How IoT is changing business
IoT – the ‘Internet of Things’ is rapidly changing businesses in all industries by increasing the amount of quality data. This IoT data can improve business efficiency, enhance marketing, enable remote working, improve quality of life, and better connect skilled workers. Ultimately, businesses can change for the better or worse. The end result for companies strategically utilizing IoT is positive change including a better return-on-investment and more profitable bottom line.
1. IoT Data changing businesses
Data collection and exchange has always been a big part of business operations. IoT provides the possibility of gaining greater access to more specific types of data. Additionally, excellent software and smarter hardware, combined with a greater variety of powerful yet affordable sensors, provide better ways to work. Processes become more efficient by collecting and utilizing data and then turning that into actionable information. In conclusion, almost everything we do can generate data through the “stuff” that we use every day.
IoT devices register and transfer data used to monitor operations, provide new insights, and boost efficiencies. This data helps businesses make better informed and faster decisions. They can then analyze large data sets statistically to reveal patterns, trends, and associations. This information is incredibly powerful when relating to human behavior and interactions, often the basis of Big Data. When used strategically, this information can improve products and services, optimize business processes and enhance marketing. The result is better profitability by creating faster and more appropriate responses to customers’ needs and preferences. For example, Apple introduced EKG sensors on the Apple watch capable of gathering user heart data: a great example of IoT changing business products.
2. Efficiency
With the possibility of doing more in less time, improvements in operational efficiency directly improve profitability. This improvement happens by connecting key processes to identify ways to boost efficiency and productivity. And this is one of the tremendous benefits of IoT.
3. Marketing
With more data and faster information processing, possibilities flourish to create customized and dynamic programs for clients. This process enables more immediate responses that are better suited to address clients’ needs and preferences. Marketers benefit from this and can provide more relevant and timely communications. Ultimately, businesses benefit too and can grow more by attracting, engaging, and maintaining more clients. Here again, IoT is changing the marketing game for businesses!
4. Work-Life balance
Physical presence is no longer vital to many kinds of work. For instance, right now, with the coronavirus epidemic, social distancing is required as a way to mitigate the disease. Thus, businesses can offer more workers the option of working remotely. And work can be done anywhere, anytime. Also, studies show that workers are happier and more productive when they can work from home or other locations. Lastly, allowing employees to use company devices for personal needs provides useful integrations of personal and work life.
5. Inventory management
IoT is changing the business of tracking and managing of inventory systems. Real-time updates provide valuable feedback about the status, location, and movement of inventories.
6. Skilled workers
The IoT explosion will lead to tens of thousands of new jobs in the IoT economy. For example, Intel Corporation believes that in 2020 more than half of all businesses will use IoT in their products or processes. Also, as IoT devices, smarter software, and more intelligent hardware become part of the new economy ecosystem, the demand for tech-savvy engineers increases. Therefore, specialized technical know-how to support & enhance the Internet of Things will only continue to grow exponentially.
IoT & ROI: Developing Profitable Tech Projects
The age-old business adage states: find the need and fill it! Therefore, doing that with a clear monetization strategy will ensure stronger existing client relationships and foster new customer acquisition!
It is exhilarating for businesses to project increased revenues, cut costs, and improve customer service. Thus, it is critical to fully understand the challenges and risks before embarking on a full-scale IoT program. Above all, this analysis is especially crucial, given the #1 risk of failure in the software development industry. The top reason for botched projects is project abandonment due to improper planning, process, and execution. Therefore, the correct method includes: stress-testing, solid training of users and technical expertise. Of course, an inefficient process easily creates a product that is not good enough. In conclusion, the software, or IoT system, then falls short, resulting in a disconnect between user expectation and their experience. We see this, for example, with apps that are too complicated to use, too slow, or with features and functions lacking user or customer relevance.
Best Practices & SDSolid 7 Process
Another common reason for technology project failure is merely going way over the anticipated budget and timeframe. We saw this situation first hand with the recent Iowa Caucus Technology Fiasco. Therefore, following Best Practices, and securing the right tech partner, when implementing an IoT strategy is paramount to success. At SDSol Technologies, we have developed and successfully utilized our methodology called the SDSolid 7 Process consisting of seven steps and two phases.
IoT Success in the Digital Age
Due to the exponentially accelerating technological innovation, it is a big challenge for all companies to keep up. This problem is common for the largest multinational corporations, the smallest startups, and every other sized business. And keeping up is necessary to effectively navigate all of the technological options and find the best solutions. Finally, harnessing the potential benefits of IoT and minimizing its risks, requires alignment with a sound and executable business plan. Thorough planning captures and delivers value to the customer, and each user of the IoT system.
Visionary leadership
Many factors contribute to the success of a business. To be clear, technology alone is not a substitute for visionary and effective leadership, thoughtful strategic planning, and sound execution. Above all, business success relies on leaders and managers to adapt by nurturing a culture of learning and innovation.
Business leaders also understand that managing technology is a priority for success in both the consumer and trade sides of their operation. Firstly, correctly executed technology projects empower hardware and software to do their magic behind the scenes to make things work seamlessly. Secondly, by integrating scalable technology, businesses optimize their chances of success. Thirdly, when scoping out tech projects, it is smart to start small with clearly defined goals, budgets, and timelines. And lastly, of course, it is paramount to engage top tech talent with the right business experience and tech support.
SDSol Technologies: 1200+ projects delivered
For good reasons, many businesses turn to companies like SDSol Technologies for creative, and custom-tailored technological business solutions. SDSol Technologies has over 20 years of demonstrated success in delivering technology projects. SDSol maps out solutions to better integrate technology. This mapping results in significantly lower costs, improved operations, and increased revenues. Clients benefit from better products, services, and user experiences. Partnering with SDSol Technologies means you are engaging a tech company that is also business savvy, committed, and creative. SDSol has the expertise and proven track record of implementing technology solutions for customers’ day-to-day business needs.
Click to see SDSol Technologies IoT Client Solutions
PADL – Automated Paddle Board Rental System
MYPARK – Robotic Parking Reservation System
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IoT Reference Links & Additional Resources:
TECH TARGET
https://internetofthingsagenda.techtarget.com/definition/Internet-of-Things-IoT
FORBES
https://www.forbes.com/sites/danielnewman/2018/07/31/five-iot-predictions-for-2019/#1b5735426edd
ANALYTICS VIDHYA
