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Read moreCTO Guide: How Essential Is IoT Adoption for Your Business to Succeed?
Dear CTO,
The digital upsurge empowered businesses to better monitor, track, uncover, and analyze customer data leveraging IoT for greater competitive advantage and an enhanced customer experience (CX). 83% of businesses that implemented IoT have witnessed improvement in operational efficiency, increased profitability, and reduced costs.
The Internet of Things (IoT) is a rewarding technology that can generate an economic elevation of up to 11 trillion dollars, report sources. Furthermore, the global IoT market is estimated to be worth $2.4 trillion, with more than 41 billion connected devices by 2027. Therefore, looking at these staggering numbers, it won’t be wrong to say that every business should integrate innovative IoT solutions into their existing systems to ripe its benefits without further delay.
As a CTO of your organization, you are in a unique position to build a technology backbone of your organization that is future-proof, and in that process, IoT can prove an effective tool. Through interactions and real-time data collection, connected smart devices can help you make informed decisions and deliver personalized experiences to increase customer loyalty and satisfaction, ultimately leading to increased revenue flow.
Furthermore, let us give you some real-world use cases of IoT and how it has helped leading businesses. For instance, Bosch Rexroth, a leading manufacturer of hydraulic components and systems implemented predictive maintenance solutions that leverages IoT technology to monitor the performance of their machines for real-time insights. The sensor integrated machines helped the company collect data on pressure, temperature, and vibration. Also, they leveraged Machine learning algorithms to analyze this collected data to predict maintenance schedule. With IoT in place, Bosch Rexroth could improve productivity, reduce downtime, and lower maintenance costs.
This blog post will explore how IoT technology can benefit your business. Let’s have a look at the benefits IoT offers:
Inventory Management and Asset Tracking
According to McKinsey Global Institute analysis, IoT’s potential contribution to supply chain management, inventory management, and logistics could reach between $560 billion and $850 billion by 2025. With connected sensors in the facility, businesses can monitor the movement and use of material and other assets in their warehouse and track inventory levels with real-time updates. Smart warehouse management enabled by IoT is helping to create more efficient processes and eliminate expensive mistakes due to incorrect inventory readings or equipment locations.
IoT can help organizations track down items in the supply chain that have gone missing in transit and manage inventory through certain automated control choices using IoT Applications. Furthermore, IoT-enabled surveillance systems can help prevent thefts before they happen, saving millions.
For instance, GE Digital used sensors and RFID tags to track the movement of their assets, such as tools, equipment, and materials, and collect data to improve asset utilization, reduce inventory waste and optimize production scheduling.
Data Exchange and Perception
Data collection and transmission are critical in all corporate processes, and the introduction of IoT has transformed data processing. IoT apps track the patterns in which users connect with the device and provide wider access to user data. The program learns from patterns, improves intelligence, and provides a better user experience. The data offer insights into customer requirements, the buyer cycle, the possibility for improvement and inventions, and marketing and advertising tactics.
Creating New Product Lines
Product-based businesses may use the predictive maintenance algorithm built into the IoT platform to monitor the performance of their products. The ability to move IoT data throughout an organization’s customer and partner ecosystem opens up new avenues for innovation through continuous engagement and value-added services.
In fact, as per a recent Forbes Insights survey, 60% of enterprises agreed to have expanded or transformed with new lines of business with the help of IoT initiatives. While 63% of the surveyed 700 executives have already started delivering new or updated services leveraging their IoT capabilities.
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Encouraging Successful Business Strategies
With internet-connected gadgets, businesses may comprehensively understand their consumers’ preferences and utilize this information to design revenue-generating initiatives. Once a company is efficient enough to handle and respond to massive amounts of data, it is in a favorable position to develop plans that satisfy its consumers’ demands.
Furthermore, data insights aid in client segmentation and the generation of personalized offers to increase consumer happiness and enhance their experience.
Delivering Real-Time Insights
IoT allows organizations to get real-time data from processes, equipment, and people through sensors. Companies are being transformed by more visibility into their business processes and customer interactions.
For instance, real-time data from processes, devices, and people is transforming the retail industry. Retailers can stock items on-shelf and enhance profitability through effective sales and stock management strategies based on real-time buyer insights.
Enhancing the Customer Experience
In today’s highly connected digital world, customers can be picky and demand a more tailored experience. To remain competitive, businesses must proactively engage with their customers and design services that meet their specific needs. While happy customers can generate more revenue, dissatisfied customers may damage the brand reputation and cause a loss of income. This is where IoT technology may benefit businesses, providing enhanced tools to the support team for monitoring customer issues and addressing them before they get escalated.
Furthermore, integrating chatbots and artificial intelligence into existing systems is helping organizations improve customer satisfaction with timely issue resolution and extending customer support.
Building Sustainable Businesses
Analysis shows that 84% of existing deployments are already addressing or have the capacity to address the UN’s Sustainable Development Goals. IoT technology helps build energy-efficient processes and felicitates greater use of renewable resources to help minimize the impact increasing businesses have on the environment.
For example, by using data collected from sensors, businesses can identify opportunities for energy savings. Moreover, companies can use IoT-enabled devices to monitor their environmental impact and implement strategies to reduce their carbon footprint. One of the leading steel and mining companies implemented IoT solutions to collect data on energy production and consumption which helped them identify areas for energy optimization and reduce resource wastage. Thanks to sensor-enabled machines, the company could reduce energy consumption and achieve sustainability goals.
Case Study
A globally recognized cloud-based vendor management solution to enable quick turnaround time
Moving Forward
Bringing together data and intelligence, IoT is helping organizations discover new ideas, make informed decisions, and explore the plethora of opportunities available in the market. Considering the growing popularity of IoT among business leaders, there is no doubt that the evolving IoT landscape is a compelling value proposition and a key driver of business transformation that enterprises want to take advantage of.
However, adopting IoT technology can be a challenging and tedious if you lack the proficiency and the right tools. Hence, the best way to move forward with your IoT integrations is to take help from experts who are skilled in the technology and can help accelerate success through innovative solutions aligned with your unique business goals.
If you still haven’t joined the IoT bandwagon, reach our experts at Quinnox to help make your digital transformation journey impactful, result oriented and profitable. Reach us if you need our expert help today!
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