What is IOT
The Internet of Things (IoT) describes the network of physical objects—“things”—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.
IoT has become one of the most important technologies of the 21st century.Increasingly, organizations in a variety of industries are using IoT to operate more efficiently, better understand customers to deliver enhanced customer service, improve decision-making. Advancements in medicine, power, gene therapies, agriculture, smart cities, and smart homes are just a very few of the categorical examples where IoT is strongly established.
There Are Some Benifits Of IOT
• Higher Efficiency and Productivity
IoT sensors are paramount for collecting essential information and sending data to the cloud for analysis in manufacturing. By analyzing data compiled from the sensors, businesses can create solutions that improve productivity, avoid costly unplanned downtime, and reduce the expense of manufacturing.
Big data can also be instrumental in tracking efficiency for manufacturing supply chains. You can follow delivery systems and monitor products and inventory to stay ahead of demand
According to this report from McKinsey, IoT-based predictive maintenance helps to reduce maintenance costs of factory equipment by up to 40 percent. It can also “reduce equipment downtime by up to 50 per cent and reduce equipment capital investment by 3 to 5 percent by extending the useful life of machinery.
IoT can also help reduce business costs in other areas. Safety compliance, stock loss and employee time management are among the popular saving areas.
•Better business opportunities
Because of the increased effectiveness, the company that uses IoT solutions is able to offer a wider range of services or products, or increase their quality in comparison with its competitors, but at the same price. As an alternative, such a company may perform more challenging tasks in terms of production difficulty, time, or quantity. Altogether, the use of smart solutions makes an enterprise more competitive and attractive as a potential business partner.
•Improved customer service and retention
The abovementioned collection of user-specific data achieved by using smart devices also helps businesses to understand the expectations and behavior of customers better. IoT also improves customer service by facilitating follow-ups after sales such as automatic tracking and reminding the customers about required maintenance of purchased equipment after its predefined period of use, the ending of warranty periods, etc.
•Increased Mobility and Agility
Benefiting from IoT technology across all your devices for communication purposes, as well as using a solid strategy for securing those endpoints, will be primary concerns for initiatives making use of the benefits of the Internet of Things.
Such is the improvement in agility for SMBs, an estimated 43% of businesses that implement IoT policies into their organizations experience increased business agility by improving the way operational processes are conducted.