2020 has been a crucial year for every industry including IoT and as we are approaching the mid of 2021, technology is considered more as a business imperative. Making an impact on almost everything like how we perform business, how we communicate or even talk, IoT solutions are now everywhere. According to stats, there are considered to be 35 billion and more IoT devices installed worldwide by 2021 and 75.5 billion by 2025.
The concept behind IoT solutions is to enhance human interaction with technology. Therefore IoT for business is helping organizations bring tremendous transformational and actionable solutions to different sectors including finance, customer service, manufacturing, supply chain, network security, backup solutions, smart homes, etc.
IoT for Business Optimization:
How can the IoT realistically or practically help businesses work smarter? Let’s take a look at how IoT drives great productivity, revenue, and safety for business in 2021 and beyond:
1) IoT Is Making Businesses More Productive: By implementing IoT into business processes, can streamline routine tasks, reduce overall costs and fine-tune operations. Here’s how IoT is benefited with productivity:
- Increase office efficiency
- Improve team collaboration
- Coordinate business operations
- Improve the supply chain with better inventory management
- Real-time tracking of manufacture
- Lower energy costs
- Better time and risks management
2) IoT Revolutionize Safety & Security: IoT solutions enable new opportunities to protect your business from the risks that come through connectivity. From threats, breaches to identification or monitoring risks, IoT security tools protect and help fix vulnerabilities, thus ensuring the integrity and confidentiality of your business. Let’s look at some of the advantages of the application of IoT solutions to workplace safety and security:
- Get a better picture of the working environment
- Predictive maintenance in IoT solutions helps to monitor potential hazards
- Worker health monitoring with wearable devices
- IoT sensors can act as environmental sensors and detect extreme temperatures, incoming inclement weather, or other hazards
- Improve the efficiency of rescue operations
- Remote access & control
3) IoT is Boosting Business Profits Today: The integration of IoT in every sector of a business automates the entire process. Hence, business organizations are adopting smart offerings to increase profit margins. Here are the ways how IoT can grow your business profits:
- Reduce business expenses
- Efficient inventory management & tracking
- Enhance customer experience
- Lower maintenance costs
- Tailored marketing campaigns
- Optimize energy usage
Business Model & Revenue Stream: Here are the four models that can provide new insights and also trigger an organizational restructure or a new source of revenue:
- Asset Sharing
- Outcome Business Model
- Automatic Fulfillment
- Data Monetization
As IoT market trends continue growth in 2021 and beyond, it’s taking over almost all spheres of life and businesses. IoT solutions have the potential to drive incredible value for businesses, driving exponential improvements in productivity, revenue, cost savings, security, and efficiency.
Sterison is a well-known IOT solution provider who specializes in smart solution integration and helps enterprise systems drive productivity and efficiency through innovative digital transformation. For every client, we take a custom strategic approach based on their business values meeting all their unique industry goals and intentions.