For the past few decades, the term Internet of Things has been widely used to introduce and promote radio-frequency identification technology to track the tags attached to an item or product. This strategy for data capture and automatic identification became known that many industries adopted it. The goal was to catch understanding and awareness of the current production condition of the brand and to avert theft. It took another decade for the IoT to achieve a reputation in the market and almost five years to gain popularity and achievement from the people. In 2014, the term Internet of Things witnessed a growth in demand. Here are ways on how the Internet of Things or IoT can take you and your business into another level.
4 Reasons Why Companies Should Use the IoT
Nowadays, we have over 10 billion IoT devices worldwide. It is predicted that the value will rise by about 70 billion devices linked to the internet. This only means the probabilities of how to operate these devices and the data they produce are boundless. How do they begin with the Internet of Things? Where do they best use it? These are just some of the questions about the IoT. Here are the following vital uses or reasons why companies should use the internet of things:
Enhance decision-making
The large capacity of new data from the internet of things devices directly adds to the immense fund of big data we currently have in the world. The responsible companies manipulate that data to advise tactical and functional decision making. Tactical decision making is where the superior leadership team distinguishes the critical inquiries it requires answering. Technical decision-making is where data and analytics are made available to all in the institution to inform data-driven decision at all extent.
For better communication and interaction with customers
More industries and companies make the internet of things enabled products which link them directly to their clients’ and customers’ preferences. Even industries that don’t make IoT devices can now access data from other people’s devices. Companies can purchase these insights to make better business decisions and plans.
Provide new customer value recommendation
One step forward from using IoT devices to understand better and provide customers is to make them involve or delighted of your offering. Just like these span from self-driving tractors to intelligent farming program where sensors endlessly check and record soil health and crop levels. These machines provide farmers information on what fertilizer to use and what crops or seeds to plant.
Make revenue and boost the value of the business
The data and vision our internet of things devices create are usually extremely costly and beyond price. The most immediate way to recognize this value is by selling the data to others. It is accumulating real-time energy usage data from clients or customers and is now able to trade these to interested parties. Data is a business selling point that is just risky to manage.
The IoT growth is not going to fall anytime soon, but the faster your organization develops and implements a strategy, the more secure your future will be.