Around 400 out of 700 executives are introducing or expanding new business lines by leveraging IoT initiatives; 63% of the enterprises are already providing augmented or new service to their clients- all because of IoT.

We all are aware of the power that the internet holds; everywhere we look, we see a device that operates through the internet. Before it was just computers, now our phones, tablets, televisions and even electronic appliances all are compatible with the internet. The concept behind the IoT internet of things is pretty straightforward: connecting the internet with all the possible things globally and boosting communication. No matter what their size is, all companies and entrepreneurs can transform their daily business activities with the Internet of Things.

What is IoT, & Why is it Important?

There is no doubt that when a device is connected to the internet, its possibilities are endless.

IoT technology turns the physical objects into internet-enabled gadgets with IoT sensors, software, and connectivity for overall smart execution. These smart and connected devices help businesses increase scalability, efficiency, and agility with data and automation.

It lets you send and receive information to/from any part of the world, making your life smoother and enhancing your decision-making skills. They provide information to organizations about what is really happening instead of what they assume is happening. It collects plenty of data for the AI systems and analytics, which helps identify the usage or behavior patterns that were impossible to find before.

Here is how IoT is transforming business…

• Enhanced Customer Experience and Business Insights

Various industries such as manufacturing, healthcare, aviation, agriculture, etc., have connected equipment, creating more potential for data streams and analytics. In this way, companies are gaining more insight into their business activities and operations and learning their customers’ usage pattern. Once a company understands what the customers want and how they use the existing products, it can enhance its process to fulfil the customers’ needs and ultimately gain a competitive advantage. Similarly, Alpha Bean’s devices offer IoT solutions to help your customers have a great experience.

• Downtime and Cost Reduction

Another benefit of getting new insights is a reduction in operating costs and downtime. Failure of one smallest component, if critical, can cause hours or days of downtime before it can get fixed. With the Internet of Things and Big Data, every part of the installation is stored and represented digitally to indicate to the engineers about the failing component weeks before, where it exactly is, and how to replace it. In this way, the operational expenses and system downtime can be reduced significantly, ensuring smooth processes.

• Productivity Gains

When business owners have the necessary data, they can easily identify different ways to enhance efficiency and productivity. This is why a recent Inmarsat report forecasted that Industrial IoT will boost revenue by $154 million. With the help of the Internet of Things applications, the bottlenecks or problems in the processes can be effectively identified and solved way before the problem occurs hence resulting in productivity gains.

• Enhanced Customer Service

The Forbes Insights report says that almost 392 enterprises invest in IoT technology to enhance their current customer experience. And almost 294 have already expanded themselves in the areas of customer services and delivered personalized customer experience.

IoT system makes it possible for companies to analyze real-time data that lets them resolve all the customers’ issues quickly and effectively, even before they raise those issues.

• Business Expansion

IoT applications are bringing a new shape to businesses. The limitations are expanding, and it supports the idea of having multiple ecosystems. Many industries can manage the complexity of entering multiple markets by seamlessly coordinating services and devices with IoT. With the help of data, companies can work their way through a broader horizon. Now they can create new revenue opportunities, enter into new markets from different industries, and gain new customer segments by utilizing the vast information of innovation.

Wrapping Up

Organizations and entrepreneurs are utilizing IoT in a hundred different ways, such as streamlining daily operations, planning advertising strategy, increasing productivity through automation tools, or understanding customers through data. So why should you stay behind? Alpha Beans is offering new and unique IoT solutions and products that let you do your business in better ways.