Why businesses should care about the Internet of things (IoT)
Businesses in all different industries can benefit from IoT, big companies like Microsoft, Amazon and Qualcomm sees IoT as a core part of their business. Despite this a lot of medium and small sized companies are still weighing up the costs and benefits from IoT and the connected world.
You don’t have to dig deep to understand the benefits from it and why it’s time for you to start to care. In this article we will give you 3 reasons why you should consider implementing the technology into your everyday business.
what is the internet of things (IoT)?
IoT has a huge impact on almost everything we do today, why business cannot longer ignore the value of it. In its essence IoT is the technology that allows objects to send and receive data via the internet. It describes the idea of everyday physical objects being connected to the internet and able to identify themselves to other devices. By connecting an object to the internet, it can represent itself digitally and become something bigger than the object it would be alone.
Whit other words IoT can be described as the world where anything can be connected and communicate with each other via the internet. The physical world is becoming one big information system. If you use it right, IoT can bring and offer great business value by making it possible for business to make decisions based on data driven insight instead of relying on gut feeling.
1. Improved efficency
Software and applications that is based on IoT can complete larger task much faster and with more precision. By adapting smart device into operations, business can improve their efficiency so that more can be done in less amount of time.
The manufacturing sector is a perfect case scenario to show how IoT can help business lower cost by becoming more efficient. The product line has up until previously been labor intensive, today sensors rely on IoT. Orders can be taken from anywhere in the world, processed and transferred through the cloud and delivered to manufacturing facilities around the globe. Thanks to IoT the systems can collect valuable analytics that will benefit accounting, inventory management and resources procurement to mention a few.
But it’s not only the manufacturing sector that can increase efficiency and reduce cost thanks to IoT. IoT allows business to collect reliable and safe real-time data and transform the data into useful information, so that business, no matter what sector, can make grounded and informed decisions based on data.
By implementing IoT business can improve their efficiency by completing larger task in a much higher speed than humans would be able to do, by doing so you can lower you cost by producing more to a much lower cost.
2. it's all about the datA
One of the most valuable things that IoT brings to business is spelled, data. The amount of information that connected devices brings is tremendous and the data will just continue to grow the more objects we connect to the internet. Companies that are using sensors and connected devices to gather enormous amounts of information to leverage on and increase their efficiency are the one who is going to be a strong competitor on the market.
The immediate data collection that IoT devices provides, makes it possible for companies to make better and more informed decisions, no matter what industry they are in. By collecting data and analyze it in fast speed decisions can be made faster and, in some cases, also automated.
3. CREATING NEW DEMANDS
With more connected devices, new demands will occur. Consumers will start demanding things they didn’t know they wanted and start to expect more every time they make a new purchase.
IoT also creates new job opportunities for engineers, project managers and IT- professionals who are necessary in designing, implementing and supporting these systems. As more business implement IoT into their everyday business more companies will need to hire IoT- experts.
Just implementing the technology will not make your company effective, no, to get the most out of the technology you need to know how to use the data in best possible way. The more business that adapts to the technology the more IoT-experts will be needed, and the more individuals will be willing to learn about the technology.
IoT has been successful making our lives better, now it’s time for companies to get the most out of the technology. The opportunities for business that adopt IoT are many, IoT are connecting objects to the internet, improving and enhancing immediate data collection and deriving unimagined and previously unreachable insights. Instead of asking yourself why business should care about IoT you should rather ask yourself can you afford not to care?
If your company need expertise to begin incorporating IoT to your business initiatives, we at Sigma can help you. We connect you with the experts you need to start benefiting from the improved data collection and analyses to start increase your productivity and efficiency.