The Growth Of IoT (Internet of Things) In Business

Market Gravity’s Robin Scarborough explains how IoT (Internet of Things) increases customer experiences, drives business growth and outlines the risks.

The Volume of total worldwide data is increasing exponentially with the IoT growth and the ubiquity of connected devices. In the IoT market of the world, 23.1 billion IoT-based devices were installed in 2018 and are forecasted to grow to 75.4 billion by 2025.

More newly generated data is valuable; it is ideal for optimizing manufacturing operations, tracking assets with enhancing accuracy, targeting existing customers and creating new services and business models. The Internet of Things opens the door to endless opportunities in worldwide business. Electronic devices, appliances and even vehicles can connect and exchange information via a wired or wireless network. The big example you can see in your workplace. Almost every internet-connected device in your workplace can communicate with other software and hardware without any hassle. But the main concern is how can IoT help your business grow?

Top 5 ways how IoT is driving business growth

#1 – Improving business efficiency

The Internet of Things in a business often corresponds with a digitization process. A shift to digital processes decreases costs and enhances speed, flexibility, thus the efficiency of businesses. Digital automation services such as the Internet of Things removes human input and saves time. With IoT, data gathered from sensors can be determined and utilized without any human intervention in order to save time for your staff. You can get an IoT app development solution to make your business thrive in today’s competitive world.

#2 – Providing more & real-time data

Businesses shine on data collection and exchange. The IoT app completely changes the way of handling data. If you are selling products, IoT can revolutionize your market research. IoT not only offers access to a lot of customer data but also tracks and records the process of how customers interact with the Internet of Things devices. With this data, businesses can offer customers a better experience. The real-time data can give your business an insight into the performance and productivity of your devices, enhancing opportunities for innovation.

#3 – Tracking & management of inventory

IoT includes tracking and management of inventories to make your business process more efficient. For that, you need to install an IoT app in warehouses and storage units. With IoT to manage your inventory, individuals can focus on cognitively demanding tasks. Many companies are moving to a transferred mode of tracking management through blockchain apps that use smart processes to streamline the process.

#4 – Making workplaces smarter

You can control your office from anywhere in the world using sensors. IoT is the best way to make your workplace smarter as It can also ensure that temperature and lighting are at a great level for staff productivity and comfort. If your company has an IoT app, it will not only benefit your business due to energy efficiency and cost-saving but also encourage a healthy and happy workplace for staff.

#5 – Supporting several business models

There are different types of businesses that can benefit from the Internet of Things technology. Some companies monetize their product or services, for others, it’s their brand and for some, it’s their users. With IoT, there has been a great revolution in the digital market.

One of the advantages of IoT is the way it supports business expansion and development. A recent survey conducted by Forbes showed that 60% of organizations are spreading into new lines of business based on IoT solutions. These services include decentralized, blockchain-based data sharing, security services that enable product, tracking and SaaS solutions. As a result, more and more businesses are selecting to monetize their data.

The Final Thought!

No matter the future of IoT, intelligent devices will become twisted into people’s lives. There are plenty of device manufacturers with few standards working within a changing ecosystem. Taking action, planning and being active in the ecosystem are the best strategies for businesses growth. But be sure of your future role and where they can add advantage to the lives of consumers. It is vital to take a collaborative approach, experiment and build partnerships and future-proof your enterprise. If you are looking for a reliable IoT solution to transform your business into digital, get in touch with a dedicated mobile app development company such as Appventurez! An experienced company provides professional coordination, experienced team, strategic planning and client-oriented solution.
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