Over the coming years, the Internet of Things (IoT) will pay a major role in business. As organizations look for innovative ways to stay ahead in their industries, they are likely to turn to IoT to come up with new ways of improving efficiencies. According to some of the leading data research companies in the world, IoT is projected to grow to trillions of dollars over the next five years. Other studies project that billions of devices will be connected thanks to IoT technology over the next decade.
The Internet of Things is a technology that is already being used in different industries. Unlike what most people think, the technology is actively being implemented out of tech research labs. Many consumers relay on IoT technology every day, even though they may not know it. Good examples of IoT application in the consumer markets are the syncing of devices such as phones, fitness trackers, home security alarms and cars.
There are also many businesses that are implementing IoT technologies to improve their operations. Hundreds of organizations are investing in IoT in a bid to transform their operations into the new digital era. For businesses, IoT presents exciting opportunities in mobile and application management, which can be used to connect with suppliers and customers.
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Below is a summary of two ways that enterprises can leverage IoT in their operations.
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i) Next level digital innovation
Today, most customers do not take trips to the physical stores or offices of the organizations they do business with. Instead, most customers use mobile phones and social media to contact organizations, find information of products or services they want, pay for goods, etc. Savvy organizations are leveraging today’s digital technologies to connect with their customers and prospects. To address the needs of their customers, businesses need to take proactive strategies. Moreover, with more competition among businesses, it is clear that only those who go to customers rather than wait for customers to come to them will survive.
Wherever your target customers are hanging out, it is important for your company to be visible. It is important for you to distribute your enterprise content to your target market in a format that is accessible. You can connect all your services together through IoT technology. This means customers can access all a business’s offerings from one device. Adopting this technology will also open new potential revenues generation methods for your company.
ii) Serve customers better
You can use the Internet of Things to connect a number of devices. Your organization can benefit in different ways through connection of devices. For instance, you can gather data such as consumer behavior, shopping patterns, preferences, etc. when you allow your prospects to connect to the organization’s devices. From the data, the business can monitor and analyze various analytics to know the best services or offers to produce that will solve the problems of the consumers while improving revenue.