5 ways IoT is bringing essential transformation to businesses

As Internet of Things (IoT) adoption continues to accelerate, we explore the key ways it is transforming the business world. We are all emerging into an Internet of Things (IoT) world that, for the most part, benefits everyone – aiding our day-to-day lives and keeping us connected to the things and people that are important to us.

For businesses, the use of technology  is no different. IoT devices record and transfer data to monitor important processes, give us new insights, boost efficiency, and allow companies to make more informed decisions.

If you’re considering how IoT technology could be used at your company, it’s vital to understand how it is currently transforming strategy and operations elsewhere.

What is IoT?

Internet of things (IoT) integrates the inter-connectedness of human culture -- our 'things' -- with the inter-connectedness of our digital information system. The Internet of Things, or IoT, refers to the billions of physical devices around the world that are now connected to the internet, all collecting and sharing data.

Thanks to the arrival of super-cheap computer chips and the ubiquity of wireless networks, it's possible to turn anything, from something as small as a pill to something as big as an plane, into a part of the IoT

Why do businesses need IoT?

IoT solutions allow companies to improve their existing systems, and also build entirely new connection points to customers and partners. It also brings with it new IT challenges. With billions of connected devices transmitting potentially valuable information, you can begin leveraging market awareness and measuring performance within your organization.

Five key ways that the IoT is enabling successful digital transformation 

1. Improved business insights and customer experience : Connected equipment in manufacturing, aviation, the supply chain, agriculture, healthcare, and many other industries is creating more data streams and analytics potential, meaning that companies are getting greater insights into their business operations and how the customers use their services and products.
   
   With many customer-facing types of IoT implementation, there other benefits too, improved stock and inventory control, supply chain management, for example, as reams of data are gathered about popular products and up or cross selling opportunities.
2. New business models : While the most obvious use cases for the IoT revolve around efficiency, productivity, and process monitoring, we’re increasingly seeing companies recognise the scope for it to provide them with information about their customers and how they use their products.
   
3. Asset tracking & waste reduction : Closely linked to efficiency and productivity is the drive to reduce waste, to which IoT tracking is integral. The more components there are in a business operation, the more it stands to benefit from IoT implementation. This has seen the supply chain industry become the biggest adopter of the IoT to date.
4. Efficiency & productivity gains : By connecting a business’s key processes, leaders can more easily identify ways to boost efficiency and productivity. Thanks to these gains, businesses expect the Industrial IoT to boost revenues.
   
5. Cost and downtime reductions : One of the major benefits of the IoT related new insights is often a reduction in operational expenditure and downtime.

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