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IoT enterprise technology solutions have now moved from being the latest technology to being a major value driver for businesses. IoT also plays a critical role in driving digital transformation across businesses. By 2025, the number of connected IoT devices in the world is set to reach 31 billion and the global IoT market is expected to touch $520 billion by 2021, according to bain insight. 17% of the respondents in the recent innovation survey by KPMG said that IoT is currently driving the most significant business transformation. Recent data also suggests 78% say the introduction of IoT in the workplace has improved the effectiveness of their IT team, and 75% find it has increased profitability. IT support New Jersey can provide you with end-to-end support for IoT implementation for your business.
Top 8 Ways IoT is helping transform businesses today
- Improved decision-making with new insights unlocked
Big data is helping us make sense of the enormous pools of new data being generated by IoT sensors and devices. Intelligent companies are finding ways to read and analyze that data for insights that can better inform strategic and operational decision-making. This provides data-driven companies a critical edge in devising strategic solutions to persistent issues. Operational decision-making is also helping teams across levels improve performance through data-driven decisions and performance tweaks.
- Better understand customers
IoT-enabled products help companies have a direct feed into their customers’ behaviors and preferences. This helps them tone and tweak their offerings to improve customer experience and address existing pain points through new offerings that are made to order to solve specific issues. Examples of this will include smart wearable devices, smart appliances, and more. Even companies that don’t make IoT devices, for instance, app makers, can also have access to this data from other people’s devices. They can then use this data to make quicker and better business decisions and design better products/ services. Aggregation of this data can help analysts identify trends and exploit potential for new business opportunities.
- Accessibility, Efficiency & Productivity
Customers always want everything delivered better and faster. Logistics service providers and suppliers are now applying IoT technology extensively to guarantee faster delivery. Businesses are also leveraging IoT technology to reach unprecedented levels of efficiency and productivity. They can harness IoT through extensive automation and enabling real-time insights on operational efficiency. Moreover, improved insights on the market and consumers are also helping companies improve productivity. All of these are contributing to better overall operational efficiencies as manufacturing becomes smarter, better, faster and most importantly, cheaper.
- Deliver new customer value propositions
As IoT devices provide an unprecedented level of understanding of the customers’ mind, companies can leverage this new learning through improved product and service offerings. For instance, smart home speakers have become continuously better and smaller in size by using NLP in target languages using user feedback. Consider reaching out to Managed IT services New Jersey to find more innovative ways as to how your business can leverage IoT to drive better value to customers.
IoT can not only increase efficiency and productivity in your operations, but also help add a meaningful degree of security to your enterprise. Thanks to IoT, it’s now easier than ever to get real time insight on the safety of your network and get immediately alerted to any breach or attack that may happen. IT consulting New Jersey can show you the multiple ways you can use IoT to improve your security posture.
- Improve and optimize operations
Industrial IoT data can make factories run faster, smoother, and safer. This data can be utilized to automate most low level processes in factories and improve the efficiency of internal processes. For instance, transportation and logistics businesses of ten use real-time insights on traffic, weather conditions, demand and more to adjust its prices based on demand, and helps regulate the flow of designated cars and drivers. This even helps drivers decide when to head out from home based on current demand.
With IoT technology, businesses now have the means to let their employees work from any location – a level of flexibility that businesses sorely need in the wake of the pandemic. As remote work popularity surges, SMBs in particular, are reaping the benefits of letting go of expensive office leases in favor of a hiring a large chunk of full-time remote employees. An estimated 43% of SMBs that implemented IoT policies into their organizations saw a marked increase in agility with more efficient operational processes. Remote working is not a temporary fad and looks like it’s here to stay. As remote workers grow in numbers and start to fill in for some critical roles, businesses that are already investing in IoT technology will see a marked advantage compared to peers in talent attraction and retention. Whether you are using IoT technology in all end-user devices to communicate or to secure endpoints – these technologies are likely to reap long-term benefits for companies in the coming years with marked improvements in mobility and agility.
- Generate an income and drive better business value
The insights generated from the disparate streams of data of IoT devices prove to be of great business and strategic value to businesses. Businesses have multiple ways of leveraging on this. They can leverage this monetarily by directly selling the data or insights (gleaned through analysis) to other businesses. Beyond this base level of value accrual, the ability of a company to leverage its data is fast becoming one of its most important differentiator in driving competitive advantage over other peers. Data itself is now as important an asset category as a company’s physical assets, infrastructure, or human resources. Your data assets now have the ability to influence your bottom line as much as your growth parameters and owned assets. As time progresses, companies are likely to innovate further and create additional value streams because of the data they possess.
To better understand how to leverage IoT technologies for your business, consider getting in touch with Managed IT services New Jersey today.
About Chris:
Chris Forte is the President and CEO of Olmec Systems, provides specialist IT Consulting New Jersey, NY & GA area. Chris has been in the MSP work-space for the past 25 years. He earned his Master’s Degree from West Virginia University, graduating Magna Cum Laude. In his spare time, Chris enjoys traveling with his family.
