5 ways how IoT can change Businesses in 2017

IOT

If you still don’t know much about IoT (Internet of Things) you need a wake-up call. IoT is a technology which uses the internet to receive and send data. We can monitor our health through a watch, turn on the central heating by using a phone, keep track of electric and gas by using a smart meter and many more. It is also used by several companies. For example, Rolls-Royce monitors aircraft engine performance in flight. The UPS monitors speed, mileage and engine health of the fleet. The National Trust also used this technology to keep a track of the cows. IoT leverages network connections in order to facilitate communication between systems and devices. The companies have been deploying smart devices in many ways to enhance its business.

Here are 5 ways:

  1. Collecting Data

The most important reason why businesses use IoT is to collect data about products. You can understand in details of how different the customers use the products. It will make it easier for you to analyze that how can you make the products more useful in the future. For instance, IoT enabled training shoe can prevent the joggers to get knee injuries or can lead to soles that can help the athletes to run faster in different surfaces.

  1. More faster

Everything will be faster with the IoT in place as interconnected devices can include everything. In that case, you will have a short commute time for yourself and employees. It means faster deliveries. You will get things faster on one hand and the customers will also expect more efficient service.

  1. Inventory tracking and management

By using IoT devices, it can give your business a clearer understanding of the stock and its use of resources. It can make it easier to keep a track of where things are, what’s used or sold, what’s damaged and etc. By analyzing this data can improve in efficiency and will make sure resources and stock do not run out of stock. It will also help to keep a check on finances by preventing over ordering. If you use a smart technology to share all this information, it can aid your business to reduce errors, improve productivity and prevent unnecessary damage.

  1. Communicate with customers

IoT technology can gather a huge amount of information and present in a customer friendly manner. It is possible to provide helpful data to the customers beyond the normal expectation of the customer service. Example, a swimming app can analyze which strokes have the positive effects on health then let the swimmers know how to improve fitness. Likewise, if the manufacturers of the product can monitor how frequently each part lasted. It can detect that when the customers need a replacement and remind them to order.

  1. Efficiency and Productivity

Your business will operate more productively with low expenses. May be the cost of upgrading the devices will be steep initially, but at the end you will have to pay less for the staff. The latest IoT developments will allow your staffs to accomplish large scale tasks faster with greater precision including management and data analysis. You will be capable of producing more products as well.