5 Ways the Internet of Things Can Benefit Businesses

5 Ways the Internet of Things Can Benefit Businesses

The Internet of Things (IoT) is rapidly emerging as a disruptive technology that has revolutionised the way industries function. Research by Cisco indicates that IoT has the potential to raise global corporate profits by 21{3951989a76c8b45289a2c2c598568ccb7a7baeacdff60199e6120536e1693052} by 2022. Here are some ways that the technology can benefit businesses and help them grow.

 

1. Process Optimisation

Using IoT allows businesses to identify production issues, increase operational efficiency, and minimise failure rates when manufacturing products. Installing sensors that provide real-time data such as temperature, humidity, and air pressure enables businesses to track production in plants and make necessary modifications in the process. It also lets them monitor machine functionality and resource consumption.

 

2. Effective Marketing

Statistics indicate that 51 per cent of the top global marketers expect IoT to change the marketing landscape by 2020. Interconnected devices produce an enormous amount of data (known as big data), which businesses can use to increase the accuracy and effectiveness of their marketing strategy. IoT allows companies to track customer behaviour and purchases for real-time marketing.

 

3. Better Inventory Management

IoT enables businesses to gather real-time information, which allows inventory managers to identify the location of each item and take action if it goes missing or has been damaged. It also lets them identify the fastest delivery route, saving fuel costs. Real-time monitoring results in better inventory turnover and identification of inefficiencies.

4. Improved Customer Experience

One way that businesses use IoT to improve the customer experience is by rewarding customers who have responded to their promotional activities through discounts. This encourages loyalty and increases engagement with customers. IoT lets businesses create a database about customer locations, preferences and buying patterns, thereby helping them to optimise their services.

 

5. Better Decision Making

More information leads to better decisions. Identifying large-scale trends and patterns in big data helps businesses make smarter decisions. It eliminates the need for assumptions, providing data-backed insights into every facet of the business. This kind of visibility into system behaviour can lead to new perspectives and ideas.

 

Sources: The Service Manager, Waypost, Converge Blog by Mapr, e27, RF Wireless World, Atlantic BT, Gartner

Leave a Reply


© UMS Conferences 2018, All Rights Reserved.
No part of this website may be reproduced or transmitted in any form or by any means without the prior written permission of the event producer. For permission requests, write to info@umsconferences.com