No one can doubt that the internet of things (IoT) has made life better. And, this isn’t just about being connected 24/7 through your laptop, tablet or smart phone, it entails much more. Connected devices enabled by IoT are not just improving the lives of individuals, there are also providing many benefits to businesses. In fact, more and more companies today are using IoT to gain a competitive advantage in the market. So, how exactly is IoT benefiting individuals and businesses today? let’s find out.
Want your phone, television, devices, and vehicles to keep track of what you are doing, viewing, reading and listening to? IoT can help ensure that. With IoT, you can keep track of all your activities in a day even if you move throughout the day, from place to place.
The more data you have, the easier it will be for you to make the right decision. For example, with IoT, you can know what to get from the grocery while you are out without having to check on your own. This saves time and makes life incredibly convenient.
Efficient Utilization of Resources
With IoT, you can better track your business assets including your tools, equipment and machinery. By providing you real time insights and visibility into your assets and supply chain, IoT allows to run predictive maintenance on critical machinery and infrastructure to improve utilization and throughput.
Improved Customer Experiences
Want your customers to feel more connected to your brand? Then switch to IoT. By collecting and recording data using in-built sensors, you can utilize IoT to retrieve valuable information about your customers which will you to better understand and cater to the customers’ needs. And, this will result in an improved customer experience.
Effective Data Analytics and Related Cost Savings
IoT solutions allow businesses to track the location, timing and search inputs of their customers. This ensures effective data analytics, which allows businesses to interact with and respond to customers in real-time. It is estimated that connected devices and related analytics will help save billions of dollars if they cause even a minimal reduction in inefficiencies, fuel and capital expenditures.