10 Reasons Why Your Business Adopt IoT in 2024

It has been truly said, “Change is constant, and rather be a victim, become the leader of the change”. Advancement in the technology is revolutionizing the way of doing business.

As per the latest report of International Data Corporation (IDC), IoT spending globally should reach $772.5 billion in 2018. This shows companies have already foreseen the future and have planned the future investment.So the choice is yours either adapt to it or become extinct.

Once my client asked “Bhargav, can you give me one reason to use IoT in my business”? If I’m not wrong this same question is perplexing even your minds. But don’t worry, not one I will give you 10 reasons to adopt IoT in your business.

1. Gaining visibility over business Functions working in Silos

A cluster of billions of communicating devices will leverage your business by evaluating organization performance and providing marketing insights. With the advent of the digital business, Business function working in Silos gets connected providing end-to-end architecture.

IoT being latest digital thread will help to gain visibility to your business function.

As per the report, McKinsey Industry 4.0 Global Expert Survey 2015, companies expect to yield 26% in productivity improvement through end-to-end integration.

2. Improved process efficiency

Have you ever imagined, Assembly line will get automated? Definitely no, but now its reality and in near future, most of your business function will be done by communicating machines.

Thus more working hour, lesser mistakes, no wages, no holidays etc. will result in improved efficiency. IoT will offer you six possible ways to improve your business efficiency:-

• Greater Connectivity: Companies will be able to access enormous data generated by the virtue of this greater connectivity
• Saves time: When you get all the information beforehand its saves lots of time and labor
• Controlling office from your home: Imagine, after you wake in the morning and turn on internet on your smartphone and you can not only see but can control office. What will be your feeling? Be ready as you are going to experience it soon
• Healthy Customer relations: Transformed business will help you to cater your customer queries 24X7
• Automation & Maintenance: IoT with the help of the sensors will automate the process of self-maintenance automatically on regular basis.
• Future prediction: It will not only collect meaningful data but with the help of analytics will try to predict future for better business efficiency.

If you choose us as your IoT service provider, you will get detail information on how to make your business more efficient.

3. Optimum utilization of Assets

No more schedule maintenance of the machinery, because they themselves will communicate you about the problems.

Data obtained from this machinery will be stored and on analytics will extend its helping hands to help you plan work and make informed decisions. Planned work with constant monitoring will result in the optimum utilization of your Assets.

Related Article: 10 IoT Security Concerns To Keep In Mind While Developing Mobile Apps In 2018

To achieve this outcome IoT will target this three dimensions:-

• Fixed-assets insights: It will help to move companies from reactive towards pro-active approach. It will let you achieve predictive maintenance and service from identifying problems in order to automate parts procurement and maintenance schedule.
• Manufacturing execution: Manufacturers can gain visibility across plants, machinery, suppliers, supply chain management by associating these areas with IoT data for cost-effective, scalable and tight manufacturing control.
• Manufacturing networks: Manufacturers need to identify and resolve problems across Supply chain in order to manage product introduction, change, to share process improvements with on-time delivery. This can be achieved by collaborating IoT data with a B2B network.

4. Cost savings

Businesses will be able to cut cost and can become more competitive, all thanks to the new technology. A study was done by IT company Cisco predicts and logistics service provider DHL that IoT will help in saving $1.2 trillion in productivity cost alone.

Name the business and IoT will help you to improve your company’s bottom line like:-

• Inventory Mangement: Can keep track of the inventory though may be at the remote location and can efficiently manage it through remote access.
• Safety Compliance: It’s costly for small business owners to hire a compliance team and here Sensors come into picture which measures everything that can be governed.
• Potential Revenue stream: Some sensors can be installed which can work as a monitor for the customer at some minimal monthly charges which can be a Potential revenue system for your business.
• Wages and labor-saving: IoT offers a wide range of features for monitoring like video viewing remotely, biometrics sensors and badges.
• Energy Management: If your system can itself find an issue and can try to solve it or can run a scheduled maintenance, will save labor cost of a serviceman.

5. Better insights via Data Analytics

As rightly quoted “Data is new Oil”. Some energy companies have taken this metaphor literally and have realized transformational results from integrating OT with IT. Henceforth they have started using IoT as a tool to collect this data.

Collecting data from those smart devices and cycling that data again in the business will help you to make an intelligent decision. In one case, an energy company has noted that 13 of those turbines needed constant maintenance and are from the same vendor.

This data aid them to choose from options like:-

• Replacing assets within turbines from a different vendor
• Working on design improvements with existing vendor

6. Workforce monitoring to mitigate risk

You can gain better visibility of worksite of your business with the help of IoT. With the help of human wearables, you will be able to track location, monitor health and will even inform you in case of any hazardous circumstances.

Related Article: 10 IoT Trends That Changed The World In 2019

These data aid you to form various compliance policies, stick to regulation and avoid hazardous accidents taking place at the worksites. This will help you to reduce costly mistakes and will help in better workforce management.

7. Ad-Hoc control through Connected Application

Just imagine the scenario of Smart Homes with a variety of electronic devices and a separate application for handling all the devices would be a nightmare for the user. Everyone needs a one-shot solution to their problem.

We at Magneto IT Solutions provide the connected application for better manageability of all your businesses.

8. Fleet Management

IoT can help to obtain real-time insights into how their fleet is being operated and interacting with the environment in which they are deployed. Connecting fleet and cargos with internet will Serve your business by targeting some of these five areas:-

• Keep eye on your driver behavior: Continuous monitoring of the driver can help you the understand the reason for the delay, disruptions in service and decreasing efficiency.
• Helps in creating a green environment: Will help in implementing transportation management system to guide driver on the selection of routes and suggestions to improve delivery management based on real-time insights.
• Check on the parts of your vehicle: With IoT devices being connected to the parts which can wear and tear will help to compare the present condition with the normal condition and if any irregularity is found will assign it to proper personnel.
• Get hold of the precious data: IoT will generate enormous amount but gist lies in cleansing data and using that which is most applicable to you.
• Save Money: Primary moto of business is to earn maximum profit. Best cost-saving option in fleet management is fuel. IoT data with Analytics will help in saving lots of costs.

Once data is gathered by applying correct predictive methods will guide you towards correct deployment, enable Intelligent decision, helps in properly managing and controlling the fleet for getting the efficient business result.

9. Target Marketing

Marketing Automation vendor Marketo says that “IoT digital devices will provide immense opportunity to hear and respond to the customer needs- with the right message, at right time and on right device”.

According to Marketo, 51% of global leader believe that IoT will revolutionize the marketing landscape by 2020, by focussing on following majors:-

• Analyzing customer habits
• Access to unobtainable data about how customer interact with devices
• Getting insights on buying journey and stage of the customer
• Better CRM through faster issue resolution

10. It works equally well for all industries

Whatever may be your industry, manufacturing, healthcare, Smart Homes, retail, HVAC, lighting IoT will serve you better. Any electronic device can be easily connected to the internet, so in near future, IoT will disrupt most of the industry.

But the ultimate success of IoT in leveraging your business depends on how you engineer your product. We, here at Magneto IT Solutions follows a guided approach to product engineering, to deliver best-in quality IoT product.

We are well-versed in below verticals, delivering solution since way long and will soon target even other verticals.

• Retail
• Health-Care
• Industrial
• Agriculture
• Smart Building
• Security
• Manufacturing

Conclusion:-

Business should not deploy or adopt technology just for the sake of enhancing technical capabilities. Rather they must, first of all, identify the problems, analyze it, decides on the approach and ensure that it aligns with an overall business strategy to achieve a better result.

In case of IoT development company can use their existing resources, take appropriate steps, and increase efficiency that improves their business maturity. For doing this all they require a better IoT partner who can guide them through each every step of implementation and will provide support for better enhancement to existing implementation.