How to Improve Business Efficiency Significantly with IoT
Posted On: May 31, 2018
John Deere, a leading equipment manufacturer in the agriculture sector have leveraged IoT for their end users. The John Deere Field Connect system is ushering in a new era in the agriculture industry. The system monitors the moisture level in the soil and transfers data over a wireless connection to farmers. The environmental sensors also capture air and soil temperatures, humidity, wind speed, solar radiation, rainfall, and leaf wetness. With this information ready at hand, farmers make informed and accurate irrigation decisions. These data points also help reading the trends of moisture retention in crops as seasons change. Not just in the Agriculture space, IoT is helping make strides of progress and improve business efficiency in other sectors too!
The buzz bubble around IoT has burst for the better. The technology has now seeped into mainstream business applications. Companies that talked endlessly about advantages of IoT have gone out of ideas because the deal has become real. The Internet of Things technology is not a far-away fantasy world anymore, but a reality that is changing the way we operate our businesses, and hence our life. The first and foremost reason why businesses have dived deep into IoT wave is to improve business efficiency.
The Internet of Things technology enables devices to connect with each other and to us humans. Applications of IoT are several value additions enriching businesses. Machine Learning and Artificial Intelligence are two empowering technologies enhancing the “smartness” of devices. We are expected to leverage these devices to improve business efficiency by streamlining our processes and operations.
Data stands tall at focal of any IoT strategy. Thus, it becomes imperative to manage data through a centralized system breaking the silos that once existed. When data is housed under a single roof, there is only one version of truth for everyone in a corporation. This data can then be churned to spew insights that form the foundation of decision making. As IoT service providers increasingly zero-in on our potential to leverage things that are smart and connected, we are on the path towards a significant shift in the way we perceive our data and carry out business processes.
Studies by Statista have predicted that the number of connected devices worldwide will reach 30.73 billion by 2020 (Source: Statista). We are headed towards an era marked by automation, intelligent systems, and IoT solutions bringing in improved outcomes.
A research by McKinsey revealed that while B2C applications of IoT are more obvious in nature, B2B users can also generate nearly 70% value when operations are driven by IoT. (Source: McKinsey Research)
How Businesses Improve Operational Efficiency Through IoT
- Transforming Customer Experiences– Businesses in various industries are relying on IoT to improve their customers’ experiences. In the field services space, for example, companies have upped their ante by integrating their products with smart chips. These products now warn their users and manufacturers when they detect an internal anomaly. This way, companies are able to offer preventive services before an appliance breaks down. This is the proactive customer service that users expect from businesses today. To drive revenue in the right direction, businesses are identifying various aspects where IoT application could prove transformational.
- Streamlining Retail Operations– The use of IoT in the retail sector is helping brick-and-mortar stores to compete with their online counterparts. IoT helps them keep track of their inventory and manage it better, while also streamlining their delivery operations. The technology aids loss prevention and offers insights into the buying behavior of customers. Using this data and IoT analytics, retail businesses are able to improve their revenues by providing their customers personalized recommendations based on their previous purchases.
- Healthcare Experiences– For patients, healthcare companies are offering remote healthcare services through wearable devices. Doctors are able to keep track of patients even when they are not on the hospital premises. Using data management and insights, several patient portals are being designed to offer personalized and accurate lifestyle recommendations to patients when they are at home. Several IoT-enabled devices are integrated with IoT solutions to provide round-the-clock care and improve the efficiency of care delivery to remote inaccessible areas.
- Improving Space Utilization– In an interesting application of IoT for small businesses, the technology can be used to optimize the use of office space. Specialized sensors can be installed throughout an office space to detect activities and monitoring This would give the device an idea about the usage of office space areas. Then, businesses can employ this information to recognize the space that goes unused for several hours at a stretch. Companies can then plan on restructuring their premises for effective space utilization.
Business Efficiency Vs. Data Privacy
In a recent study by Statista, 40% of survey respondents revealed they had concerns about the privacy of their data when talking about IoT adoption. IoT solutions are as good as the data that goes into their learning. Companies around the world need massive amounts of user data to propel an IoT strategy into action. Cloud-based IoT platforms promise little data security. The need-of-the-hour for businesses is to take giant strides in the direction of keeping their customers’ data secure.
Companies all over the world are weighing on two edges of a see-saw- the first denotes use of IoT for customer convenience, while the second denotes privacy of data collected for issuing these convenient applications.
A research by Gartner has concluded that IoT use cases have a significant financial impact when employed for saving labor, fuel, and energy costs. The study has also revealed that an IoT strategy has a shorter payback time frame. Business efficiency is often measured in terms of costs contrasted against the returns, and the deal seems to be fair here.
An All-Inclusive IoT Platform
When you want to partner with a business that offers a comprehensive solution that can take care of all your business’ aspects, KocharTech is your choice. The IoT solution offering helps achieve operational efficiency throughout various areas of a business.
Here are some features KocharTech exhibits-
- Device Management
- Connectivity Management
- Asset Management
- VMS and Video Analytics
- Command Center
- User Management
- Alerts and Notifications
KocharTech is your one-stop shop to kickstart the process of digital transformation within your enterprise and help improve business efficiency. Ready to turn smart?
Get in touch with us.