The growth of technology and its applications is the best facility for human beings. Advanced machines, human-like devices, and robust Artificial Intelligence (AI) are a few examples of technological magic. What makes them important is their ability to communicate with other devices.
Communication is the key to creating a successful technological and business model. The importance of communication led to an emerging technology known as a “Network”. A network is a combination of many devices connected together. When they become mutually connected through a communicable network, we call it an “Internet” or “Interconnected Network”.
Currently, the Internet of Things (IoT) is one of the most progressive technologies, allowing users across the world to connect and exchange data. Though its applications are found in every industry, digital businesses are its focus of attention. Let’s have a quick look at a few applications of the Internet of Things in business.
Also Read: What Is the Internet of Things?
Internet of Things – Overview
IoT is the amalgamation of physical things under the shadow of the internet to enable communication between these things. In other words, a few devices come together with the help of sensors or software to mutually exchange data using the internet. It transforms our lives, business operations, and communication with others.
For instance, a smartphone is an example of the IoT that we can use for enhanced business operation, learning processes, and, most important of all, for communication with other people and our near ones. Smartwatches, smart mirrors, smart cameras, cloud computing, connected cars, and more are other applications of IoT which are revolutionising the tech industry.
IoT Applications in Business
From asset tracking and management to supply chain optimisation, IoT has a large number of applications in business. As digitalisation becomes acceptable, the Internet of Things progresses even further. Here are a few applications of IoT in business.
#1. Supply Chain Management
IoT facilitates organisations and companies to automate and hasten their operations. It can support tracking merchandise and products from supply to delivery in a supply chain management business. With the help of IoT applications in business, you can be sure of safe operations without products being lost and misplaced.
One best way of doing so is by connecting Radio-Frequency Identification (RFID) tags to goods. This practice never allows anything to disturb an enterprise’s operation. Moreover, this connection and communication help businesses understand the supply and demand curve, which is critical to their success.
Also Read: The Evolution of Smart Home Devices and Their Integration
#2. Predictive Maintenance
Maintenance is a costly step in business management that costs deep pockets to any company. It is normal for organisations to have their devices and machines malfunction. Even though the cost may not be an issue, the time it takes to repair and bring the operation to normal may become a hectic task to handle.
Predictive maintenance is one of the efficient solutions for companies. It is a process based on IoT that runs a quick check of the machinery and devices connected to an organisation. This check provides the admins and managers with a deep insight into the functioning of the device by observing its temperature, humidity, etc. Thus, it improves the efficiency of the organisation, reducing its expenses.
#3. Robust Data Analytics
IoT applications are vast that envelop artificial intelligence in itself. It works in collaboration with AI and other technologies, like Machine Learning (ML), etc., to access large amounts of data. Such data enables the systems to provide us with valuable and productive insights.
IoT devices analyse data to help organisations uncover business trends for efficient decisions that can take them to another level of success. Thus, IoT in business is supportive in its process optimisation and new product development.
#4. IoT in Customer Experience
IoT is an essential technology, personalised for robust customer experience. A business can leverage IoT technology to strengthen its sales campaigns, attracting a handful of customers or potential buyers. It also helps businesses to connect with their customers using the communication channels of IoT.
The smart store concept is also one of the many applications of IoT in businesses. Smart stores are digital platforms with integrated Augmented Reality (AR) and other technologies. It allows customers to try their favourite outfits or other goods without visiting the store physically. Plus, such stores can also offer personalised recommendations made for a specific audience, enhancing sales and generating better revenue.
#5. Health and Safety Monitoring
Wearable devices are based on IoT, making them an effective tool to regulate your health and safety. For businesses, such smart devices can be game-changers due to the enhanced health measures in the workplace.
Sensors of IoT devices can detect any harm, whether body issues or environmental, and businesses will get notified beforehand to arrange practical measures. This practice can safeguard a business from any unpleasant events in the workforce.
Frequently Asked Questions
What Are Common IoT Applications?
IoT applications are widespread in use that we can find everywhere around the clock. Regarding common examples of IoT applications, smartphones and smart devices serve to be the best. These modern and top-notch technological innovations have brought extensive ease into our lives in various parts of our work. Smart home devices also use IoT mechanisms to operate effectively.
Is IoT an Application in Customer Service?
Since a variety of devices use IoT applications, they offer plenty of support to customers in a business. Be it customer support, management, or dispute resolution, IoT applications are the best option to tackle them with ease. The top-notch analytics derived from users’ data enables organisations to devise their business strategies for the future, making their relations with customers stronger.
Will the Internet of Things Improve in the Future?
IoT is a progressive technology that has changed the way we operate in businesses and other areas of life. Today, we can strongly see its applications in many niches, including supply chain management, cybersecurity, and business management. Moreover, it will improve the efficiency and automation of businesses, especially eCommerce.