Every aspect of our lives generates data. People can also use this data more effectively – not just for a reference, but also to help develop new insights and learnings. This has evolved into an Internet of Things (IoT) world. This world has many benefits – aiding our day-to-day lives and keeping us connected to the things and people that are important to us. The use of such technology in the business world is no different. IoT devices record and transfer data to monitor important processes, give us new insights, boost efficiency, and allow people to make more informed decisions.
How can IoT technology be used ? First, let’s understand how it is currently transforming strategy, decisions, and operations. Consider these five key ways that IoT is enabling successful digital transformation today:
- Data Sharing and Perception– IoT adoption has completely revolutionized how data is processed and improved the way a business can leverage the data collected. Apart from allowing greater access to data, IoT applications can track the patterns leveraging the data from IoT devices. By learning from the patterns, the application becomes smarter and offers a better user experience. Simultaneously, IoT products support businesses in deciphering that data for company growth and new opportunities.
- Forming New Business Lines– Companies not only develop products but also monitor their product’s performance, all thanks to the predictive maintenance algorithm embedded in the IoT platform. The feasibility to transfer the IoT data across the organization’s ecosystem of customers and partners enables new paths of innovation in the form of continuous engagement and value-added services.
- Driving Real-time Insights– Real-time data from processes, IoT sensor devices and people is revolutionizing businesses. By gaining real-time insights of buyers, retailers can stock products on-shelf and increase their profits with efficient sales and stock management. The Internet of Things plays a key role in interconnecting devices like systems & smart cameras, to work collaboratively, allowing business to make decisions based on real-time data.
- Accessibility, Efficiency & Productivity– Customers always demand quick deliveries. Many logistics service providers and suppliers apply IoT technology solutions to ensure faster delivery of orders. Businesses also need high-level efficiency and productivity. With improved information about the market and consumers, you can ensure better scheduling of resources to meet and exceed your customer expectations.
- Improved Customer Experience– By facilitating your team with improved tools for monitoring the problems faced by the clients, IoT help you to recognize their challenges and resolve them quickly. As business expands their integration of chatbots and artificial intelligence with IoT, focus on customer satisfaction becomes a reality. Companies can now have a unique gateway into the lives of customers. Chatbots synthesize data as well as spot certain issues with any service or product that can be improved. The inclusion of AI into the IoT operations provides customer relation managers with valuable data.
IoT allows organizations to move away from conventional business models to new ways to understand their business and their customer needs – which translates into new streams of revenue. Discover how IoT can help revamp your business! Contact us at firstname.lastname@example.org and visit www.thoughtstorm.ca for more detail!