The Internet of Things, or IoT, is a system of devices connected via wireless connectivity like Bluetooth or NFC, a network, or the internet set up to share data. That data is then used to make adjustments, provide analytics for process enhancement, or a variety of other uses. Examples include the various sensors in a car that provide alerts or diagnostics and motion sensors to monitor unauthorized access. Here are five ways that the Internet of Things can transform your business.

Improved Customer Experience

Little is more critical to a successful business than having happy customers. The Internet of Things can go a long way in helping you maintain a high level of customer satisfaction. One major cause of customer dissatisfaction is when equipment breaks down, or tools fail. However, if your equipment is connected as part of an IoT system replete with sensors and diagnostic capabilities, you can get alerts when equipment breaks down or even diagnostic data that will allow you to prevent equipment failures proactively.

Inventory Management

The world has progressed and continues to progress further into online transactions. You need to respond and deliver in real-time to stay competitive in your market. One way to do this is to use an IoT system that can help you automate your inventory management and alert you when stock levels are low. You can also track the flow of products and determine in real-time what is selling well and what is not and adjust your manufacturing or order accordingly.

Cybersecurity

Being interconnected through the internet is certainly beneficial to a business. However, this also presents several potential issues, the foremost being security breaches. Hackers are a huge problem as they can compromise your confidential information and shut down key processes. Companies of all sizes need to secure their data and interconnected processes to prevent malicious intruders.

Fortunately, equipment designed to be a part of an IoT system implements security protocols and modules embedded in the sensors and devices and utilizes dedicated networks to ensure your data stays safe. Another inherent benefit is that you can monitor your equipment and devices in real-time, immediately notice any unusual activity, and immediately take action to prevent any issues.

Physical Security

There is a physical security aspect to IoT that you can implement to protect your business further. You can use remote motion sensors or door and window breach sensors to be notified immediately of any unauthorized access to your site.

Data Sharing

By its very nature, business requires data collection and sharing of that data among the various company entities. IoT has completely changed how this data is collected, shared, and utilized. Not only can IoT allow for greater ease of access to a larger data pool, but IoT applications and equipment can also use machine learning to track patterns in business processes as well as how people may be using the various devices. The application can learn from these patterns and adjust to be more efficient or increase user satisfaction. You can study the data to determine user requirements when consumers are purchasing your goods, what marketing strategies are working, and more.

The Internet of Things has transformed the world of business. It is time to put it to work for you and your business.

Image via Flickr by inky