5 Pivotal Areas of Opportunity for Business IoT Applications

Applications of the Internet of Things (IoT) are already extensive but continuing to grow and evolve rapidly. The more than 17 billion (and growing) connected devices are only a part of what makes the IoT so powerful.  What truly makes IoT powerful is the ability to take simple devices and connect them in a way that allows for their operation to be controlled, monitored or adjusted over an Internet connection.

When it comes to business applications of the Internet of Things, there is an opportunity to integrate nearly every facet of a business operation. Businesses are now able to bring valuable data in real-time to decision-making from assets that were never thought of as being data sources. With all of this data currently available, it is essential that businesses are leveraging it to remain competitive or to gain an advantage over competition that is slow to adopt new technology.

Many companies are already making extensive use of networked products and sensors for a wide variety of reasons, such as to streamline and improve manufacturing processes, tracking and monitoring shipments, or just making more informed decisions.

The use of custom-designed and built IoT solutions can help businesses reduce costs, improve efficiency, and, in general, gain a competitive advantage.

Looking to the near future, there are 5 pivotal areas that businesses can look towards for Internet of Things opportunities to propel their business forward and get a ‘leg up’ on their competition.

Consumer Behavior

Massive improvements in computing power and data storage along with advancements in data analytics have propelled the science of consumer behavior. Now businesses are able to run highly targeted ad campaigns based on consumer interests and online activity. This data is additionally quite effective at helping businesses upselling and cross-selling at the point of purchase.

Businesses can now keep track of the exact place on a mobile application or web site where consumers click. Coupling this data with information on the screens and pages that consumers have visited, gives businesses a great deal of data that can be used to create personalized offers and discounts that are much more likely to be responded to by consumers.

By utilizing this information businesses can create more personalized and relevant experiences for their customers. A better understanding of consumer behavior can increase sales and customer loyalty, best of all, this type of activity can be utilized by practically any type of business to gain a better understanding of consumer behavior.

Customer Experience

Creating exceptional customer experiences is more important than ever.  With modern IoT applications and sensor networks, analytics, etc., you can now better understand consumer behavior and habits that will allow you to be able to create improved customer experiences. These improved customer experiences can help accelerate future growth and create serious advantages over your competition.

You can utilize this information for something as simple as sending highly relevant communications to customers. For instance, you can create groups based on behaviors and let your marketing team know to create relevant messages based on the data. As an example, if a group of customers isn’t utilizing all of the features of one of your products, you could send out an email to them highlighting the unused features.

With IoT solutions, you can improve customer experience by providing the right information, products, and services at the right time.

New Products

The data that you gather from the usage of your products can also be used to develop new products as you move forward. You can utilize the collected information to evaluate products and determine the parts of your products that can be improved upon.

Following this process, your business can optimize the performance and reliability of its products and design even better products than you are currently offering. By using the Internet of Things to improve your products, you can significantly improve your customers’ satisfaction and improve customer retention.

Assets and Inventory

IoT solutions are an excellent way to keep track of your business’ assets; this includes inventory, vehicles, machinery, office equipment, etc. The Internet of Things can even help you monitor your trash and waste.

Sensors can determine the optimum time to order additional inventory and help reduce your business’s need to carry large inventories.  Knowing where each piece of equipment is can save employees a great deal of time and improve efficiency. Asset trackers can also help to reduce the risk of theft, by giving you the location of all the assets via networked sensors.

Security

Security is one of the most exciting opportunities to utilize IoT technology. You can utilize the Internet of Things to increase the security of buildings in ways you may not have considered. For instance, smart devices could be used to constantly monitor water and air quality and report results in real-time or you could use it to monitor something as seemingly mundane as dumpsters and recycling bins. IoT smart devices are fantastic for monitoring all types of activity in different areas around your business.

Potential security applications are practically limitless. Any area of your business can be monitored in real-time with results being instantly reported via Internet connections.

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