Published on January 24th, 2020 | by Bibhuranjan

Stay ahead of the game – learn how IoT can make your business thrive

To say that the business world is a tough environment is an understatement. These days competition has become so fierce that it’s hard for a business to even stay on track, let alone thrive. It’s safe to say that things are not going to slow down, on the contrary – the business jungle is only going to get more intense. Since everything is moving in the fast lane, the only way to survive in this wilderness is by adapting to the change and learning how to make use of the latest developments.

New technologies provide an effective solution to the struggles of staying relevant as a business, yet they are often not exploited to their full potential. IoT is one of the technologies that is making big waves at the moment across the globe, but as with any advancement in any domain, it takes time until people get a grasp of it, not to mention it’s still a work in progress.

Change is hard but necessary

One thing stopping entrepreneurs from taking the step to integrate IoT strategy into their business model is the misconception that only large companies can benefit from implementing such an advanced system. IoT has many applications, from making life easier for consumers to streamlining business processes. So there’s really no reason for small businesses to miss out on such an amazing opportunity to evolve and increase their performance.

Not knowing how to make the transition from a traditional model to a high-tech one is not an excuse either. There’s a wealth of information on the Internet that entrepreneurs can use to gain a better understanding of how IoT works and numerous IoT consulting services that can help you get started with IoT development. The benefits of creating a network of smart devices interacting with each other outweigh any difficulties one might face in the process of learning how to employ such a system.

Steps towards implementing IoT

Once you’ve decided to incorporate IoT technology into your business, it’s time to decide which applications will be best suited for your needs. There are many ways businesses can leverage IoT and get ahead of their competition:

Virtual assistants

Virtual assistants are nothing new when it comes to personal use. Just think about how daily tasks have become much easier to accomplish since Siri or Alexa have entered our lives. But there are more advanced versions of virtual assistants that can be extremely useful in any type of business environment. Time is precious, especially when trying to run a successful business. That’s why it shouldn’t be wasted on small jobs like reordering supplies, going through tons of documents to find a specific file, scheduling meetings, setting reminders, etc. Both entrepreneurs and employees can make better use of their working days by employing virtual assistants to get these kinds of tasks done fast.

Project management

It’s impossible to run a project without dealing with some issues along the way. You have to juggle tasks, deadlines, resources, unpredictable situations that can accumulate and lead to serious delays or even failure. Things can get even trickier when team members work from different locations or time zones. But having an IoT system set in place with connected devices keeping track of progress at each stage of the project and organizing the activity flow of all team members can help the entire process run smoother.

An IoT network allows for an overall view of a project. It helps to understand how actions are being completed and when, offers the possibility to find the weak elements in the development of operations and fix delays or other issues that might arise. It thus helps achieve greater productivity.

Customer experience

An IoT system is capable of gathering impressive amounts of data which is extremely useful for a number of reasons. Improving customer experience is just one of the ways the data can be used. The devices connected through an IoT network offer valuable information about how customers use the products and services provided by a business. Having such accurate and detailed insights on customers’ experiences was not possible before, through traditional methods. But the IoT technology is now able to provide businesses with a better understanding of users and their needs, making it easier to respond to their requirements and improve the satisfaction levels.

Cost management

All businesses, no matter the size, can benefit from cutting expenses, but this is especially important for smaller companies who rely on a tight budget and can’t afford to lose money. Energy consumption is one of the aspects that can be managed and improved through the use of IoT technology. Just like smart devices can help individuals save money on their monthly bills, they can also help businesses reduce energy waste.

A good example is the use of smart thermostats, controlled through voice command or virtual assistants, to keep the temperature at the optimum level. Light controls are also an effective way of reducing energy consumption in a company. Furthermore, smart devices can be used to control different types of equipment, turning them on or off whenever necessary, to make sure they don’t waste valuable resources.

Maintenance improvement

IoT systems also have the ability to save you from unpleasant situations such as a sudden loss of an important piece of equipment. The smart sensors that are incorporated in every device within the network will let you know when something doesn’t work properly or shows signs of damage, so you can act in a timely manner. IoT technology constantly monitors the condition of every component in the network in real time, meaning you can address possible issues and prevent damage, minimizing or avoiding downtimes entirely. This type of preventive maintenance can make a big difference in productivity levels in the long run.

Tags: AI, business tech, iot, IoT consulting, IoT in buisiness, management

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.