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IoT (Internet of Things) devices have quickly gained momentum and are becoming more popular and widely used by both consumers and businesses alike. The concept of IoT has existed for some time now but it’s only relatively recently that these devices became available commercially. Nowadays, IoT devices bare a promise to reshape the business world as we know it.
As a matter of fact, it wasn’t until 2013 that devices started using the Internet and wireless connections to communicate with one another, thus ensuring the IoT concept coming to life. IoT can be seen in practical use through automation and smart homes.
However, how do these devices find their use in the business world? It’s not like businesses can only benefit from such devices by designing and manufacturing them, right? Of course not. IoT device can yield numerous benefits and advantages to businesses of all sizes. The key is in using them the right way. With that in mind, here are a few top applications of IoT for businesses.
Data mining and analytics
Information is crucial for business success these days. That’s why many companies today scour through big data online to extract as much information about the market, consumers and even competitors, as they can. The more relevant data they extract the more strategic and data-driven decisions they can make. IoT devices can be applied to extract such data and they will deliver exceptionally on that matter.
That being said, IoT devices can pull vast quantities of data from their everyday use. What’s more, it’s estimated that there will be around 10 billion IoT devices connected to the Internet by 2020, which means they’ll be able to produce immense quantities of data, especially since they’re able to communicate between themselves.
This information can be analyzed and used to improve business operations, streamline workflows and improve the quality of products and services, among other things. Up until now, businesses would only have to guess the best outcome and hope for the right results. However, with IoT devices on their side, the entire process is much more seamless and accurate.
Improving user experience
As mentioned before, IoT devices generate a lot of data but that’s not their only advantage. The fact of the matter is that these devices also process information in real-time, which means businesses can identify any issues and come up with solutions faster than ever. In addition, the cross-functionality of IoT devices allows seamless processes at reduced operating costs.
This particularly reflects well on user experience. That said, IoT devices can help improve new customer engagement by 34% and overall customer satisfaction by 33%. Consumers no longer have to wait for their problems to get fixed.
However, in order to ensure seamless and continuous connection and communication for IoT devices, businesses require an efficient Internet fiber optic connection that can support IoT devices at all times. That’s how the real magic happens where consumers can enjoy synchronized connectivity without any disruptions.
Co-economy
Another interesting application of IoT devices in the business world is the so-called co-economy tend that’s becoming increasingly popular. What it means is that business can collaborate on a whole new level thanks to IoT devices and their capabilities.
The purpose of this co-economy is for businesses that otherwise have difficulties competing in a crowded market, to collaborate and partner up to gain not just a competitive advantage but also develop new consumer-centric solutions. After all, it’s no secret that going up against well-developed and better-funded competitors can be a major challenge for new businesses on the market.
The information shared between businesses, which originates from IoT devices, can be used to create and deliver more personalized and customized experiences for customers. By joining forces and resources, businesses can now thrive thanks to IoT devices.
Understanding market trends
As you may already know by now, many IoT devices are equipped with AI (Artificial Intelligence) and its machine learning capabilities. This gives a whole new advantage to businesses that use such devices. The fact of the matter is that machine learning algorithms can make more sense of the data being harnessed by IoT devices.
In other words, you won’t need teams of data scientists to interpret the information, the devices can do it themselves. This can help you understand and predict the market trends that will affect consumer behavior and purchasing decisions.
Not only that but the devices can also help you improve customer service and support by feeding your information on consumer preferences, needs, expectations and demands. What’s more, since IoT devices interact with other appliances and devices, they can produce viable information business can leverage on a daily basis.
Internet of Things (IoT) has certainly made a lot of people interested. Every time such a technological innovation enters the market, companies rush to find a way to leverage its fullest potential. That’s pretty much what’s happening to IoT at this moment. Although still being perfected, this concept will surely revolutionize both how businesses operate in the future and how consumers perceive smart devices.
