Technological advancements have been always been made and we will continue on the same path. But, there are very few that take such a pace in very little time and make a place in everyone’s lives. One such innovation is IoT; short for the Internet of Things. Before we get into details about IoT, let us first define it formally.
What is IoT?
Internet of Things is a way of extending the reach of the internet from mobile phones and desktops to many other things that are being used in our daily life. It is an interconnected system of machines and digital computing devices.
What devices can be considered as IoT?
- Voice assistants – Siri, Alexa, Ok Google, etc.
- Smart locks on doors
- Fitness bands
- Door cameras
- Automatic lights in the parking
- Home mesh Wi-Fi system, etc.
The advancements, particularly in the discipline of the Internet of Things, are taking place at an unprecedented rate. The growth that can be seen by the world in place of the technological developments by IoT cannot be predicted by the theoretical approach.
In a very less amount of time, IoT has made an impact on everyone’s lives directly or indirectly. This would raise a question in your mind; what is the reason behind the popularity of IoT?
Well, the main reason for this popularity owes to the benefits it is bringing to various businesses.
Let us walk through the benefits it gives to the businesses that have proved IoT to be a boon.
1. Better Opportunities
Internet of Things has opened the gates of innovations in every type of business. It has allowed businesses an opportunity to grow into a juggernaut. It is transforming the way any business functions and approaches the world, and thereby, it is creating some space for fresh ideas to be implemented and brought into the world as blessings. It ensures more profit from lesser investments by providing new streams of generating revenues in a small amount of time.
2. Optimized resource management
The sensors can be used to keep a track of the resources or assets being used by the company and so, they can be utilized optimally. It gives you a real-time insight into how the resources are being used and from that you can identify ways to mend the ways in which the resources are used. You can repair or restock the resources based on the type of resource and so, it will improve the overall productivity of the business as less time will be wasted and the problems can be identified well in time.
3. Improved Efficiency of Business Operations
IoT can leverage the businesses into making better and faster decisions by providing them with the operational insights in real-time. The actuators and the sensors can give information about the quality of the machines and so, the repairs can be made in time.
This saves time from maintenance which can be utilized in production and bringing more products into the market and make more profit. The loss of energy behind unrepaired machines can be reduced. All this improves the overall efficiency of the business operations.
4. Ensuring Security and Safety
Installing cameras will make your workplace a more safe and secure place to work. It also increases the safety of your assets. This can be done by real-time monitoring or surveillance. Thanks to IoT that this is now possible to be done by not having to remain present at the place physically.
5. Increase in Productivity
As the profitability of the business increases, it is guaranteed that the productivity of the business is also going to increase. The latter is directly proportional to the previous one. IoT can regulate real-time training to the employees of your business and improve your labour efficiency. It will also reduce the discrepancies in the operations undertaken by the employees. All this increases the profitability of the business and as already established, it improves the productivity of the business.
6. Benefiting from Customers’ Preferences
IoT has the capability of tracking the behaviour of the customers and it can thereby, identify a pattern that can be used as a reference while recommending them the products to buy. This can be used to make a good impression on the customers’ minds and improve the business. The buying cycle of the customers can be understood and they can be targeted with effective advertisements at an appropriate time. The businesses can benefit largely from this feature that comes per se with IoT.
7. Stock Management
Managing the stocks of the resources is a very important factor in any business. IoT can be used to give a boost to this process too. Instead of assigning staff for stock management, you can install some sophisticated devices that will do this mere task of keeping a record of stock quantity in the warehouse. The same device will notify you when the quantity falls beyond a certain predefined limit and you can act accordingly. This way you can divert the workforce from this mundane task to some other more crucial task.
8. Resource Conservation
IoT has a lot to offer to the environment too. The lights can be connected with IoT sensors which will detect the presence of anyone in the parking areas. Only in the times when someone is present in the parking, will the light be turned on. The other times, electricity can be conserved. This is just one application of IoT that can be used in the conservation of resources.
The other applications can include the following: turning the air conditioner off for some time if a certain temperature is reached, the owners can be notified about the quality of food in the fridge so that it does not get thrown away after rotting, turning off the lights and fans automatically when no one is present in the room, etc.
Apart from these, the unmatchable growth in popularity of Internet of Things in so less time can be owed to the growth in popularity of smart devices, great internet connectivity everywhere, reduction in prices of various devices making them affordable, a large amount of data being available all the time and everywhere, etc.
There are many challenges too with using IoT in your business, but none of them are impossible to be worked out. So, that makes it easy to use IoT and that is what has made it so popular already.