7 ways to improve your business through IoT

There are some awesome IoT products from Amazon and Google. But how it is impacting the current and future business market is important. The volume of growth in the consumer market for IoT is great, but technology having an effect on enterprise businesses is more significant for its success and growth.
So how IoT can effect your business? I have compiled 7 different possibilities for you.  

1- Energy management
Yes, energy has a profound effect on our daily life. Similarly, its effect on business is also significant. Carbon fuel is the foundation of the global economy. Its effect at microeconomic level is also very important. Most of the business enterprises are linked to logistics and transportation. The fleet management systems with data acquisition from fuel tank sensors can improve your insight and cost cut downs. It can therefore directly impact the profits. There are many solutions available in the market.  

2-Office Automation
Office automation is another way to cut down your cost at the end of the month. There is the smart thermostat for environmental temperature control and IR sensing devices that can turn your lights and other appliances off during no use. These ideas can reduce your electricity bills and can provide you with significant data to plan and analyze your overheads.   

3-Inventory management
Inventory management and warehouse management is some time essential to efficient salesmanship. Warehouse management can be a real headache and requires a huge input of time, money and effort. IoT devices and sensors can reduce the effort and is already being used as a fundamental component in a supply chain. Smarter supply chains can increase income up to 30%. There are real time trackers which can locate and inform you with real time data. Some major components are cloud-based software to digital shelf technology, RFID’s and bar-coding. 

4-IoT can make you a data company
IoT can have far reaching effects on your business, and it can find new avenues for your profits. For example, you are a transport company and using IoT for vehicle tracking. The data generated by you can be used for traffic congestion alerts for a courier company or a newspaper distribution service. And therefore it can generate additional profits.  

5-Enable smarter business operations and smarter decisions 
With cloud-based data acquisition via actuators will make your business smart. And this data can be used to make smart decisions. Considering a seller point of view, if you have actual data available about your stock, you will be more efficient to promote the products with high quantity, thus and reducing the shelf time and increase your profits. 

6-IoT can make your product a service
IoT will make your business shift from product selling to a service provider. An excellent example can be cellular companies, which are providing cell phones for free with service charges every month making it more affordable, thus increase sales and reach. With IoT-enabled devices, same formula can be adopted for some businesses. Similarly, a home appliances company can sell washing machine for a very cheap upfront cost and bill the customer monthly for every cycle of laundry.    

7-IoT simplifying your work
Every company is trying its best to decrease the cost the operation to enhance its profits. If you are a manufacturer, oil, and gas or transport company it is vital to avoid malfunctions and human loss. Already many organizations are using sensors and systems to monitor its machinery and employees to counter this issue and improve the safety conditions.

We have just scratched the surface there are endless possibilities opportunities. By 2020 there will be estimated 40 Billion devices out there with amazing applications. 


Tags: iot business   iot  

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