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How IoT Analytics Benefits Your Business

15/11/2022

How IoT Analytics Benefits Your Business

IoT (Internet of Things) refers to a network of connected devices that collect data over the Internet. They may have sensors that collect user data. IoT analytics involves analyzing the collected data to deliver useful insights that can be leveraged to make improvements in different organizations. The huge amount of data collected is comparable to big data. IoT analytics and Big Data analytics have some similarities but they are different. 

Many businesses are utilizing IoT analytics to improve and transform their day-to-day operations. Earlier, the technology was expensive and complex. However, with the passage of time, it has become more affordable and easier to use. The current trend is to combine IoT with virtual reality and/or augmented reality to offer a better user experience. IoT devices communicate using the Internet. The former can be remotely controlled by using smartphones, computing devices, tablets, and others.  Examples of gadgets that are part of the contemporary IoT ecosystem are appliances, machinery, thermostats, vehicles, and others.

We look at how leveraging IoT analytics is beneficial for your business.

  • Enhanced Security and Safety

Video cameras and sensors can be installed at the workplace. You can track the safety of your staff and infrastructure. In case of thefts or fires, you can respond immediately to minimize damage. You can remotely manage your office thanks to IoT technology.

  • Ability to Predict Future Trends

With sensors keeping tabs on current energy usage, you come to know how much demand will be there in the future. You can proactively make suitable arrangements. Sensors are connected to the machine components. Then you can monitor critical parameters such as speed, temperature, and others. In the event of any part needing to be replaced you will realize the need well in advance. You can then inform the maintenance department to take suitable action.

  • Save Time, Effort, and Money

Thanks to IoT technology you can automate several processes. You do not have to depend on humans. Humans might take breaks or make errors. But machines work round the clock and make relatively fewer errors. There are no interruptions to your work. The outcome is superior results and enhanced quality of goods. IoT analytics enhances the productivity of human resources as well as equipment. You can see each step of the manufacturing process in real-time. Bottlenecks can be spotted; human mistakes can be minimized and defects prevented.

  • Superior Productivity of Your Employees

Sensors can be strategically placed in the workplace to collect information on your staff’s activities as well as performance. The gathered data will give you insights into your employee’s needs and preferences. You will come to know at what time a particular employee works best. Insights will be got on whom employees prefer to work with as well as which areas they excel in. You can then give employees opportunities to excel which will ultimately boost your business performance, revenue, and profits. Better staff productivity results in happier customers and improved brand image.

  • Superior Customer Experience

Thanks to IoT sensors placed in your store you will get insights into customer behavior. IoT Analytics will generate trends and patterns that can be leveraged to make your business better and more profitable. Healthcare enterprises use IoT Analytics to manage increased numbers of patients as well as improve operational efficiency. In the retail sector with the help of insights provided by IoT analytics, you can display the favorite items of the customer or dispatch personalized offerings to different customers.

  • Gain a Better Understanding of Your Customers

Data can be collected on how buyers navigate your physical shop using the unique signals coming from their smartphones. After collecting data, IoT analytics generates relevant trends and patterns. You may come to know that potential buyers do not visit the section of the shop having discounted goods as well as special offers. You can try to better the displays in this section of the shop to boost buyer numbers. Thanks to IoT analytics you come to know how many folks go past your external displays and pause to inspect them. By tinkering with the display material, you will come to know which kinds of display interest folk enough to halt, take a look and come inside your shop.

  • Come to Know of Inefficiencies in Your Business

Some mining enterprises are employing IoT to oversee respective production processes. IoT Analytics informs if the mining systems performance is as per expectations. If there are any issues with performance IoT analytics tell you which section of the infrastructure is underperforming. Accordingly, you can take action to restore satisfactory performance. The transport sector is also using IoT analytics to identify inefficiencies in its operations. IoT devices are placed in each vehicle of the fleet. The data collected from the devices is analyzed to find out drivers whose driving is inefficient and/or are wasting too much fuel. The solution to this problem is to implement superior driving practices. It is important to realize that you cannot rely on humans to go through the vast amounts of data generated by IoT devices. Artificial Intelligence solutions are much more effective and reliable. Also, they are faster compared to humans. The result is that enterprises receive crisp insights informing them accurately of the areas needing improvement in a format comprehensible by the folk responsible to make the necessary changes.

  • Efficient Utilization of Business Resources

IoT analytics tell which human resources and equipment are underutilized or overutilized. Suitable reallocation can be done such that nobody is overburdened or underutilized. This ensures the smooth and efficient running of the business. For your information, this is a common as well as a significant problem. If an employee or machine is overburdened then there is more likelihood of mistakes and downtime. This affects the quality of results and may tarnish the business’s reputation. On the other hand, in case of underutilization of available resources money is wasted and optimum business functioning is not realized.

  • Disaster Management

Most businesses react only after a disaster occurs. By this time the damage is done and cannot be reversed. IoT sensors monitor the health of human resources and infrastructure in real-time. As soon as data is received warning of future mishaps the responsible people can act swiftly to avert them. They do not have to be physically present in the workplace in order to take action. Today technology enables remote shutdown of affected equipment in a short span of time. IoT analytics can save precious lives as well as businesses.

Other Benefits

The technology aids enterprises to be aware of client issues in real-time as well as address them effectively in minimum time. The result is satisfied clients and improved business growth. Historical trends can be leveraged to develop and offer better versions of existing products and/or services to clients. IoT analytics make the expansion into fresh markets easier and less risky thanks to insights into client behavior in those markets. The technology makes enterprises aware of areas in which cost reduction is possible. Also, it suggests actions needed to be taken to realize the cost reduction. So, businesses save money by which they can competitively price their products and/or services. Lower pricing while maintaining quality help you garner increased market share and make your offerings more attractive than those of your existing competitors.

Organizations employ IoT analytics to achieve efficient as well as effective asset utilization. They know how well their assets are functioning such as machinery. Depending upon the inputs from IoT sensors they can replace underperforming or faulty components. They can service the relevant component to ensure quality performance and longer equipment life.

Conclusion

IoT analytics is not a simple affair. You need a large team of specialists to competently conduct IoT analytics. Paying team members and acquiring the technology resources is a major investment. This technology may be already used by your competitors. It is strongly recommended to adapt it at the earliest to remain competitive in the market. You will gain the ability to respond to business challenges in real-time. 

Investment in acquiring IoT analytics technology makes sound business sense. If your business has the necessary expertise and experience in IoT analytics then you may implement it in-house. Otherwise, outsource the responsibility to a professional outsourcing firm specializing in IoT analytics services. Verify the technical knowledge and reputation of the entity before hiring it. Make sure they are comfortable with your demands, budget, and deadlines. IoT analytics will certainly help your business achieve superior results both in the short term and long term.

About Us

Focaloid is a stellar software development products and services company catering to clients in the US & UK. We have the necessary expertise and experience in IoT analytics. For your information, Focaloid has a team of talented and seasoned professionals with extensive expertise in IoT analytics. Over time we have established a mature outsourcing model which is productive, efficient as well as effective. You can safely rely on us to deliver outstanding software solutions and services within stipulated deadlines. Contact us at your earliest to know how we can help you. We are committed to superior client satisfaction and mutual growth.

 

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