The Internet of Things is one of the largest transformations in technology over the past several years. The average business may think that it is far too expensive and complicated to actually implement these tools, but with some decent planning and consideration it can actually pay for itself pretty rapidly. This month, we will go into how organizations can utilize IoT, what solutions make the most sense, and how IoT can bring a significant ROI.
How Organizations are Using IoT
Many businesses have started to dip their toes in the pool of IoT, deploying smart devices to not only automate certain processes, but to get the benefits that come with having consistently reported data. In fact, the more IoT devices that are manufactured, the more businesses have to be cognizant of their existence. This is because if there is a process that demands time and effort to be made in the day-to-day operations of your business, there are IoT tools that you can use.
All businesses depend on their supply chain, and over the past few years, product shortages and shipping delays have made it more crucial that businesses keep a finger on the pulse of the products they need to keep their business moving forward. For many organizations, IoT has transformed their inventory management. Utilizing RFID sensors and other tools, the IoT can enable businesses to manage inventory by granting automatic control options to these systems. Not only can these tools be utilized to order components and products as stocks become low, they can be used to track assets throughout the supply chain to ensure that you stay on schedule.
Another way the IoT can work for a business is shifting the way businesses transmit and collect data. These tools allow for greater access to user data and can track the patterns of user connectivity. Using this information, the integrated AI that fuels these devices learns more and offers a much better experience. They get more information that provides insight into buying cycles, customer demands, and marketing strategies that work to enhance user and customer experiences.
Finally, in a more practical manner, IoT can be outfitted to control access to physical and virtual locations, manage your utility consumption (including bandwidth), and help with cybersecurity. Overall, these systems bring a lot of value that can be seen not only in the added efficiency, but also on the bottom line.
What IoT Tools Should You Consider?
If you are looking to get into the IoT game, but don’t know where to start, some of the best IoT devices for new users are ones that allow for the controlling of lighting, HVAC systems, and other power-consuming devices your business depends on. With smart lighting, you can control your business’ lighting and substantially reduce your energy consumption. This goes doubly for HVAC system control. By keeping control of the temperature inside your business, you can cut a lot of money from your utility bills.
For the manufacturer or retail outfit, aside from the aforementioned tools, IoT devices that provide superior inventory control can really make a huge difference. First, you won’t have to pay your staff to physically do inventory again, instead have them focus on revenue-generating tasks. This may not seem like a major issue, but anything you can do to cut down on work that can be automated will save you in the long run.
How You Get Value from IoT
The value in IoT is sometimes disguised from view since the changes to your business’ computing infrastructure does demand upfront capital investment. You will need to ensure that your wireless infrastructure is set up properly and that you put in place safeguards to keep these notoriously under-secured devices from creating holes in your cybersecurity defenses.
The value, however, is immense if you are able to successfully deploy these systems. They increase the number of automated systems that your company can take advantage of; and, in doing so, will provide substantial ROI pretty fast. The more your business can do to focus your staff on building better revenue streams by automating mundane and time-consuming tasks, the more value you will be able to see out of an IoT system.
Building a smarter business will always have long-term benefits and deploying IoT definitely makes an organization smarter. If you would like to talk to one of our experts about leveraging the power of IoT in your business, give us a call today at (505) 242-5683.