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How the Internet of Things is transforming the way we do business

BY READERS DIGEST

26th Jul 2021 Technology

How the Internet of Things is transforming the way we do business

The world around us is being ever more driven by advances in technology, and the internet is at the heart of this progress.

How we live, how we consume, how we do business – the internet enables most activities nowadays. It is simply impossible to imagine our lives without it. For businesses to thrive in this digital era, early adoption and skillful use of technology is critical in outperforming competitors. In this context, the internet of things (IoT) is being ever more widely adopted and is transforming the way we do business.

What is the IoT?

For the uninitiated, the IoT is the network of objects (the “things”) that connect and exchange data with other devices and systems using the internet. The number of connected devices has already overtaken our planet’s population and it is estimated there will be around 41 billion devices by 2025. The IoT has enormous potential opportunities for businesses, and with operations racing to adopt the technology, the ones that don’t will be left behind. Here are 4 of the many ways the IoT will transform business.

Data collection

In the modern business world, data is king. Without an understanding of how customers buy and consume products and services, businesses have no way of knowing how to produce and market products to them. Many companies across the world have wasted precious time and money on expensive product creation, marketing and advertising by using often little more than educated guesswork. Using the IoT, businesses can now gather priceless data from smart devices and learn what to produce and where to innovate to maximise sales. Products and services can be tailored to precise metrics and marketed to those who will buy. Data collection via the IoT will ensure businesses make better decisions.

Inventory management

If your business needs to keep tabs on inventory, resources and stock, you’ll know how many man-hours are needed to constantly monitor it. Keeping track of what has been sold or used, what things need fixing and where they are can be a nightmare. With the IoT, businesses can easily keep up to date with their supply chains. Smart devices can monitor inventory automatically and generate up-to-the-minute reports on products and systems. Companies will know what their stock and resources situation is in real time, allowing them to focus on more productive tasks. Waste and over-ordering can also be eliminated.

Saving energy

Saving energy and becoming more environmentally friendly are very important concerns for companies of all sizes. The use of lighting, air conditioning and heating systems can generate big overheads.  Of course, it is in the interest of all businesses to become greener, both from a PR perspective and contributing to the sustainability of the planet. By using devices connected via the IoT, companies can ensure lighting and temperature systems only operate when needed. By controlling when equipment and machinery operate, their life is extended. With IoT devices, in addition to being greener, your overheads reduce, generating significant cost savings.

Increase efficiency & productivity

Using the IoT, businesses can automate countless basic tasks and operations. Companies that ignore the technology will waste precious time doing things that IoT devices can do far more quickly and far better than a human. By using the IoT, workflows can be linked and optimized. Tasks are handled efficiently and businesses become agile, mobile and accessible from anywhere in the world. Costs decrease and revenue increases. In the future, with devices and apps handling the processes, businesses will be free to dedicate their time to innovation, improving and growing their operations.

Final thoughts

To take advantage of all the revolutionary benefits that the IoT has to offer, you will need to invest in and correctly implement the required devices. You’ll also need the right software need to collect and evaluate all the wonderful data that’s waiting for you. Of course, with every business having different needs, you should look at a custom solution for your organization. This can be challenging if you don’t have the needed expertise within your business. Many companies don’t, and a great way of overcoming the problem is to use a specialized provider. Make sure that end to end intelligent systems are delivered by a provider that’s also a machine learning development company. They’ll work with you to install and implement the best solutions to fit your business and allow you to take full advantage of all the great technology out there.

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