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How IoT Can Propel Your Business Forward

By Special Guest
Heleana Neil, Correspondent
May 20, 2019

In recent years, we’ve woken up to the full game-changing potential of the Internet of Things.

It can transform and reinvent our daily lives in many different ways, including how we run our businesses. It’s about more than staying connected, but opens up opportunities for creating new products and services. Let’s delve deeper. Here’s a closer look at how IoT can propel your business forward.

Bring People Together
Partnerships are key to growth and should be a central part of your strategy. There are a number of Internet of Things businesses out there, all with fresh ideas or access to certain technologies that could take your company to the next level. Never underestimate the power of collaborating with likeminded, complimentary brands. Using this to your advantage should help you accelerate and meet any goals or targets you’ve set.

Increased Efficiency
IoT is a game-changer when it comes to improved and increased efficiency of your business. It can allow people to work remotely and more flexibly. For example, all the information needed from the company network can be accessed outside of it. All that’s needed is a smartphone or internet connection.

Furthermore, the Internet of Things can also reduce the chance of mistakes and improve the speed of certain tasks. Vehicles can be directed to optimum routes to enable the fastest and most efficient travel. Technology can be deployed to spot potential problems or issues long before humans would.

Improved User Experience
Understanding your customers is key to business success. Enhancing user experience by dealing with issues or mitigating against them is a huge part of transformation.

IoT can enable you to do this. Its data, often collected in real-time, can allow you to respond to issues immediately. It also allows you to create a more personalised experience for your customers, by gathering information on satisfaction levels. All problems and requests can be analysed and brought to light, allowing you to respond in the most fitting way for your users.

Data-Driven Insights
The Internet of Things can enable the collection of necessary information like never before. It connects many areas; allowing you to see exactly how operations are running. Smart sensors is just one example of this, used in assembly lines and vehicles. As data flows through IoT systems, businesses receive increased insight into factors such as productivity and performance. These are essential metrics to keep an eye on when it comes to moving forward.

New Paths to Innovation
The Internet of Things opens the door to innovation. Businesses should always be looking for something new; a way to stand out from the crowd and reposition themselves in their market. Using integrated technology as part of your business strategy can help you separate from disruptive competitors that might be overshadowing you.

It could enable new user platforms, value-adding services or continuous engagement. New business opportunities are constantly being opened up due to IoT. Getting on board can help ensure you aren’t left behind.

Reduced Labour Costs
Data can be streamed and analysed without the need for human interaction or intervention. Drones can locate and analyse specific issues in areas people would have a hard time reaching. The IoT can enable cost-saving technology which can be utilised to your advantage. It can dramatically cut labour costs, helping you boost profit. This tech won’t replace humans in the workplace, rather, our jobs will adapt and evolve to integrate these systems.

Edited by Ken Briodagh
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