How Does the Internet of Things (IoT) Help Businesses?

The Global IoT Business Opportunity

IoT facilitates tech interaction to promote digital transformation. In recent years, IoT adoption has skyrocketed in almost all industries.

The IoT market is expected to cross over $1300 bn by 2026. It’s projected to generate $4-11 trillion in economic value during the same period.

The Internet of Things has opened up new avenues for growth and optimization. In fact, 83% of the organizations that implemented IoT technology have improved their efficiency.

What Are the Benefits of the Internet of Things for Business?

With IoT technology, your business can use every data point to achieve growth goals and optimize processes. Here are some of the ways IoT can benefit your business:

IoT helps businesses reduce costs

IoT solutions streamline existing processes across manufacturing, supply chain, production, and other industries. Streamlined operations minimize downtime and decrease costs.

The manufacturing industry is the best example of cost reduction via IoT technology.

Factories use predictive maintenance technology to reduce downtime by up to 20-50% and save 5-10% in maintenance costs.

IoT boosts productivity and profitability

IoT helps create optimized workflows through automation. It minimizes repetitive tasks and facilitates optimal utilization of available resources and machinery.

Optimization helps avoid wasted man-hours in organizations, making operations more efficient.

In fact, 83% of IoT-powered organizations claim to reduce expenditure and boost employee productivity. A study by Aruba revealed that 75% of companies adopting IoT increased their profitability.

IoT unearths new business opportunities

IoT connects hardware, software, and artificial intelligence for deeper analytics. Because of better insights, businesses can use IoT to catapult their operations toward the future.‍

36% of businesses discover new opportunities with IoT.

Businesses build new product lines and revenue models based on emerging patterns.

For example, insurers calculate premiums based on driving habits. Retailers plan their inventory levels and in-store display by recording consumer behavior. Marketers use IoT-based beacon tech to gather insights about consumers. Data analysis helps businesses adapt to change and create market-ready products.

IoT promotes optimal asset utilization and tracking

IoT can connect every unit, device, asset, machinery, or equipment to a single network. With smart sensors, businesses can then track assets and control equipment. Real-time insights and autonomous control reduces waste and optimizes the entire workflow. Asset-heavy industries like transportation use IoT to promote transparency through location tracking and updates.

IoT improves security levels and minimizes vulnerabilities

IoT reduces security risks and vulnerabilities through sensors designed for live surveillance in physical locations.

Connecting CCTV cameras to IoT networks creates a powerful surveillance network. This network can be further enhanced with automation, deep learning, and computer vision to create custom security solutions. For example, ALERTWildfire, a new AI detection network, is becoming increasingly accurate at predicting wildfires.

How IoT Helps Businesses across Different Industries? 

IoT tech is helping businesses gather and analyze more data for a better customer experience. There are several other use cases, too. Here are some examples of how IoT is improving different industries: 

Industrial production and manufacturing 

The manufacturing sector has seen a tremendous change thanks to IoT and automation. Smart sensors increase productivity and reduce downtime by providing the following solutions: 

Autonomous production units

IoT-powered industrial robots reduce losses caused by human negligence. Plus, robots can work 24/7. They increase production output and also help manufacturers reduce the cost of operations. 

Autonomous units can be controlled remotely to work at assembly lines for a wide range of products. Globally, electronics, automobile parts, toys, and even airplanes are being manufactured using IoT, or the Internet of Robotic Things (IoRT) to be more precise.

Predictive maintenance

IoT sensors check equipment health round-the-clock. Data gathered through IoT helps create periodic maintenance schedules that have minimum impact on the continuity of production lines.

Also, the data lets operators discover maintenance needs well in advance. IoT sensors predict chances of equipment failure for optimized maintenance schedules. Such predictive forecasts reduce the effect a breakdown has on active production hours.

Large factories use connected sensors to automate maintenance schedules. Take Volvo as an example, the company uses IoT to monitor equipment defects and predict maintenance schedules. The result is a 70% reduction in diagnostic time and 20% cut in repair time.

Supply chain and logistics 

Supply chain and logistics have always been capital-intensive industries with lots of bottlenecks. Customers want reliability and businesses are always expected to be more transparent. IoT helps businesses achieve both goals through:

Better tracking systems

Buyers love knowing everything about their parcels right from the minute they place an order. IoT-based solutions provide detailed insights about the parcel’s environment to delight and engage shoppers.

ParceLive is using IoT to offer real-time information about a parcel's condition. Suppliers and shippers can offer superior customer service and prompt dispute resolution.

When delivering high-value goods, perishables, or temperature-sensitive products like vaccines, IoT sensors are invaluable, giving critical information on factors such as humidity, temperature, etc.

On-demand pickup and delivery 

Customers love convenience, especially when it solves a seething pain point.

Smart pick-up points boost the logistics and delivery operations for the e-commerce sector. For example, companies can use a network of IoT-connected smart lockers to deliver products. Smart lockers are connected to the internet and notify shoppers when a package arrives.

In one of our IoT projects, Collectomate, we made parcel delivery easier for customers working in large offices. Customers use a mobile app to access their locker at a convenient time. They don’t have to cancel important meetings or fear missing their delivery if they’re not available to pick up the parcel from the courier.

Collectomate uses IoT for smart deliveries and simplifying parcel pickup in large offices. Discover how Collectomate is simplifying parcel delivery in large offices. 

Mileage and vehicle route optimization

IoT-powered fleet management systems let administrators reduce the cost of operations by optimizing routes. Companies can create the best delivery routes for cost-efficient deliveries using driver behavior, fuel efficiency, and maintenance prediction.

Analytics and tracking reduce costs and also track issues like personal vehicular use by employees.

Healthcare

Hospitals and doctors are using IoT for patient monitoring and preventive healthcare. IoT can be used to make informed decisions during the diagnostic and treatment cycles through:

Remote health monitoring

IoT solutions can track critical health data like blood sugar level, heart rate, blood pressure, etc. Doctors receive detailed info about a patient’s well-being through devices equipped with smart sensors.

Healthcare workers use the technology to keep an eye on patients in real-time.

The next generation of IoT devices is helping the telemedicine industry. Solutions like TeleICU can create accurate clinical predictions. Algorithms analyze data captured via IoT and predict when a patient will need emergency medical supervision.

Media production

IoT is also a handy technology in creative industries like media and production. The Internet of Things can make the production environment more efficient and dynamic.

Automation of on-set environment

Setting up the right light for video production is a complex and nuanced process. IoT can improve light adjustment and let gaffers control lighting fixtures via mobile devices.

Lighticians Apollo Control connects to all lighting fixtures with DMX. Lighting professionals and amateurs can quickly set up their scenes and define the minute details of light.

Agriculture

In recent years, agriculture has seen a rise of interconnected solutions that enable farmers to be in better control of their environment.

Autonomous farming equipment

For example, John Deere has a line of products for measuring key agricultural factors. Collecting soil temperature, moisture level, air temperature, and wind speed give farmers actionable information.

A Connected Future of Better Experiences

IoT can expedite growth and unravel new business opportunities across all industries. But the key to that growth lies in how quickly you can adopt IoT and become a differentiator in your industry.