The Internet of Things (also known as IoT) is a force to be reckoned with. Last year, Gartner, Inc. predicted that by 2020 the number of interconnected devices will skyrocket to 13.45 billion, which will be a 60 percent increase from the number of connected devices in 2016.
It is possible to see a revolution regarding how we conduct our daily lives in the next five years. Additionally, we are going to see a paradigm shift in how we operate and manage our businesses by 2020.
What is the Internet of Things?
The concept of the IoT might be new to some. Essentially, IoT refers to the interconnection of devices that use a common access to the internet. For instance, in your own home, IoT technology may enable you to control your smart TV, a smart thermostat, and even the refrigerator — all through your tablet or smartphone.
The average American home ecosystem will likely change drastically since more devices will be connected to the network once manufacturing companies start producing smarter and smarter devices. This innovation is going to create a home environment that will be smart enough to dynamically change residential appliances to suit the owner, rather than the other way around.
Since we have a basic idea of how the IoT can affect our daily lives at home, let us see what it can do for your company.
Benefits of IoT For Your Business
There are numerous benefits for incorporating IoT technologies into your organization. Below are six examples:
1. Increase business productivity
In the beginning, the capital required to get started will be high, but implementing IoT will gradually increase the productivity levels of your company in many ways. Many companies can reduce their operating expenses, produce more products, and increase the efficiency of services because of the use of technology to streamline many core company processes.
2. Allow remote working
Thanks to innovative cloud solutions and smart devices like tablets, laptops, and smartphones, professionals can access their company’s intranet from virtually anywhere in the world. Once logged into an internet connection, you can manage your work through online platforms from virtually anywhere.
3. Keep track of your data
IoT devices are known to be major producers of big data. Once you have a productive working ecosystem in place, you will be able to manage data produced by these devices using data analytic tools. These data analytic tools can help you study the behavior of your customers, the flow of goods into your company, the number of clients you interact within a day, and put you in touch with countless more company-related data that will help you to increase your company’s productivity.
4. Lower energy costs
Smart grid coordination has made it possible for businesses to reduce their energy costs. Additionally, your smart devices can be configured in such a way as to reduce energy consumption when they are idle. This will make it possible to plan for maintenance. Generally, your maintenance costs will go down, and your cost of operation will decrease.
5. Increase in speed of delivery
When you have the IoT working for you, you will likely see a speed increase in every type of company information exchange and execution. Reduction of employee printouts and paperwork will allow for a simpler method for collaborating on documents and speed up approval processes and other company-related services. Customer feedback will be faster, and this will have a major impact on your clients.
6. Ease of inventory
Most companies use barcodes to track their products in their inventory. However, once your products, equipment, and other devices are on a single network, tracking and inventory management will be more efficient. You will likely find it easier to keep track of thousands of devices without a problem. Real-time updates will make it possible to know where your products are at any given time in the supply chain of your business, making your company inventory management easier.