In just a few years, the Internet of Things (IoT) has gone from being a concept used in science fiction into what can be considered as everyday technology.

IoT technologies are interconnected devices and sensors across a wireless network. The applications of this technology are limitless. From automation to generating accurate business insights, IoT applications are the torchbearers of the fourth industrial revolution.

More and more companies are turning to IoT solutions to deliver growth and increase efficiency. In fact, around 46.5% of Australian companies already have at least one IoT solution which they depend on. The adoption in the country is actually slower than expected, but as the costs of both software and hardware become more accessible, IoT adoption will catch up in the next few years.

If you’re still undecided on whether or not your company can benefit from this revolutionary technology, here are 5 ways IoT can streamline your business:

Faster Production

Industrial IoT comprises the largest chunk in the IoT market. Manufacturing companies and firms are integrating IoT into their production processes to decrease downtime and ramp up efficiency.

IoT-enabled sensors aid in collecting data that can improve maintenance checks on motorcycles. Harley Davidson recently revealed that introducing IoT tech in its factories has resulted in cutting both production lags and overall costs. By using IoT applications like predictive maintenance and analytics, the company’s machine downtime has been greatly reduced, and their sourcing prompts have become more accurate.

Asset Tracking

Direct-to-consumer and connected supply chain business models are rising, and with it, the demand for visibility has increased as well. Today, consumers want to know the exact location and condition of their orders. While GPS tracking has been around for a while, IoT solutions take visibility a step further.

IoT World Today reports that IoT-enabled asset tracking is not just about location data. IoT sensors are used to collect and supply relevant data regarding product conditions, tampering, and the length of port stays. Verizon Connect states how the fleet management industry makes use of GPS asset tracking to optimise routes, reduce paperwork, and improve maintenance scheduling. Asset management not only increases visibility, it enhances data-driven accountability in your business.

Improves customer experience

Aside from giving customers more access to their order information, IoT solutions can raise customer satisfaction in many more ways. Automating retail processes through sensors give customers more leeway in interacting with products inside stores. Some gyms in cities employ IoT sensors to track and sync data from Fitbit to provide user-specific health insights. An app called SoundPrint allows its users to rate and review restaurants, cafes, and other gathering places based on noise levels. If your business is attuned to your customers’ wants and needs, there are IoT applications that can help you further personalise the user experience.

Generate insights

One of the key features of the IoT ecosystem is analytics. The ability to utilise the generated data from the multiple and specialised sensors of IoT platforms can generate critical insights that can shore up revenues and improve efficiency.

IoT analytics leverages machine learning algorithms to predict upcoming trends based on the processed data. In the agritech industry, IoT ecosystems forecast weather and environmental conditions crucial in farming. Hinging on GPS tracking, artificial intelligence, IoT devices, and big data, end users in almost any business can have access to data-driven planning methods.

Save money

Apart from streamlining productivity, insights from new and IoT-enabled streams of data can predict and model operational costs.

Telstra’s Intelligent Utilities recently revealed its plans to team up with water utility provider Western Australia’s Busselton Water to save money by tracking water consumption patterns. The telecom giant wants to integrate its own narrow band-IoT network with digital water sensors to cut operational costs and reduce waste.

As the technology is gaining maturity, IoT applications in businesses will become imperative. As it is, it’s clear that early adopters and movers are gaining competitive advantage.

An article exclusive for dpcomputing.com.au
Submitted by Raiyah Jane