The fact that various studies on the impact of internal and external factors on business are conducted from time to time proves that organizations do not stay unaffected by the happenings around them. From regulatory laws and workforce to competitors and economic policies, a multitude of factors influence the business environment, thereby affecting sales and profits.

One of the most crucial factors that affect the decision-making of any enterprise is technology. With new developments taking place in the realm of technology every day, the organizations are striving hard to incorporate modern technologies for staying at the top of their game.

The latest addition in these developments or advancements is IoT, which stands for the Internet of Things. IoT is taking the world of business technology by storm due to its vast potential in the growth of revenue.

Well, the advantages of the internet of things are neither limited to improving the bottom line or confined to large-scale enterprises. With careful planning and the right implementation, IoT technology can yield miraculous results for several functional areas of all scales and types of businesses. The rapid increase in the demand for IoT reflects the earnest efforts made by organizations around the world for adapting to a changing scenario.

Understanding the Internet of Things (IoT) in a Nutshell

Before we dive into the details of how leveraging IoT technology can fuel growth and innovation in your business, let’s understand IoT in simplest terms.

The Internet of Things or IoT is a system or network which comprises interconnected physical objects, mostly in the form of machines and devices that function and interact with each other using the Internet. These inanimate objects send and/or receive information, i.e., they get involved in data transfer over the Internet. The most amazing fact is that they require little to no human intervention or manual assistance.

IoT Applications, Devices & Systems – An Important Part of Life

A straightforward example of usage of IoT is Smart TV, a consumer electronic item that can be easily found in most of the homes today. The smart TV collects data when you stream any program or run some applications. This data is transferred to the networks which make watching any program or using any application possible for the TV owners.

Another example is smart light bulbs whose intensity of light can be changed with the help of a dedicated application installed on your mobile phone. Smart TV, watches, lights, thermostats, baby monitoring systems, and many other products that belong to the category of consumer IoT devices make life convenient and transform a regular home into a smart home.

Similarly, enterprise and industrial IoT-based systems, applications, and devices increase efficiency and decrease wastage of resources. A few examples include wearables with sensors, smart irrigation systems, sensor-enabled shopping carts, and smart continuous glucose monitoring devices.

Striking the Balance between Security and Convenience

Using IoT platforms and deploying IoT applications can enable you to streamline the business processes, automate workflow, boost productivity, smoothen communication, and reduce errors. However, just like most of the technologies, IoT technology is also a double-edged sword. Employing an IoT ecosystem exposes your organization to security vulnerabilities.

IoT security has become a major cause of concern for the entrepreneurs and managers who want to unleash the power of this groundbreaking technology for opening new doors of opportunities. Therefore, it’s essential to undertake all precautionary measures for enhancing the security of IoT systems, networks, and devices.

By selecting the right partners for building a secure and successful IoT infrastructure, you can realize your business objectives and reach for new heights.

Experience the Marvelous Benefits of the Internet of Things

Business enterprises can get numerous benefits by choosing the best IoT platforms, IoT applications, and IoT devices as per their specific goals and requirements. Let’s have a look at some of the benefits of IoT that are mentioned below:

1. Speeds up Data Collection, Storage & Processing

The daily operations of a business enterprise generate a vast amount of data which signifies the behavior and preferences of the people with whom it’s dealing. The data is also collected regarding the assets, workspaces, and facilities. By integrating IoT technology into your business, you can accumulate the relevant data through IoT devices and applications.

The data gathered is related to consumers, suppliers, distributors, wholesalers, retailers, staff, inventory, machinery and many more aspects of an enterprise. The storage of data is handled by the service providers of IoT platforms. The algorithms and IoT applications help the users see the data in presentable form whenever they want.

Easy and quick access to data allows the responsible personnel to make data-driven decisions, thereby preventing mistakes and gaining a competitive edge in the field. The internet of things is extremely useful for companies that need business intelligence and big data solutions.

2. Enhances Employee Workplace Security

Employee safety has always been one of the most challenging areas for any organization, especially those which operate on a large scale. New systems, methods, and gadgets are introduced continually to reduce workplace injuries and improve employee safety. The connected devices which are manufactured based on the principles of the internet of things are worn by the workers or staff members.

These devices or gadgets which are mostly in the form of chest bands and wrist watches monitor employees’ health and send the data to the repository. The crucial parameters, such as heart rate, blood pressure, skin temperature, and body movements are measured on a constant basis.

Whenever any unusual figure is recorded, for example, a fast heartbeat, the IoT applications notify the supervisor or manager, who can take immediate steps to provide the employee relief from fatigue, overheating and other health issues.

Though IoT security is questioned time and again, it cannot be neglected that the internet of things can eliminate the risk of theft in the workplace. You can view the activities carried out in your business premises on your phone or tablet by installing surveillance cameras. Many IoT devices send alerts or notifications on detecting any suspicious activity.

3. Strengthens the Concept of Virtual Workplace

Every year, a significant number of employees shift from working full-time in a physical workplace to working from the comfort of their home. Unlike previous times, working remotely has become more complicated due to the fast-paced and highly-competitive business environments. Remote employees should not only have fast access to data but also seamless communication with their colleagues.

IoT Technology has made working remotely smooth for people employed in a variety of industries, like software development, digital marketing, information technology, education, accounting & finance and many more. Virtual workplaces are growing in popularity due to IoT platforms that offer services and solutions which make coordination and real-time data updates possible.



4. Improves Customer Service, Satisfaction & Loyalty

Customer service is the most sought-after benefit of the internet of things as organizations always search for impeccable ways to provide the best possible customer service and support. Customers are the bloodline of any business, and so, keeping them satisfied is the top motto of enterprises. You can formulate and execute customer-centric strategies by employing IoT applications.

Organizations can comprehend the needs and resolve complaints of their customers swiftly, thereby creating an intuitive customer experience. The data which shows the past buying behavior of the customers can be utilized to create customized offers. On receiving extraordinary treatment and satisfaction, customers will be bound to make purchases or avail services repeatedly from you.

Takeaway

IoT technology will grow by leaps and bounds in the near as well as distant future as organizations require robust, safe, and scalable solutions. While many companies have started using IoT platforms for catering to their technological needs, a huge number of small, medium and large-scale business enterprises will adopt the internet of things soon.

Some organizations even get customized IoT applications that suit their needs and budget. Despite the fact that IoT security seems difficult to achieve, experts do not hesitate in predicting the upward trend for IoT technology.

Considering the present scenario, it would not be wrong to say that integrating IoT in your business is a smart move. But you must take your employees into confidence and make sure that they find the new systems and applications easy to use.