If you are reading this blog, you are probably already aware of Internet of Things (IoT). If not, then read on and if yes, then jump straight to the next paragraph to know how IoT can help you save millions of dollar. IoT is the technology that provides inter-connection between the things enabling them to communicate without physical interaction.
How IoT Can Help Save Millions?
Companies are on a continuous hunt for technologies that would save cost and time and IoT provides both. According to the Globe and Mail, “Accenture recently reported that Internet of Things technology can trim average repair costs by 12%, maintenance by 30% and downtime by as much as 70%.”
Let’s discuss in detail what IoT can offer:
- Enhanced Management: A business can manage its products and services in a better way by utilizing IoT. Because IoT utilizes sensors, it can be used to monitor surplus and deficit and also monitor how satisfied or dissatisfied a customer is with a product. A customer can offer instant feedback which can be transferred to the concerned company. For example, a distributor of goods can easily manage inventory by using the IoT sensors. Additionally, the ability to manage these remotely makes IoT more desirable.
- Easy Adherence to Government Specified Guidelines: Most of the small companies are often not equipped well enough to have a team that would monitor compliance to government regulations but IoT has a solution for that as well. The sensor technology can be used to monitor things like temperature, air quality, etc in real time. For example, if there is a small start-up that manufactures an edible product and wants to adhere to government regulation that all packed food products must be packed in an environment where the temperature is below a specified degree. Then, such a start-up can get benefits using IoT.
- Cost and Time Effectiveness: IoT also helps companies save money by ruling out the requirement of human involvement in day-to-day operations. Traditionally, companies requires servicemen to visit client premises and resolve issues regarding products. However, with IoT, the client can directly transfer data from their product and the host company can resolve the issues remotely if possible. For example, if a customer has some software-related issues with his or her laptop, he or she may directly contact the company and the company would not need to send a representative to resolve the issue. These type of issues can now be resolved easily by transferring data from one machine to another and providing remote services.
- Attracts Investors: Countries around the world are realizing the importance of IoT and a few recent implementations in the city of Chicago ascertains the faith. The city intends to have improved technological infrastructure that would attract investors and provide growth opportunities. This includes installing traffic sensors and monitoring traffic. In one of the above-mentioned points, it was emphasized that IoT will reduce human interaction which might look like a threat to people; however, new investments will create new opportunities and human involvement will never really be ruled out completely.
- Improves Company-Customer Relationship: IoT comes with the benefit of providing service at a fast pace; therefore with IoT, impeccable service is guaranteed. Customers are bound to get better services at a fast pace. Improved customer relationship means more business or word of mouth publicity. For example, customers can now get their service related concerns addressed online. In any case, it means more capital for the business and more employee efficiency.
- Device Interaction: The new world and the new technology offer a lot in terms of our daily interaction with the devices. For example, we can remotely open and lock our houses, turn on the air conditioner before entering our cars or homes, etc. These things are possible because of the technological advancement made by introduction of IoT. These new features attract customers who are willing to spend just so that they can be comfortable and have a luxurious lifestyle.
- Advanced Security: Security is a major concern for all businesses. Traditionally, companies employed guards but with change in technology, video surveillance became more popular. However, the video tapes used would often get destroyed and it was difficult to manage the video repository. Now, companies can record and save videos without hassle and can even access these remotely. This helps companies save money because the latest ways of recording and storing requires one-time investment and repeat investments are really low.
While IoT offers a lot in the present, it has a promising future and it is up to the companies to understand the value of IoT and save money with some inexpensive changes in their day-to-day operations. Contact us for proof of concepts, case studies, and blueprints for innovative IoT solutions