How IoT is changing business
IoT: The ‘Internet of Things’ is rapidly changing businesses across industries by increasing the amount of quality data. This IoT data can improve business efficiency, improve marketing, enable remote work, improve quality of life, and better connect skilled workers. Ultimately, companies can change for better or worse. The bottom line for companies using IoT strategically is positive change that includes a better return on investment and a more profitable bottom line.
1. Companies changing IoT data
Data collection and sharing has always been an important part of business operations. IoT provides the ability to gain greater access to more specific types of data. Plus, great software and smarter hardware, combined with a wider variety of powerful yet affordable sensors, provide better ways to work. Processes become more efficient by collecting and using data and then turning it into actionable information. In conclusion, almost everything we do can generate data through the “stuff” we use every day.
IoT devices record and transfer data that is used to monitor operations, provide new insights, and increase efficiency. This data helps companies make faster, better-informed decisions. They can then analyze large data sets statistically to reveal patterns, trends, and associations. This information is incredibly powerful when it relates to human behavior and interactions, often the foundation of Big Data. When used strategically, this information can improve products and services, streamline business processes, and improve marketing. The result is better profitability by creating faster and more appropriate responses to customer needs and preferences. For example,
With the ability to do more in less time, improvements in operational efficiency directly improve profitability. This improvement occurs by connecting key processes to identify ways to drive efficiency and productivity. And this is one of the tremendous benefits of IoT.
With more data and faster information processing, the possibilities for creating personalized and dynamic programs for clients flourish. This process allows more immediate responses that are better adapted to the needs and preferences of customers. Marketers benefit from this and can provide more relevant and timely communications. Ultimately, businesses also benefit and can grow more by attracting, engaging and keeping more customers. Here again, IoT is changing the marketing game for businesses!
4. Balance between personal and work life
Physical presence is no longer vital for many types of work. For example, right now, with the coronavirus epidemic, social distancing is required as a way to mitigate the disease. Thus, companies can offer more workers the option of working remotely. And work can be done anywhere and anytime. Additionally, studies show that workers are happier and more productive when they can work from home or other locations. Finally, allowing employees to use company devices for personal needs provides useful work-life integrations.
5. Inventory management
IoT is changing the business of tracking and managing inventory systems. Real-time updates provide valuable information on inventory status, location, and movement.
6. Skilled workers
The IoT explosion will create tens of thousands of new jobs in the IoT economy. For example, Intel Corporation believes that by 2020 more than half of all companies will use IoT in their products or processes. Additionally, as IoT devices, smarter software, and smarter hardware become part of the new economy ecosystem, the demand for tech-savvy engineers is increasing. Therefore, the technical expertise to support and improve the Internet of Things will only continue to grow exponentially.
IoT and ROI: development of profitable technological projects
The old business adage says: find the need and fill it! Therefore, doing so with a clear monetization strategy will ensure stronger relationships with existing customers and encourage new customer acquisition.
It is exciting for companies to project higher revenues, reduce costs and improve customer service. Therefore, it is critical to fully understand the challenges and risks before embarking on a large-scale IoT program. Above all, this analysis is especially crucial, given the risk of failure of the #1 in the software development industry. The main reason for failed projects is project abandonment due to improper planning, process and execution. Therefore, the correct approach includes: stress testing, strong user training, and technical expertise. Of course, an inefficient process easily creates a product that is not good enough. In conclusion, the software, or IoT system, falls short, resulting in a disconnect between user expectations and their experience. We see this, for example, with applications that are too complicated to use, too slow, or with features and functionality that lack relevance to the user or customer.
SDSolid 7 best practices and process
Another common reason for technology project failure is simply going over budget and over time. We saw this situation firsthand with the recent Iowa Caucus Technology Fiasco. Therefore, following best practices and securing the right technology partner when implementing an IoT strategy is critical to success. At SDSol Technologies, we have successfully developed and used our methodology called the SDSolid 7 Process which consists of seven steps and two phases.
IoT success in the digital age
Due to technological innovation accelerating exponentially, it is a great challenge for all companies to keep up. This problem is common for the largest multinational corporations, the smallest startups, and any other size company. And staying up-to-date is necessary to effectively navigate all the technology options and find the best solutions. Ultimately, harnessing the potential benefits of IoT and minimizing its risks requires aligning with a solid and executable business plan. Careful planning captures and delivers value to the customer and each user of the IoT system.
Many factors contribute to the success of a business. To be clear, technology alone is not a substitute for visionary and effective leadership, thoughtful strategic planning, and strong execution. Above all, business success depends on leaders and managers adapting by fostering a culture of learning and innovation.
Business leaders also understand that managing technology is a priority for success on both the business and consumer sides of their operations. First, properly executed technology projects allow hardware and software to work their magic behind the scenes to keep things running smoothly. Second, by integrating scalable technology, companies optimize their chances of success. Third, when looking at technology projects, it’s smart to start small with clearly defined goals, budgets, and timelines. And finally, of course, engaging top tech talent with the right business experience and technical support is paramount.