How any business can benefit from IoT development

iOT technology

Let’s start with what is IoT?

The internet of things better known as IoT refers to a set of internet-connected devices that can collect and share data. IoT is  currently one of the fastest growing technologies today. You may not even realize that you have already started taking advantage of this technology when you use your smart TV, fitness tracker, GPS enabled dog collar, internet connected thermostat, or personal assistants such as Siri, Alexa or Google. 

IoT technology is not only revolutionizing our personal lives, but companies across all industries are jumping on the bandwagon. With the rapid increase in availability and technology, IoT is now an affordable option for any business. IoT allows companies  to come up with new ways to reach customers, increase productivity, reduce cost, prevent downtime or simply gather more insight into your customers.

To get a better idea of how IoT could help your business, let’s review some of the benefits IoT can provide:

DATA – So much Data! IoT allows you to collect more data than ever before. Collected data can be used to help you determine market trends, evaluate your products performance, predict business challenges and more.  Having this much data can help you to create more effective short-term and long-term business strategies. 

MARKETING– The data gathered around each individual customer can help you to personalize their experience or services. Your company can learn how your customers like to shop and how they use your products.  You can use this information to increase your customer engagement.  By using this data, you can collect key insight into creating effective marketing campaigns as well as retain and expand your customer base and increase brand loyalty.

CUSTOMER SERVICE – Excelling at customer service is the best way to ensure overall profitability in any industry. IoT technologies like mobile card readers that can connect to smartphones to process transactions easily and smart trackers that allow consumers to keep track of their shipped products can improve your customers experience.

INCREASE PRODUCTIVITY – Maximizing productivity and efficiency is a high priority for any businesses to ensure profitability. IoT devices can help manufacturers accurately manage stages of production through real-time tracking of parts and raw materials. Companies can also collect employee data to calculate their most productive hours to schedule important tasks and meetings. 

REDUCE COST– IoT devices can be used to track equipment and reduce downtime by foreseeing future failures or potential downtime in hand production line. Businesses can even save on overall energy expenditures by tracking, monitoring and reducing redundant usage of electrical systems.

Still now sure how your company could benefit from IoT technology? Here are a few examples of how different industries are using IoT today:

Supplies – Companies like Brother are setting up automatic ink delivery services that predict when to send new ink cartridges before they run out helping companies to reduce potential down-time  

Monitoring Soil – Agriculture manufacturer John Deer is  helping farmers monitor their crops through “precision farming”. Soil saturation data is collected and applied to the irrigation system, ensuring proper water for optimal output. 

Insurance Claims- Insurance has always operated in a reactive way.  But with new technologies their goals have shifted to prevention.  For example, Nest thermostat alerts homeowners of emergencies by flashing their house lights. 

Marketing – with the use of beacon technology business are able to use “Hyper-focused marketing”, sending offers, promotions and coupons to user’s devices when they are near their store. 

Manufacturing – You can now monitor equipment and minimize downtime by predicting failures on the production line. This can help companies spot when a component is likely to fail and to swap it out before it causes damage.

Flight Tracking – By using IoT technology airlines can be alerted to mechanical issues before they happen, reducing cost of repairs and more importantly increasing the safety of fliers. This technology can also be used with freight trucks and everyday automobiles. 

High Risk Jobs – By embedding sensors and using wearable technology, workers in high-risk environments like mining, can be continuously monitored and warned against falls and exhaustion.

The possibilities are endless! It’s predicted that over 75% of companies will be using IoT technology by the end of 2020. So don’t wait to get a jump start by providing your company with the technology needed to stay competitive. Excel SoftSources’s augmented teams are trained in the latest technologies as well agile development for easy collaboration anywhere. We would love to help you make your goals a reality. Talk with us today!

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