Have You Identified Your IoT Benefits Yet?
The internet of things (IoT) is all about the enhancement of business processes and solutions with sensors, devices, gateways and platforms.
By gathering all their data in one place, businesses can make intelligent decisions and design more efficient processes.
Identifying the potential benefits of IoT for business that specifically apply to your organization will lead to easier planning and deployment of IoT, while minimizing the risks involved.
Benefits of IoT For Organizations
The most significant IoT benefits that a majority of organizations can align with their business strategy are:
1. Enhancing Operational Performance
Any business process connected to IoT will, due to its interconnectivity and intelligent decision-making capability, be more productive and efficient. The impact of this benefit is usually more significant in the physical goods manufacturing and moving industries. For instance, a logistics company may collect real time traffic data and positioning of its vehicles using GPS, to find the most optimal route to the destination, saving time and fuel. This company can also, by simultaneously tracking all the incoming packages, easily schedule routes to ensure minimum distance travelled and time taken.
2. Maximizing Equipment Utilization
Utilization is the ratio of the revenue actually earned by a piece of equipment to the revenue it can potentially earn. Effective asset management using IoT-enabled tracking and analysis can ensure that any equipment delivers full value for the cost of its purchase by effectively scheduling its usage to reduce idle time. Another example of effective asset management is an IoT-enabled maintenance system that reduces downtime by predicting a potential equipment failure by identifying early signs of breakdown and prompting repair.
3. Improving Service Quality
In the service sector, customer experience is a major determinant of quality. Incorporating IoT in the service delivery model will enhance customer experience and streamline the interaction between the business and customer. Hotels and other hospitality establishments use IoT-enabled check-in facilities for guests and suggest activities to do and places to dine at based on the location data. They can also use AI virtual assistants to give customers a personalized staying experience and improve service value.
4. Increasing Customer Engagement
Increasing customer engagement by providing products that interact with IoT, such as Fitbit, increases the perceived value of the products and increases preference for other compatible products. The data collected from these devices is also useful for carrying out targeted marketing campaigns that increase the likelihood of customers buying them. Increasing engagement can also be beneficial in healthcare, where tracking a patient’s health parameters may help in effective diagnosis of ailments, which may not be detected through a one-time checkup otherwise.
5. Optimizing Resource Management
Supply and demand data collected and analyzed in real-time can provide useful insights to decision-makers to manage manufacturing or service delivery capacities. A supply chain connected to an IoT network allows transparency between the participating businesses that have access to real-time market data as well as production data from the other businesses. This data can be used to inform purchase and to guide the decisions of the participating organizations.
What Are the Benefits of IoT During the Covid-19 Pandemic?
Remote working has turned into the standard for companies since the pandemic hit in and is likely to continue. IoT is helping businesses navigate the Covid-19 pandemic. The Vodafone IoT Spotlight Report (2020) identified that 84% of businesses claimed IoT was essential for their survival during the COVID-19 pandemic. With supply chain network disruptions owing to the outbreak, inventory control turned into a big challenge for wholesalers and retailers at the time of the lockdown. It is here where IoT has paid off and turned into a means to offer more transparent and faster services to consumers.
So, have you already identified the IoT benefits that apply to your organization? If yes, then next you need to choose an IoT provider who is right for you.
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