Internet of Things (IoT) to Offer Businesses Greater Growth Potential

access_time August 26, 2019
by   TechmavenitAdmin
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As businesses the world over, ponder over ways to streamline their business operations, reduce expenditure and grow their companies, they will turn to newer technologies to achieve this aim. It is here that the advent of Internet of Things (IoT) technology promises to alter the existing business landscape. IoT is the network of devices and applications that connect through the cloud and provide seamless, real-time functionalities to businesses without the need for any human interaction. According to a report by Gartner, by 2020, connected devices across all technologies will reach 20.6 billion. A further report by McKinsey Global Institute has stated that IoT has the potential to create an economic impact of $2.7 trillion by 2025 Business owners who aim to achieve success in their respective business segment should consider implementing the Internet of Things technology in to their business operations. Failure to move with these technological improvements could seriously erode business capabilities vis a vis their competitors. Let us now go through a few of the countless benefits that would accrue to any business that opts for IoT implementation. Productivity Increase One of the major benefits that accrue to every business entity that opts for IoT technology is that there will be a profound increase in all round productivity. With IoT, a computer program can now handle a good number of tasks handled by an employee especially if it is of a stereotyped nature. Employees can now concentrate on doing jobs that call for innovation and creativity, resulting in greater cost savings and a resultant productivity increase. Inventory Management The adoption of IoT will revolutionize the way companies track and manage their inventory. Companies that were hitherto relying on warehousing, storage, transportation and delivery would have been using remote scanners and other high- tech devices to keep track of inventory item by item. The advent of IoT has changed all this, bringing in its wake a “smart warehouse” As all inventory is fitted with sensors, business could keep track of all inventory automatically and keep a tab on the movement of each inventory 24×7. This also frees up existing resources for more important, cognitively demanding task Remote Work Location With multiple devices fitted with sensors and all wired in to the same network, employees can work from any location, remain connected and accomplish any task. Employees can spend more time with family and at the same time perform their work sitting at their homes. Speed & Efficiency Implementation of IoT in business will help you accomplish large scale tasks faster and with greater precision. With more data inputs coming from every corner, enterprises can make better informed decisions at a faster rate. This will help them achieve greater competitiveness. Greater Cost Saving Implementing IoT technology will help businesses achieve greater cost savings and boost their bottom lines substantially. Redeployment of existing resources to more productive work and doing away with repetitive functions will bring in great cost savings. An AVG survey has found that 57 per cent of small business owners think that utilizing IoT technology will bring them greater revenues. Greater Availability of Smart Products With the wider implementation of IoT technology, there will arise the need to manufacture smarter products for the benefit of customers. Consumers want the products to feature greater functionalities than the ones available presently. Users then will be presented with an array of improved products like smart watches, smart wearable devices, smart home appliances, smart security devices etc that are smarter, more useful and inter connected es can now concentrate on doing jobs that call for innovation and creativity, resulting in greater cost savings and a resultant productivity increase.       .  

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