Internet of Things solutions has already dominated our everyday life and become a widely discussed topic as they open a new world of business opportunities. IoT has been around for quite a long time now as the concept was officially named in 1999 but the ideas regarding such technologies have been in the works for even longer. IoT development is reaching new highs as we are still discovering different possibilities of its use.

What exactly is the Internet of Things (also known as IoT) and how does it work?

In simplest terms, it refers to a system of internet-connected “things”-meaning devices or objects, able to collect, process and transfer data wirelessly without human interaction or supervision.

Each device collects data through attached sensors, which is then sent o the cloud where it is stored and processed.

5 key benefits of IoT

More and more companies are reaching for Internet of things solutions, seeing the benefits they bring, but actually what are they?

Depending on the business area IoT solutions improve customer understanding through collection of data, which leads to quicker and better suited products and services. They allow the management and monitoring of different processes, increase operational efficiency and cost effectiveness. The users experience improvement through the availability of better products and services which lead to higher levels of convenience and satisfaction.

1. Efficiency and productivity

In Better Soft Services we believe that one of the most important benefits of IoT use is its efficiency and productivity. This technology can advance many different sectors of business and have a huge impact on the overall workflow.

Here are some examples of improvement caused by the implementation of IoT solutions:

– easier and quicker monitoring, control and management of process’ (e.g. in manufacturing)

– overall logistics betterment

– upgrade in employee productivity thanks to the automation of routine tasks and enablement of remote work

– the use of collected data helps in the advancement of the coordination of operations

– more advantageous use of resources and lowering expenses (maybe something about the next post about it)

2. Cost reduction

The other important aspect is that it obviously has a positive impact on cost reduction. The data collected through IoT devices is helpful in almost all areas of business from quality control, predictive maintenance, asset and inventory management, to even simpler tasks like regulation of air conditioning in a workspace. What is more IoT services give you the opportunity to add subscription models to your projects, upgrade your company’s security, control and save energy, avoid bottlenecks but also predict future needs and behaviors and get ahead of time.

These are only a few examples of areas where IoT plays a key role in cost reduction and revenue generation but there are plenty more.

3. Mobility

Another thing worth taking into consideration regarding IoT use is that it plays a great role in a company’s mobility. Employees have the opportunity to work remotely thanks to the availability of data and easy communication channels. It means that a company can take a more global approach hiring staff from different places in the world which extends their reach and the pole of specialists available. This aspect became the key to managing the business in recent and ongoing difficult times. The benefits of this solution proved to be greater than one might have anticipated and it seems that it became a crucial part of many workspaces.

4. Customer experience

IoT solutions and services revolutionized the user experience. From shopping, smartwatches to even medicinal purposes, in our everyday life we are surrounded by the process’ that base on them and we may not even realize it. They allow us to remotely control our devices and access the collected data. Thanks to these solutions companies can improve their customer understanding which in result makes navigating through various platforms, services and offers easier.

5. Business opportunities

IoT solutions are the cause of almost endless business opportunities as they are widely present in our everyday life as well as in various market areas. All benefits that we mentioned previously play a huge role in discovering new ways of upgrading your business. The usage of data collected through IoT devices helps companies plan efficient operations in regard to customer experience, asset traction, management of staffing, cost reduction, energy savings and many more. One of the most important aspects is that with the use of these technologies you can predict market changes, plan your approach and get ahead of time with your company’s strategies.

Summary

IoT is becoming an integral part of many professions and its incorporation into different sectors still unveils different possibilities for its use, therefore giving a competitive advantage to companies in different markets.