What Are the Top Five Benefits of IoT for Businesses?

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Two decades ago, few people could have imagined that connected devices would become an integral part of our lives. IoT devices have a significant impact on our existence, both outside of work and on the job.

This article details the top five benefits of IoT for businesses. Read on to learn how this technology is changing the enterprise for the better.

Better Access to Data

Sensors have become cost-effective enough that they’re attached to almost everything nowadays. That means increased access to data.

You can tell where your shipment is, what temperature the mode of transportation is, and when it reaches the shelf. Greater visibility into your supply chain helps you make better decisions about shipping your products in a way that saves money and time.

More Efficient Operations

Thanks to this influx of data, organizations can improve their operations. Understanding what’s going on at the most granular level possible helps you make better choices on how to run your business.

We’ll illustrate with an example. Manufacturing equipment with sensors can alert humans to breakdowns or malfunctions. With that knowledge, managers can quickly dispatch a technician to fix the problem so the flow of business won’t be disrupted.

Increased Automation

Automation could fall under the heading of “more efficient operations,” but it deserves its own paragraph. Why? Automation provides benefits in addition to greater efficiency.

IoT allows machines to do much more work than they could previously. While there have been fears that IoT will take human jobs, it will actually help humans add more value to their companies. Instead of spending time on repetitive, low-value tasks, people can focus on adding value to businesses. For example, they might discover a new business opportunity because they’re not stuck crunching numbers.

Higher Productivity

One of the benefits of automation is that it boosts productivity. Machines can produce significantly more than humans.

Factories with IoT-enabled equipment can work around the clock because machines don’t need to take breaks. As a result, they can produce more products. Moreover, because humans aren’t as involved in production, there will be fewer errors.

Better Products

IoT can help you create better products, too. This improvement is also due to the aforementioned improved access to data.

Because many products themselves are now equipped with sensors, manufacturers can see how customers use those products. Then, they can make improvements on the product. This product improvement cycle is considerably faster than ever before – no one could have ever imagined being able to make changes to their product before they’re finished manufacturing it.

IoT has the potential to transform the enterprise as we know it. It allows people to focus on value-added tasks while taking care of repetitive, labor-intensive, manual duties. As such, IoT enables companies to be more productive and efficient.

Not every technology can deliver on the promise of an increased competitive advantage (though they all certainly try). However, IoT can actually provide a significant improvement in a crowded market.

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