We are in an age of innovation. Technology has made major leaps in recent years, leaving older systems and devices redundant in under a decade. In the business landscape, this means that systems and processes are constantly evolving and changing, revolutionising business models from one year to the next. This is good news, as it can open up opportunities for growth, better connect businesses with their clients, and allow for more streamlined processes that help optimise productivity in ways previously not possible.
The Internet of Things (IoT) is one of these new ways that technology is transforming business. With assistance around optimisation of product development, increases in customer options, and an extra competitive edge, companies have much to gain from taking advantage of the IoT.
What is the Internet of Things?
IoT refers to physical objects that traditionally aren’t connected to the internet, but are now able to communicate with a network that collects and shares data. But how does the Internet of Things work? Devices are embedded with sensors, processing systems, and other technology that shares information from almost anywhere without the need for human intervention. These devices could be things like a light switch, a temperature sensor, a tracking device, or even a car.
Using the Internet of Things in business
The functions of IoT can have big benefits for businesses willing to embrace innovation. It can help facilitate increases in revenue, improved effectiveness of business processes, and building of connections with customers.
Let’s look at some ways that businesses are using IoT to work smarter.
Better customer service
Because of IoT, the customer journey can be more clearly measured, helping you provide a better customer service. Data like the time it takes to deliver your products could help optimise your supply chain, and get products to clients much faster. With tracking devices, you have the potential to receive accurate, real-time information about what’s really going on, so you know faster if something is running late and can adjust customer expectations accordingly.
Temperature and moisture sensors for quality control
IoT applications include devices that can monitor the environment of your workplace. In the hospitality industry, an example of use could be restaurants implementing sensors that handle refrigeration maintenance, helping save money with less food waste. In manufacturing or food processing, moisture control systems can help ensure the environment stays ideal for products that need specific conditions. In an office environment, accurate and dynamic climate control can help save money on utility bills.
Increased awareness of product performance
In the manufacturing process, some IoT companies are building sensors into their products – like farming equipment – that will transmit data back to them about how it’s performing. This assists in spotting patterns of inefficiency, as well as when and where the product is likely to fail. This means businesses can fix reoccurring issues faster, and possibly swap something out before it creates a problem. This also allows for easier tracking of wear and tear for products and equipment in farming and manufacturing industries – helping operations managers know when to repair or replace their equipment, and assisting in increasing safety in these environments.
Better security
With IoT, businesses can access more affordable, enhanced security measures like proximity unlocking, automated control, and biometric systems. Smart locks enabled by Bluetooth or Wi-Fi can even help remove the need for an easily misplaced key.
IoT security cameras that connect over the cloud now mean that there is almost unlimited capacity for storage, rather than on-premise systems that record over themselves every few hours. Instant analysis with an AI can also send out alerts faster when a threat is recognised or can use facial recognition to identify you and allow access.
Why is the Internet of Things taking off now?
The Internet of Things isn’t new, so why is its influence spreading now? With the massive amounts of improvements to technology recently, we finally have the connectivity to support the widespread use of IoT. Faster internet can handle more and has better bandwidths, so adoption on a large scale is not only possible for businesses, it’s quickly becoming a necessity – creating an even brighter future of IoT.
With the speed of gratification getting faster and faster, consumer behaviour is changing. No longer is it about filling existing needs, it’s about predicting them. Companies need to be more agile, so with near real time updates that improve the function and service of their offering, it’s clear how IoT helps businesses be their best.
Get connected with TBTC Melbourne South
With the benefits of the Internet of Things explained, now’s the time to talk to TBTC Melbourne South about network solutions that will help transform your business for the better. Our technology advisors can help with a Connectivity Audit, identifying ways to get your business connectivity ready to support the IoT. Let’s get solving.
