Internet of Things (IoT) is a network of inter-related connecting devices that are accessible through the internet. The ‘thing” in the IoT could be computing devices, mechanical and digital machines, objects, animals or people with built-in-sensors and unique identifiers (UIDs). All these objects will have the ability to collect and transfer data over a network without manual assistance or interaction.
The IoT is something which helps people to live and work smartly. From automating homes using smart devices to disrupting traditional ways of doing business, IoT’s influence on our day to day life is increasing. For business, IoT delivers real-time look into the company’s operational process, provides valuable insights about how the machines work to logistics and supply chain operations. From a company’s point of view, implementing IoT will help to reduce operational costs, cuts down unwanted delays in operations, improves service delivery and increases transparency into customer transactions.
How IoT Helps
New business models and revenue:
With real-time sensor data and information available using IoT, it helps the companies to launch new services like subscriptions and automatic product replenishments.
Operational efficiency is the greatest advantage of using IoT. This is the time where many companies are using IoT to automate their business. IoT allows the companies to remotely monitor and control the operations and optimize supply chains.
With IoT enabled devices and wearables, workforce productivity seems to be improving. IoT is a technology which helps the employees in increasing communication, decision making, automate routine tasks and saving routes in warehouses.
Enhanced customer support:
Tracking products and sending updates to the customers was the difficult thing in a supply chain. With the implementation of IoT, customer services have increased considerably. IoT helps companies to provide highly personalized products and services.