Technological advancements make IoT solutions easier to implement. After all, the technology is becoming cheaper, more advanced and widely applicable. These technological improvements open the door for more and more sectors to take advantage of IoT. Many companies are getting started with IoT and implementing IoT solutions is now the rule rather than the exception. Why are more and more companies choosing IoT? The main benefits are mentioned in this blog.
The benefits of IoT and data fall into three categories: Company performance improves, business processes run more efficiently and new business models respond better to market demand. These categories and the benefits that fall within those categories are set out below.
1. Improve performance across the board
The implementation of IoT in the company and collecting and analyzing data adds value almost immediately. First, it reduces inaccuracies. Without the errors inherent in human measurements, the data you collect with sensors is accurate and reliable, improving quality and service. In addition, the company can become more sustainable by reducing energy consumption and the use of resources per unit through detection and automated actions. Finally, you can save time and money and increase the safety of operations by measuring less manually.
2. Increase production levels through data insights
With the vast amount of accurate and relevant data that is collected, you can initiate changes that improve business operations. Firstly, by analyzing the measurement data, you can detect and prevent problems, for example by using predictive maintenance. This increases the efficiency of the production process and thus the profit margins. You can also optimize the workflow by linking IoT solutions to automated actions. This allows you to take performance to a higher level.
3. Transforming the business model
Ultimately, collecting data with IoT allows you to change the services you provide to customers, creating new revenue streams. For example, if you sell machines to customers with a service and maintenance contract, IoT allows you to learn more about the actual use of the machines and identify potential problems faster. This improves both the maintenance of the machine and the quality of your service. In addition, you can reduce costs by not planning maintenance with a predetermined schedule but optimizing for each individual machine. In addition, you can gain knowledge about the performance of machines and the way customers use the machines. This provides valuable input for the development of the next generation of machines. Finally, this process can lead to you offering machines in a lease or subscription model that sets you apart from the competition.
All in all, there are countless reasons to become a data-driven organization. By using IoT and sensors, you can start automating processes, predicting patterns and making better decisions. How do you stay one step ahead of your competitors?