IoT software development services are changing the consumer and business sectors. It is changing how we interact with machines and use them to our benefit. IoT is also transforming how we do and run businesses. From manufacturing and healthcare to retail and entertainment, IoT is revolutionizing all industries. IoT in business is creating many exciting opportunities by helping business owners streamline their internal and customer-facing processes by incentivizing real-time data gathering and analysis.
According to stats, around $15 trillion will be spent between 2019 and 2025 on IoT globally. Furthermore, in 2021, there were about 10 billion IoT devices across the globe; by 2030, this number is expected to reach 25.4 billion!
The growing popularity of IoT in business is helping companies fund bigger and more ambitious projects. As a result, a lot of sophistication and innovation can be seen on the horizon for IoT. And in this article, we will talk about how IoT can help you enhance the growth of your business.
Table of Contents
How Does IoT Work in Businesses?
IoT in business contains two components: hardware and software.
IoT hardware comprises any internet-enabled devices/sensors/appliances that can connect with other devices on the network in a wired or wireless fashion. On top of being connected to one another, these devices are also connected to a backend server. The devices collect data at a regular interval and stream it into the network. This data stream is then picked up by other devices and the backend server. Most of the IoT devices used by businesses these days have a small amount of intelligence in them, and they can take actions if the data received meets certain criteria. For instance, in a smart office, if the motion sensors and the CCTV cameras detect that a room is empty, then the smart HVAC system can use this information and turn itself off just in that room to save energy and, by extension, a lot of money.
It is evident that hardware is a vital part of any IoT in business. But without a well-built and target-focused software to back it up, IoT is very limited in its capabilities. As we learned earlier, IoT hardware sends real-time data to other devices and the backend server.
But data collection is only one part of the picture.
To truly capitalize on IoT’s immense capabilities, using real-time data is vital. IoT software development companies build sophisticated IoT applications that can analyze real-time data and present it in various graphical formats, thus enhancing a user’s understanding. At the same time, IoT software solutions help managers monitor and control their devices remotely.
For instance, a fleet management IoT software application allows fleet managers to track, monitor, and even control them remotely. Vehicles are fitted with top-of-the-line IoT devices that, on top of sending location data, also send data about vehicles’ health, speeding, braking, idle time, etc. This gives the manager a complete 360 degree look at their business process. Furthermore, managers can also check the routes of their vehicles and see if there are any challenges along the way. They can also keep an eye on road conditions and weather reports; if there is trouble, they can send a new route to their drivers.
Also Read: IoT Consulting Services: Everything You Need to Know
How Can IoT Help Businesses Enhance Their Growth?
Enterprise Digital transformation has allowed companies and organizations to incorporate IoT to achieve competitive advantage and provide quality customer service. Below are some ways how IoT is enhancing business growth.
1. Improved Business Insights and Customer Experience
Thanks to real-time data collection, IoT in business allows owners and managers to get better insights into their internal processes and customers. IoT is helping companies fine-tune their inner workings and maximize their employee utilization numbers. Based on the data, managers and business owners can assign optimal tasks to their employees where they can excel and perform well. In the same way, they can improve the productivity of their other assets by perfecting their task assignment process.
IoT software development services can also help companies with their customer service processes. IoT in retail stores can improve product placement and targeted ads. This can increase the chances of their customers buying things. Also, companies can track the health of their products and dispatch maintenance personnel before the device breaks down.
Geolocation enhances your brand visibility to consumers in a certain geographical area. Businesses can also push targeted marketing messages and advertisements to notify potential customers about ongoing deals and in-store offers. And in the same way, IoT offers better opportunities for retail businesses to adopt computer vision such as cameras and sensors to better understand customer actions and requirements. AI-based cameras help retailers to get better insights into their customer reactions to sales promotions and to make necessary adjustments in their strategy.
Besides, IoT sensors and cameras are also being used in airports to offer a better experience to travelers. Like standing in queues or using an airport facility, dirty washrooms, emergencies, and bottlenecks can all be identified and analyzed via cameras so that the security or maintenance team can be called to address the inconveniences. Similar systems can also be for other purposes throughout smaller locations.
2. Cost and Downtime Reduction
IoT helps businesses cut down their operating costs drastically. It also helps them reduce, if not eliminate, production downtimes and keep their productivity levels up.
By coupling IoT in business with technologies like big data analytics, digital twin technology, augmented reality, and AI, companies can automate repetitive tasks, thus freeing up the human workforce to work on something more cognitively demanding. On top of automation, IoT devices help managers keep a firm eye on the various parts of their offices. Multiple devices such as temperature sensors, humidity sensors, motion sensors, CCTV cameras, etc., can provide critical insights that can be used to improve business processes and cut down on costs.
The manufacturing industry benefits from IoT software development services greatly. In any factor, countless machines are working in unison to ensure that the production line never halts. But when a machine breaks down, productivity can drop sharply. In some more serious cases, the production line can even come to a grinding halt, thus costing the company a lot of money. But IoT sensors coupled with AI and data analytics help managers monitor the health of factory machinery and perform predictive maintenance before the machine breaks down. This way, managers can ensure continued factory operations.
3. Efficiency and Productivity Gains
IoT software development services allow business to build software solutions that improve business efficiency and productivity. By grouping and connecting a company’s critical operations, a business owner can figure out ways to boost the over performance of the organization. According to the Inmarsat report, companies expect IoT to grow their revenue by over 150 million dollars. IoT in business is helping companies improve process visibility, reduce operational costs, and increase marketing speed.
According to stats, over 37% of businesses improve productivity and efficiency from IoT-driven strategies. IoT devices used in business entities help data stream regularly, and if needed, the changes can be done without human intervention. IoT software allows workers to carry out large-scale projects easily and without errors.
For instance, in a mining and excavation company, to make the site more stable and safer for humans, the manager can install sensors on hauling trucks and use drones to get a better lay of the land. Sensors mounted on the drones can easily provide scans of the land and what’s beneath it. This can help the company avoid problems like breaking a sewage, gas, or oil line.
4. Asset Tracking and Waste Reduction
Businesses face issues when it comes to asset tracking or management, especially concerning scheduling and resource-draining. But with IoT smart tags and sensors, companies can track their various assets and optimize their resource assignment. These tags can also help businesses track and manage their inventories, supply chains, and factory machinery in real-time. IoT in business also helps the human workforce to invest their time in optimizing processes and operations rather than dealing with operational issues. Business IoT software apps ensure that assets are being tracked and managed effectively and efficiently so that the workforce can focus more on other core business tasks.
5. New Business Models
On top of improving pre-existing processes, IoT in business also helps create new marketing and revenue models. It gives companies a great scope to innovate and provides unique opportunities to enterprises. Companies now can not only mass-produce quality goods but also provide consistent services to evaluate the progress of all those products, thanks to AI, data analytics, and other such technologies. Businesses are finding better ways to market their products to certain demographics. They use social media, notifications, and many different channels to reach their customers. And all of this is possible because of IoT and other related technologies.
6. Generate Demands
IoT has penetrated the consumer market like very few technologies have done in the past. Nowadays, smart speakers, automated locks, and wearable devices are very common. IoT allows consumers to enhance how they interact with machines and how to use them to simplify their lives even more. And thanks to the dropping costs of device manufacturing and IoT software development services and the elevating quality of the products, more and more people have access to IoT-based devices. This has created a lot of IoT-based gadgets, and companies are coming up with even more innovative and exciting new gadgets.
7. Enhances Business Security
IoT in business can boost the safety of an organization. For instance, smart CCTV systems installation on the premises helps in providing 24*7 security footage. With a well-built mobile app, you can even see this footage remotely. Furthermore, if a trespasser triggers alarms, the system automatically notifies the authorities and sends alert messages to managers.
8. Remote Working
Due to the Covid pandemic, remote working has become the new normal. More and more employees now want to work from home and are very concerned about work-life balance. As per the research, the remote working environment makes your workforce happier and more productive, which helps to increase and improve business growth. With team management software, managers can establish a great remote working environment in their office where employees are happy and yet, more productive than they were while working from the office. And with IoT development services, companies can now create remote business environments without experiencing any drop in productivity and revenues.
Also Read- IoT Software Development: A Complete Guide
Conclusion
IoT in business offers organizations of all sizes across multiple industries, amazing opportunities to accelerate and sustain their growth. And since we are working diligently on improving IoT even more, businesses are sure to have many new ways to improve their business process and reach their customers.
Are you looking to accelerate your business growth with IoT?
Matellio provides IoT software development services and consultation to businesses of all sizes. We have decades of experience providing next-gen solutions to help companies maximize their productivity. By employing bleeding-edge techs, we help companies become faster, more data-centric, and above all, smarter. Our IoT experts are industry veterans and provide exceptional client support and bring their years of expertise to their projects.
Do you want to learn more about our software development services? Contact us today!
