Why IoT Is Crucial For Business Success Across Industries? IoT Industrial Revolution-ESS

The global market landscape has been changing and evolving for the last several years. It becomes crucial for enterprises to monitor emerging trends as well as advanced technologies to incorporate those trends. Some of the most successful businesses are the ones that adopt evolving technologies into their businesses creatively and quickly. Internet of Things (IoT) is one of the fastest technologies in the IT industry as it helps in developing a wide range of industrial products with smart functionalities and automation.

The growth in the IoT market is accelerating rapidly due to the businesses resuming their operations and adapting to the post-pandemic new normal. IoT technology is now being used and implemented more than ever by organizations to overcome challenges they faced in Covid-19 due to their technical limitations.

What is Enterprise IoT and How does it work?

The enterprise Internet of Things (IoT) goes beyond simply establishing connections between systems and devices; it is a stack of technologies such as artificial intelligence, automation, and data analysis that enables companies to create new products and services. Intelligent IoT applications are designed to gain new value from connected physical assets, use data to improve product offerings, create new revenue opportunities and better manage physical assets.

IoT platforms are created to deploy and manage various enterprise applications that run analytics and secure data in connected devices kept at different locations. IoT-enabled numerous devices are capable of managing, monitoring, and controlling by themselves which results in the reduction of human intervention and cost. Thus, it is significant for an enterprise to adopt IoT in the fast-paced, technology-driven business world and cater to their customers’ new requirements with an enriched experience.

How IoT is Transforming Businesses across Industry Verticals?

As a result of its increased capabilities, IoT solutions have been proven to transform businesses across industries and countries. For instance, the healthcare industry has smoothly transitioned from simple infrastructure to smart/digital hospitals by deploying IoT-enabled medical systems and devices. Access to better, more accurate and real-time data is essential for enterprise leaders in every industry to improve their decision-making.

Here are some examples of how IoT is improving Business Performance across industries:

Smart Manufacturing Facilities- Autonomous Production Units

The manufacturing industry has been transformed into smart infrastructure facilities by deploying IoT-powered industrial robotic machines that increased production output and also enabled manufacturers to reduce the cost of operations. It results in improved production quality and efficiency faster than ever.

Smart Transportation and Retail- Better Tracking Systems

IoT products and software help enterprises in dealing with inventory tracking and management problems in a better way. Products embedded with IoT technology in warehouses and storage units are easy to track and manage to avoid under-stock or over-stock scenarios. In addition, IoT-integrated surveillance systems can also prevent theft before it occurs.

Smart Healthcare Facilities- Remote Health Monitoring

Doctors are using IoT for patient monitoring and preventive healthcare across the world. IoT allows doctors to receive real-time information about a patient’s well-being through Remote Health Monitoring systems. It results in significant improvement in healthcare facilities and accessibility.

Smart Agriculture- Autonomous Farming Equipment

In recent years of IoT development, the agriculture industry has embarked on a revolution of interconnected farming solutions that enable farmers to be in better control of their crops by monitoring the field in real-time. With the help of smart interconnectivity, the IoT in Agriculture has not only saved the time and efforts of the farmers but has also reduced the extravagant use of resources such as water and electricity.

Smart Fintech Services- Smart Payment Modes

Through IoT technology, enterprises are seeking to make a frictionless payment experience for their customers to make their shopping more convenient. IoT connectivity between bank and consumer enables transactions in most possible ways as consumers now can pay with their phone, a wearable device, or a voice-activated device like Alexa instead of a card.

IoT has been a proven technology in accelerating growth and unlocking new business streams across all industries. However, the keystone to that growth lies in how quickly you can adopt and implement IoT solutions and become a differentiator in your industry.