IoT reinventing business

By CIOReview | Monday, December 17, 2018

The internet of things (IoT) has become the synonym for business intelligence today because it is the opening up of opportunities for new products and services which were unimaginable in the past. Leveraging IoT has proved productivity and profitability. But benefits of IoT goes beyond increased revenue growth. The positive impact of IoT on business other than profitability includes:

1. The sensors located in the production system helps in understanding how operation and product monitoring and improving product performance. And help companies gain increased insights into the productivity and performance of the system and process offers opportunities for innovations.

2. Providing a greater understanding of customer behavior and demand is a critical aspect of IoT. This enables assuming customer reaction towards products.

3. IoT also translates new business lines creating new business opportunities by sharing IoT data across an organization ecosystem.

4. IoT also plays a crucial role in enriching the customer experience, a critical aspect of business transformation. The data flowing between customer touch points and the products and services provide a multidimensional view of customer experience which allows the organization to respond quickly to issues and requests as they arise.

5. Expansion of IoT widened the digitization process which reduces cost and increases speed to market.

6. IoT will also improve asset utilization, by tracking machinery with sensors. With this organizations can locate issues in the assets and run preventive measures.

7. The IoT connectivity can monitor workplace with sensors and videos to ensure safety and security.

IoT is becoming increasingly important in running a business and in future also organizations will be exuberantly investing in IoT implementation in order to put them on track to achieve maximum output.