systems really work, delivering insights into everything from the performance of machines to supply chain and logistics operations.
As such, IoT is one of the most important technologies of everyday life, and it will continue to pick up steam as more businesses realize the potential of connected devices to keep them competitive.
What are the benefits of IoT to organizations?
The internet of things offers several benefits to organizations. Some benefits are industry-specific, and some are applicable across multiple industries. Some of the common benefits of IoT enable businesses to:
- Monitor their overall business processes
- Improve the customer experience (CX)
- Save time and money
- Enhance employee productivity
- Integrate and adapt business models
- Make better business decisions; and generate more revenue
- IoT encourages companies to rethink the ways they approach their businesses and gives them the tools to improve their business strategies
Generally, IoT is most abundant in manufacturing, transportation and utility organizations, making use of sensors and other IoT devices; however, it has also found use cases for organizations within the agriculture, infrastructure and home automation industries, leading some organizations toward digital transformation.
IoT can benefit farmers in agriculture by making their job easier. Sensors can collect data on rainfall, humidity, temperature and soil content, as well as other factors, that would help automate farming techniques.
The ability to monitor operations surrounding infrastructure is also a factor that IoT can help with. Sensors, for example, could be used to monitor events or changes within structural buildings, bridges and other infrastructure. This brings benefits with it, such as cost saving, saved time, quality-of-life workflow changes and paperless workflow.
A home automation business can utilize IoT to monitor and manipulate mechanical and electrical systems in a building. On a broader scale, smart cities can help citizens reduce waste and energy consumption.
IoT touches every industry, including businesses within healthcare, finance, retail and manufacturing.