In recent years, the tech space has been buzzing with topics relating to the Internet of Things (IoT). its improvements, innovation, advantages and even its applications. The basic concept behind the Internet of Things involves the automatic and somewhat remote interaction and cooperation of thousands of devices within a single network. Despite how basic this concept is, many tech enthusiasts take this idea to be far more extreme, suggesting the interaction of every toothbrush, toaster and even trashcan to a single network. However, the idea of connecting every smart device and application to one single network on the internet (IoT devices) offers a list of helpful benefits for your business. In this article, we’ll be covering these benefits and advantages for a business to be brought about by IoT in 2022.
CONCEPT OF IOT: HOW DOES IT WORK
As mentioned earlier, IoT runs on a simple concept which involves the interaction and cooperation between multiple applications and devices over a single network. This concept is driven by two defining features:
Connectivity: For devices or applications to cooperate and interact, there has to be an enhanced connection between them. This connection if integrated into a worldwide or global network will provide easy interaction and accessibility to data and information.
Automation: The general idea and somewhat end goal of IoT is the absence of human intervention in the cooperation and interaction of smart devices and applications. For this to be realized, automation has to be the backbone of smart devices and applications which will see the use of Artificial Intelligence, AI.
For these two features to be actively met, there must be an integration of multiple technologies that will ensure the smooth and automatic transfer of data, analysis of this data as well as a response from the connected devices and applications. For example, there can be no automation of devices or apps without artificial intelligence, machine learning and Big data. Connectivity on the other hand requires the use of wireless communication technology as well as cloud computing.
BENEFITS OF IoT FOR BUSINESSES
The benefits of IoT for businesses in 2022 are infinite as new developments and discoveries are being revealed by the minute. IoT will remain an endless goldmine for businesses and companies willing to allow the incorporation of AI and smart devices into their workflows and systems. Some of the many benefits of IoT for businesses include:
1. Efficient Management of Operations: With the integration of IoT into your business system, you can enjoy full control over multiple areas of operation in your business. This can be from inventory management to shipping and tracking. Irrespective of the nature of your business, operations management in all areas will be a walk in the park for you.
2. Cost-effective Operation: Automated and remotely controlled management of resources and operations reduce downtime periods, leading to an increase in productivity which in turn increases profits for businesses. IoT offers a cost-effective operation that is automated, properly scheduled and can be accessed and monitored remotely.
3. Marketing and Business Development: Smart devices are pretty much located in every household and office, including voice assistant devices. This will bring about an even more direct marketing strategy aimed towards end-users and customers daily. With the help of IoT, businesses can gather large data volumes of customer-specific data which can be analysed and used to develop and advise their marketing strategies.
4. More Business Opportunities: The integration of IoT in your business will open the doors of opportunities as it paves way for the discovery of new services or products that will address specific user needs. A network of smart interactive devices is sure to make your business more competitive and attract potential business partners.
5. Improved Productivity with Reduced Human Labor: As a business owner, are you seeking new ways to reduce the cost of human labour? With a network of automated smart devices, there will be an increase in productivity as fixed working hours may no longer be needed. This in turn will see a reduction in human labour and a full increase in company output and profits.
In the tech world today, IoT retains the title as the leading and most promising technological advancement with huge benefits for businesses. In the coming year, we will see the production of more devices and applications which will further increase the possibilities of a fully automated work system for households and businesses.