“Alexa, grow my business for me.”
While it’s wishful thinking that your smart device can improve the productivity of your business with just a simple request to Alexa, IoT technology will have a profound impact on large and small businesses alike in this digital era.
In a survey of business professionals conducted by Euromonitor International, the cloud and IoT were the leading responses for forecasted areas of technology investments. With the IoT market projected to grow from 478.36 billion USD in 2022 to 2465.26 billion USD by 2029, IoT technology should be considered best practices for the continuous growth and relevancy of your business.
The Basics of Internet of Things (IoT) and IoT Devices
Internet of Things can be described as a network of physical devices that are embedded with software (an IoT platform), sensors, and other related technologies with an aim to connect and exchange data with other devices and systems over the internet.
Any connected device with an embedded IoT sensor that can transmit data from one object to another with the help of internet is known as an IoT device.
Essentially, IoT devices can gather and transmit information about the physical world and participate in the IoT ecosystem that users can access through an IoT application. In 2022, the average home in the United States had 16 connected devices.
The following are some of the most popular examples of IoT devices:
- Smart phones
- Smart homes
- Door Locks
- Security Systems
- Fire Alarms
- Smart Appliances
- Smart watches
- Smart cars
IoT devices are created through the process of IoT development. IoT development involves the act of developing IoT applications and products that can be controlled remotely and can be used to monitor the connected product’s condition or environment via sensors and external data sources such as performance cookies.
Ways IoT Devices Can Improve Business Productivity
Below are some of the ways IoT devices can improve the productivity of your business:
Redirect Human Labor
IoT technology is accompanied by automation. Smart offices make use of a number of connected devices that monitor, control, and manage various operations across a business environment.
With an IoT system, manual tasks can be done automatically, so resources can be deployed to more complex jobs that require real human skills, especially where creative or complex thinking is highly needed.
IoT devices can track behavior patterns. From small daily habits like remembering your favorite order when you walk into your local coffee shop to larger managerial tasks like reordering inventory when it reaches a certain threshold, an IoT network of smart devices can automate many routine business activities.
The use of IoT devices to collaboratively carry out tasks in an organization is one of the ways employees’ productivity is being improved.
By harnessing connected devices, employees are no longer required to be in the same physical space as one another to work together. This enhanced functionality links employees and clients on opposite sides of the continent or globe.
Cloud-based software solutions and portable devices allow your employees to manage their work from anywhere over shared networks. According to a Harvard Business Review survey, 58% of respondents report they have seen increased collaboration within the business due to IoT-based initiatives, especially while trying to navigate ever-changing circumstances during the pandemic.
Lower Energy Costs
Aside from improving employee productivity, the use of IoT devices helps businesses make more efficient use of resources and minimize unnecessary expenses. For example, Google Home paired with smart heating and light systems such as Nest Thermostat can help to lower energy cost by protecting from the overuse of air conditioning and heating.
With the automated scheduling function of the interconnected IoT devices, enabled sensors help to ensure higher efficiency in the use of resources such as improved water and power usage or consumption.
For instance, simple motion detectors may save significant sums of money in electricity and water bills, thereby making both small and large businesses more productive and eco-friendly.
Efficiently Manage Operations
Another important way IoT devices’ interconnectivity can improve productivity is through automated control over multiple operation areas including maintenance units, inventory, shipment tracking, and employee activity.
IoT data can be used to monitor the health and safety of employees who wear heath data trackers, reducing the risk of accidents in high risk job fields. IoT analytics can assess the maintenance needs of machines throughout their life-cycle, allows repairs to be made before a costly break-down.
Improve the Supply Chain
With efficient IoT monitoring, a business can track its shipments throughout transport and delivery activity using smart tags which can be used to keep track of inventory levels ensuring timely stock replenishment.
Using RFID tags and a corresponding network of sensors to track the location of equipment and goods streamlines ordering, stocking, and delivery. This helps optimize a business’ logistical operation, thereby enhancing general business productivity.
Resources for Business Expansion
As a result of the increased efficiency and lowered costs delivered through the use of IoT devices for operational support, businesses can afford to extend their coverage to a wider range of services or products or increase their quality to match the competition while maintaining the same low cost expected by customers.
Generally, the application of smart solutions makes an enterprise more competitive and financially sound.
Strategic Marketing and Business Development
Smart devices that are used in homes, especially voice assistants and other appliances that directly interact and communicate with end-users on a regular basis, provide crucial consumer information for business analysis.
IoT connection helps businesses by gathering large volumes of user-specific data which can be used for developing business strategies, targeted advertising, fine-tuning price policies, and other marketing and management activities.
Improved Customer Service and Retention
The collection of user-specific data gathered by Internet of Things devices also helps businesses to understand the expectations and behavior of customers better.
The right IoT development strategies improve customer service by facilitating follow-ups after sales such as automatic tracking and reminders about recommended maintenance of purchased items.
Build a Trusted Brand
Any company that employs effective IoT solutions to drive their business generally creates a positive impression on the customers, investors, and other business stakeholders who understand the huge advantages offered by the Internet of Things.
It becomes easier for the company to attract highly competent and experienced personnel if the company provides a safe and secure working environment ensured by an interconnected group of IoT devices. Likewise, customers report a more satisfactory customer experience with the added features and connectivity IoT brings to their interactions with the business.
Partnering with an IoT Development Team
It is important to state that not all IoT devices have the quality to deliver on their product features and expectations, and not all IoT development projects end up producing quality IoT devices.
IoT development requires a high level of skill and industry experience, and not all providers have the technical expertise to successfully design IoT devices with an eye on improved user experience and cybersecurity.
But based on experience and a well-established track record, Systematic Consulting Group is a leading IoT development vendor with the requisite knowledge, capacity, and competence to develop a topnotch and reliable IoT solution to increase your business productivity.