Businesses can use IoT to achieve a competitive advantage and create a better consumer experience. The advantages of the Internet of Things might go beyond increased revenue and profits.
1. Cost-cutting
IoT devices can reduce labor costs by troubleshooting problems remotely because the data can be logged in real-time by a central system.
Monitoring of various processes or equipment, such as heating and cooling systems, is one example. Instead of having to visit the customer’s site, workers can pinpoint the problem remotely and make a decision about how it can be resolved. This can reduce the number of trips to a customer’s location or eliminate the need to leave the office by resolving the problem remotely. Either way, the repair process is much more efficient.
By accumulating multiple abnormal events, and using each abnormality to find similar variables for cross analysis, predictive maintenance algorithms in IoT could find out the cause of the error to detect or repair the fault in advance, which is often used for equipment maintenance. This application is suitable for industrial manufacturing, automotive, medical and other applications that cannot accept downtime, which can reduce the probability of equipment errors and reduce repairing costs.
2. Inventory Management and Asset Tracking
Do you have difficulties keeping track of your inventory? Have you ever lost money owing to misplaced assets? Are your employees spending unnecessary time dealing with inventory issues?
By offering some automatic control choices, IoT applications could help make things and spaces smart and connected. It equips management with important information on the status, location and conditions of the assets and enables their continuous monitoring in real time. Similarly, using IoT to track assets in the supply chain is a great way to find items that have gone missing in transit.
In addition, integrating surveillance systems with IoT and analytics can help prevent theft before it occurs.
3. Perception & Data Sharing
Data collection and transmission are critical to all businesses, and the adoption of IoT has revolutionized how data is handled. IoT applications can track patterns of user connections to devices, in addition to enabling broader access to personal data. . Applications become smarter and provide a better user experience as they learn from the patterns.
At the same time, IoT products help businesses interpret such data to expand their reach. You can use the data to analyze consumer needs, potential for improvement and invention, buying cycles, and marketing strategies.
For instance, wearable gadgets such as Fitbits and smartwatches, convey data via sensors and provide the most specific information on our requirements.
4. Creating New Product Lines
Companies may not only manufacture products but also monitor their performance using the predictive maintenance algorithm incorporated in the IoT platform.
The ability to move IoT data throughout an organization’s ecosystem of consumers and partners opens up new avenues for innovation, such as ongoing engagement and value-added services
For example, farm equipment company John Deere uses the IoT in various ways to bring innovative products to their consumers. These include smart planters, smart fertilizer, self-driving tractors, intelligent farming systems, and others, in which sensors continuously monitor crop levels and soil health and provide farmers with recommendations on which crops to sow and how much fertilizer to apply.
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So, now that you’ve learned about the incredible advantages of IoT. If you’ve decided to take the first step, don’t hesitate! Get an IoT-based mobile application designed for your company by Apptask’s team of experts. Click here to learn more about the benefits of IoT.
