Conventional business models have been transformed by IoT. IoT is the latest rung on the technology ladder which has revolutionized numerous industries says Peter DeCaprio.
The beginning of a technological era starts with a disruptive concept and ends with a flourishing business.
IoT is now the latest disruption to hit multiple industries and its usability is now being realized by those who integrate it into their business models.
Internet of things, as a concept has been around since the 1960s but since 2010 IoT is getting more focus and attention from technology companies and the general public alike, mainly due to the availability of low-cost sensors and affordable microcontrollers. The ability to connect devices wirelessly with each other through the internet enables them for many useful applications such as home automation, industrial automation or healthcare, etc.
What Is The Role Of IoT In Transforming Conventional Business Models?
IoT allows businesses to process large amounts of data collected from various sources so they can take decisions accordingly. This allows businesses to enhance their end products explains Peter DeCaprio.
It also enables business leaders to maximize the use of resources by improving manufacturing processes or even helping consumers in finding better alternatives.
Here are a few major ways IoT has changed conventional thinking:
1) Customer Service-
The way customers are being serviced is transformed with IoT. The customer’s interaction with the company now takes place via mobile apps which are enhanced by information from various sensors placed at different locations along the supply chain. Customers can now instantly get notifications about delivery status, order development stages, shipping updates, etc. this enables companies to provide accurate product support to their customers and solve existing problems quickly before they escalate into complaints, ultimately increasing customer satisfaction.
2) Inventory Management-
IoT helps in managing inventory better by gathering information about what is producing, shipping, or order. This data can be use to optimize the existing stock levels so they are adequate to meet customer demand at all times. Lower inventory means companies save money on storage costs and reduce waste caused due to overproduction says Peter DeCaprio.
3) Customer Data-
The volume of customer data acquired through IoT-enabled devices has increased tremendously which holds key insights for businesses that will help them target their customers more effectively. For example, it allows business owners to understand the price sensitivity of different customers based on geographical location or preference towards specific products, services, or deals.
IoT enables remote visual surveillance and this helps companies in improving their productivity. For example, it allows managers to track the performance of on-field staff and make sure they are doing their assigned tasks. Similarly, manufacturing assembly lines can monitor remotely and production errors rectified before they escalate into costly damage says Peter DeCaprio.
5) Supply Chain-
Business leaders can now utilize remote access to IoT-enabled equipment. Such as conveyor belts at various ports or highways that enable them to monitor the flow of supplies. Such as raw material or finished produce for easier planning and decision making. The end-to-end visibility offered by IoT is invaluable for any business leader. Who wants to increase overall efficiency without compromising product quality.
How Can You Make Your Business An Intelligent One With The Help Of Internet Of Things?
The possibilities of IoT are infinite and this is why it has the potential to transform conventional business models.
Now let’s look at some of the ways in which you can become an intelligent business with the help of IoT:
1) Develop Your Own Customized IoT Product-
If your company deals with manufacturing. Then you might already know that software plays a key role here for better efficiency, faster turnaround time, etc. So, instead of investing in expensive hardware that performs only one task. Try developing your own customized low-cost IoT product using Arduino board or Raspberry Pi kit. This way, despite being resourceful and competitively priced compared to similar products available on the market. It’ll also provide you with a new revenue stream and improve your product’s value by generating data.
As we’ve seen, IoT allows businesses to make better decisions and solve existing problems more quickly. By providing access to accurate information about their operation on the fly. This is why most companies prefer connected products. That are compatible with their existing IT system. So they can share operational data with each other. Allowing them to work in complete sync without compromising on overall efficiency.
3) Customer Satisfaction-
Incorporating IoT into your business will not just help you understand your customers better. But also provide them with a personalized shopping experience.
So, as you can see there is a lot of potential behind the Internet of Things. And chances are that it will continue to grow in the future. It has the power to transform conventional business models by increasing their profitability and gaining a competitive edge over rivals. So, use the insights mentioned above as your guide and start thinking about how IoT can benefit your company today!