Among all the powerful technologies evolving in the futuristic space, IoT is the one that has captured infinite attention of tech leaders, entrepreneurs and versatile developers. Companies are intrigued by the IoT’s expansive capability to connect variety of devices such as household appliances, smart infrastructures, sensors and industrial processes into an inclusive, much controlled network.
Always on a quest for attaining invincible position in the competitive market, businesses of modern times are seeing IoT as an opportunity to serve customers with products like never before. The central part to developing IoT apps, apart from automation, is to control and analyze the data gathered and exchanged by sensors implemented in smart devices.
By 2020, according to a recent prediction, there is likely to be about 50 billion connected devices and more industries are to join the IoT-powered revolution including manufacturing, healthcare, automobile, etc. With IoT gaining a lot of traction at the moment, we must explore the reasons why organizations and businesses across every industry should join IoT-powered digital transformation models.
When connected to work in synchronicity, IoT-powered network delivers utmost visibility and transparency based on which businesses can make flawless decisions. Using readymade IoT mobile development platforms, developers can design IoT apps that are tailored to accommodate business-specific requirements. These apps interact with various devices and sensors and leave behind piles of data for companies to collect and process and to make personalized strategies. More you analyze and integrate IoT-driven data into business strategy, more will be the chances to make right decisions at the right time with enhanced profitability and customer service.
Digital technologies like IoT are driving a tremendous shift in conventional operating model of businesses. IoT-connected devices constantly transmit a lot of valuable information coming from a numerous business functions and departments. This gives you an opportunity to rely on your market knowledge and measure individual performance of the entire congregation of functions run by your organization. This ultimately puts you in the powerful position for offering higher brand value and enjoying better advantage through visible activities and predictive capabilities. The business architecture made complete using end-to-end IoT-enabled structure shapes the digital empowerment for your organization, threading together all the scattered functions into one streamlined model.
IoT may not be the new concept to those who have already used it to improve the common aspect of their daily lifestyle such as health. Fitness-tracking and health-monitoring apps and devices are the perfect combination of IoT. The data and valuable insight collected from an athlete’s daily training can help optimize their overall performance. You can manage physical parameters such as heart rate, calories burnt, power and nutrition, integrating all of it into daily training regimen.
Just like human performance, IoT also helps improve mechanical performance and health of machines used in manufacturing industry by adding precision into all of their plant operations. Even a small percentage in improvement could mean a significant increase in growth and productivity. For businesses, IoT apps can thus be a differentiating factor between gaining a competitive advantage and lagging behind in the relevant market.
Since customers can make or break the economy of a growing business, the changes introduced to an existing business model should be tailored to reach customers. Personalized products and services are the ultimate drivers that help immensely with customer acquisition and retention practices. IoT not only entrenches the perfect ground for utilizing information communicated via mobile apps and devices, but it also helps you incorporate tech-enabled solutions into understanding interactive patterns, buying potential and future preferences of end users. Based on this sumptuous data and insights, brands can build an array of customized offers and products to suit precise customer requirements. Combined with other emerging technologies like AI and Big Data, IoT can bring unbelievable growth opportunities for businesses and help them achieve distinctive goals while touching the vital areas of cost reduction, revenue generation and customer experience.
With IoT connected network and IoT apps giving businesses an entirely new digital path, companies can leverage the data streams to reevaluate their traditional operating model and establish an outstandingly effective and more capable system. This IoT-powered system has potential to eradicate the long-standing barrier between customer and brand, introducing clear transparency in the mutual interactions. The data driven by these interactions can be cycled back into the business, adding intelligence and innovations to the future practices about improving customer service and experience.
Cargo and logistics companies can intelligently leverage IoT to make their transit smarter, better and more controlled. The real-time insight delivered by interconnected devices and IoT apps can keep companies informed about live updates of their fleet in the field. Connecting cargo and fleets to IoT, companies can make their operations highly interactive and efficient. The results are real-time logistics process management, live vehicle monitoring, optimized supply chain, improved customer experience & ETA forecasting and minimized cost. IoT also enables effective tracking system for driver behavior and integrates powerful data analytics for damage prevention and predictive maintenance.
IoT works perfectly with Wearable devices which can bring another advantage for companies. With employees using wearable IoT solution, organizations can clearly monitor workers in the field and keep a real-time check on their activities on site. IoT system keeps the hazards at bay by improves safety standard by letting companies monitor location, health and safety measures of individual workers. By pulling relevant data in, IoT can help companies redesign their current policies and practices, safety regulations and adopt preventive actions for accident management. The automated system of staff management also enhances productivity and reduce costs by bringing down the risks.
You might have seen an incredibly futuristic movie scene where a tech-savvy geek uses the gesture of his fingertip on a tablet screen to control and monitor remotely located target device or a humanoid robot. IoT technology enables the similar functioning by connecting various business assets into one comprehensive network. You are allowed to track your valuable assets from anywhere with IoT applications and gain access to their location, performance and conditions. In a situation of maintenance, field service technicians get automatic notifications to resolve the issue. As you can monitor the surrounding temperature, humidity and other critical factors, it is possible to reduce undesirable cost of damage. Data coming from assets can keep companies informed of predictive maintenance and supply chain management.
If we go with the recent Ericsson Mobility report, approximately there are 4.6 billion connected devices which do not include smartphones, tablets and laptops. In the next five years, this figure is likely to increase to 15.3 billion.
Gartner’s study reveals the past success of IoT influence stating that in 2016, 43% of companies were either using or planning to implement IoT applications.
However, this does not mean that any businesses should be enthusiastic about implementing IoT networks for the sake of market trend or as a race to survive the competition.
Suitability plays the key role for companies who are serious about adopting IoT-enabled solutions. Businesses should first understand the type of problems they are attempting to address and know how the core technologies like IoT can be perfect for helping them overcome those problems.
IoT helps deliver products and services in a more effective way. It is not about what products and services you offer, but instead about how you offer them. On an unending technological landscape, companies can relish uninhibited opportunities scattered on their future horizon. As IoT applications and platforms are opening new possibilities of increasingly refined and digitally connected business models, the businesses propelling this new era of the digital enterprise are soaring up in numbers.
It is therefore important for companies to collaborate with an experienced IoT application development partner to harness the best of IoT technology and adopt the untouched layers of software and automation for offering deliverables.
Dana is a technological content writer who is constantly connected with software and technological updates. She writes about everything that inspires her. Other than being a tech enthusiast, she is an outgoing person who loves to explore different cuisines.
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