5 Ways in which IoT can boost your business

| By sumithra
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With an expected threefold increase in the end point IoT devices by 2020 it is inevitable that there would be hardly a business that has not seen the presence of IoT within their domain. Yet the ideal offering of IoT for a business cannot be defined in a categorical way as the myriad uses of IoT varies according to each individual business needs. Even if it cannot be charted out in an explicit fashion, there are some benefits of IoT that are obvious and unified in its outcome regardless of the domain of business.

1) Get the most out of data
It has been estimated that 35 zettabytes of data will be created by 2020. In an era where data is the driving factor in running a business, IoT has a major role of collecting data from across various remote platforms. The data gathered through this can help monitor customer patterns, track competitor movements within industry and also give centralized control over operating business. With custom made modifications it is now possible to make data interactive as well as intuitive. The deeper insights offered by the data had made it feasible to set business goals upon the data and track the results with the data. Consider the case of how the bunch of data generated from ATM’s can be pooled in to improve efficiency and reduce risk factor associated with their operation.

2) A Proactive Approach
A proactive approach towards business solutions is not a mandate anymore; it has become one of the basic necessities for a successful business. You need to be a step ahead in the curve all the time to satisfy the ever expectant and conversant customers and to stay ahead of the competitors. With the options provided by IoT, the entire business framework can be streamlined. This is where the real time collection and transmission of data will a play a key role in enabling business to carry out this approach successfully.

3) Operational Excellence
With the competition getting fiercer each day, downtime and uptime are all that matters. A minuscule slack in the performance of your system can start a series of events that can be painstakingly challenging to deal with. Hence it becomes the top priority to ensure that there is a hassle free value chain flow. With IoT you can have flexible control and thereby enhance the value chain. Capturing data at point of action will enable in charting out an efficient operating schedule for business like never before. In a critical task like transport of medicines a fully optimized value chain offers centralized control right from route optimization to on board asset monitoring.

4) Innovation driven by Technology
With the market brimming with new technical gadgets every other day, running a business also demands going along with the tide without being overwhelmed. The technological solution offered by IoT not only increases the efficiency of business process but also enables in creating the experience of value as expected by the end customers of the business. With the two side offering of IoT business can use them to increase their operational excellence as well as churn out products with higher innovation quotient.

5) A boost to the bottom-line
With the confluence between cost leadership and differentiation strategies fast gathering priority in business scenario, anything that increases the bottom line without taking a huge cut out of budget is a welcome relief. The initial investment on IoT balances with the advantages and values created within the business chain. The improvement in the performance and efficiency far outweighs the cost and risk factor involved.

With the benefits that cannot be ignored IoT has started making rounds in the business arena. The need of the hour is a unified platform that offers Flexibility, Scalability and Agility that is simple for business to adapt it to their specific needs. WebNMS IoT offers you a Unified and Scalable platform with rich API to suit all your business requirements.