4 Ways the Internet of Things (IoT) Impacts Your Business

IoT, or the internet of things, refers to the extension of the internet to various devices embedded with sensors and other technologies that connect and exchange data with systems over a digital network.

Needless to say, as the internet has expanded, so has the broader IoT ecosystem. Because IoT allows devices to connect to achieve better results, it has significantly impacted the way businesses operate in the modern age. It can help make their processes more efficient and provide an overall better customer experience.

IoT will undoubtedly continue to affect all aspects of the business world in the future. Experts estimate that by 2025, there will be 152,200 IoT devices connecting to the internet per minute. Companies that want to stay ahead of the game would be wise to invest in IoT infrastructure now, learning how to navigate this world and looking for ways to integrate new technologies with their existing business practices.

As IoT evolves, there will likely be even more significant strides in connecting devices across various networks, so businesses should also consider this.

But how exactly will IoT impact businesses going forward, and what role does it play in business today? In this article, we’ll explore some of the ways that IoT is shaping the current landscape.

Remote Work

There’s no denying that the COVID-19 pandemic has drastically changed the way people carry out their job functions, and these changes are likely here to stay, even once the public health crisis is in the rearview mirror. As more and more people adopt remote and hybrid work strategies, they become increasingly dependent on IoT technology to stay connected to their coworkers and perform daily job tasks. It can provide quick, efficient solutions to workers without requiring them to visit an on-site location or office, which can be a major hassle for people working from home.

One of the most significant ways IoT helps power remote work is by providing troubleshooting for at-home employees. In the past, if someone was experiencing computer problems, they had to get in the car and take their device to a physical location to have it serviced. Today, IoT sensors can detect malfunction and provide inspections remotely. This functionality allows employees to fix things independently. IoT can also help streamline remote work processes, offering conferencing equipment and other valuable tools to help employees stay connected, no matter where they are in the world.

Data Tracking

Data is a crucial aspect of business operations, but regularly monitoring and gathering this information can be cumbersome. Many businesses have started relying on IoT solutions to help them collect valuable data more efficiently. For instance, businesses can leverage ioT sensors to track consumer behaviors in-store, providing insight into their habits and enabling businesses to make decisions based on peak business times and what kinds of purchases customers are making. Data gleaned from these practices can be extremely valuable to retailers in particular.

The more IoT devices you have connected, the more data you will retrieve and the more informed decisions you can make. In this way, IoT has a significant impact on business operations. IoT data tracking can be especially useful in inventory management because it helps create a more streamlined supply chain through GPS and RFID chips.

These technologies make tracking shipments and keeping inventory levels up to date. Of course, staying abreast of this kind of data is critical to keep your business running smoothly and efficiently—it can help you avoid the pitfalls of manually tracking inventory and tracking and analyzing data by hand.

Customer Service

In many ways, customers serve as the backbone of the business world. Without customer buy-in and support, no business can achieve its aims and objectives. IoT has been a game-changer in terms of providing top-notch customer support. Thanks to IoT services and technologies, customers have access to a range of valuable resources to help them make purchases and engage with companies.

Businesses can use IoT to personalize the customer journey, using tracking tools to understand customer patterns and preferences and offer them a unique experience tailored to whatever they’re interested in or want to buy. Businesses can then share this information across the more comprehensive network to help inform business leaders about what their customers might like to see in the future. Automation is another critical component of IoT when it comes to customer service. Businesses can use chatbots and AI-powered devices to answer customer questions when support personnel are unavailable. What’s more, these conversations can then be sent back to a live agent for analysis to improve the overall support process.

Increased Efficiency

It may or may not come as a surprise that companies expect efficiency gains of 12% over the next five years using IoT technology and related digital services. It’s clear that IoT has fundamentally changed the way people do business, and it’s likely that more companies from an even greater range of industries will be incorporating IoT into their business practices in the future.

One of the main ways IoT helps increase efficiency is by fostering collaboration. IoT harnesses devices and connects them so that users can easily communicate, even if they are located on opposite ends of the earth. Cloud-hosted software and connected devices provide ample channels through which workers can share ideas and resources. A recent Harvard Business Study found that 58% of respondents reported increased collaboration among their teams due to IoT-based initiatives.

IoT technology can also help businesses monitor energy use. By analyzing data collected from IoT monitoring devices and tools, businesses can better understand their peak use times and work to make adjustments as needed. This provides greater efficiency in terms of cutting back on energy costs and seeking out more eco-friendly solutions to their business needs. Overall, IoT can help businesses become more efficient by automating certain processes and allowing workers to connect and collaborate without being in the same physical location.

These are just some of the ways that IoT can impact your business for the better. By implementing IoT technology, you can see business gains in a number of areas, including customer support, increased productivity and efficiency, and data tracking.

Final Thoughts

IoT has become an extremely valuable resource for helping businesses streamline their operations and provide a more holistic, integrated experience for their employees and customers. Companies that look for ways to incorporate IoT strategies into their business practices can see several benefits over time.

Teksetra provides IoT solutions that can help propel businesses into the future. With Teksetra’s IoT solutions and services, users’ devices can monitor every aspect of their business and complete more tasks in less time, which means more opportunities to increase profits. You can also leverage data, using smart devices to track and record employee or consumer behavior, and use devices to monitor and manage remote work locations.

Get in touch with us today to learn more about how our IoT services can benefit your business.