The Benefits of The Internet of Things
The Internet of Things (IoT) offers solutions that can help your business become more efficient and optimize its performance. While growing, the market has not seen a lot of promotion in recent years. However, with the recent buzz surrounding its potential as a solution that helps businesses operate smoother, safer and smarter, that will surely change soon. But what is IoT all about?
The Internet of Things increases connectivity
Previously known as Machine2Machine technology, IoT is designed to bridge the communication gap and bring people, networks and everyday objects together in a way that hasn’t been done before. Through connected products, businesses have the ability to create ‘connected services’ that provide added value to the product. What’s more, these ‘connected services’ make possible new revenue opportunities or new internal efficiencies for support, product development, etc. As IoT evolves and reaches the mass market, more everyday products will become hubs for tons of activity.
However, adoption of IoT technology isn’t completely risk-free. There are costs involved, the issue of training staff and many other industry-specific issues that companies will run into. Perhaps the greatest issue facing IoT adoption is complexity, according to Olivier Beaujard, VP of Market Development for Sierra Wireless. He believes this complexity extends to value-chains ranging from segment-specific technology requirements to service pricing. In his opinion, reducing complexity benefits everyone in the value chain and is key to increasing growth through these technologies.
Why companies are using IoT
There are many benefits to enabling remote and/or mobile machines to communicate with a central server using IoT technology. Firstly, service quality is improved thanks to failures being minimized as well as quicker response times. Secondly, by reducing operational issues, processes are smoother and more cost-effective. Thirdly, by improving the level of automation, you allow workers more time to perform other important tasks.
By gathering data in real-time from remote assets, you get a better picture of how all your operations are interacting with each other. This makes for better decision-making as you have reliable, timely data for analysis. It makes business processes more efficient and increases productivity because you can monitor and control everything wherever you have Internet access, thereby allowing you to work remotely and still be in step with your business.
Naturally, all of these cost-cutting effects add up to make for a better bottom line. It can also open up new revenue streams in addition to improving the efficiency of operations. IoT technology is gaining steam and showing no signs of slowing down, make sure you look into how it can boost your business today.