You own a business, and you want to learn how to run things more efficiently. This is where IoT, the Internet of Things, can help.
Just wait and see, if the device is electronic, it will produce data. Devices like digital scales, smart home appliances, and even intelligent dog collars send data to a collection center somewhere. IoT is everything connected to the internet where data can be extracted from or devices that talk to each other.
Why Connect Everything?
There is the argument that if a device can be connected to the internet, does it have to be? Some of the data collected and analyzed can be used to make consumer products and services more efficient for a better economy.
For example, one US company has a device that when inserted into concrete, can provide data on the condition of the concrete. Connecting devices to internet systems allow for the creation of new products and services that were not thought of before.
A survey conducted by Forbes Insights of 700 executives who use IoT revealed some impressive results: (Source: Forbes, Aug. 2018)
- 60% have expanded or transformed into new lines of business.
- 36% are leaning in new business directions.
- 63% have already implemented new services directed at customers.
Furthermore, some execs credit IoT for a boost in revenue.
Here is how that is laid out:
- 45% credit IoT for profit margin increases from 1% to 5%.
- 41% report an annual profit increase of 5% to 15%.
- 94% believe IoT will boost revenues 5% to 15% during the upcoming year (Forbes 2018).
With increased profit margins comes an increase in revenue, money available for further development or expansion.
IoT Provides Real-Time Data
The use of IoT can provide insights for improving preventative maintenance, product upgrades, asset tracking, and even customer experience. The placement of sensors on production lines, in warehouses, even in company vehicles provides data that lets managers know how the operation is working. This flow of real or near-real-time data is what gives managers the foresight to make the innovations that improve company performance and product improvement that benefits all.
With The Customer in Mind
Forbes Insights survey revealed that 47% of the execs have implemented visual analytics to improve customer experience (Forbes 2018). Using cameras tied to AI for analysis, business owners can better assess the customer reaction to promotions that occur on the sales floor. The Forbes revealed that 56% of companies in the survey are investing in IoT to improve customer experience. (Forbes 2018)
As a result of IoT, 42% have improved on personalized customer experience, and 37% are looking for improved efficiency and productivity from their IoT (Forbes 2018). With the data being received in real-time companies can respond to customer needs in a more timely manner. The Internet of Things is bringing together data and intelligence for better customer experience and new ways of conducting business.