Why Is It Advisable To Use IoT For Accelerating Your Business?

Introduction

IoT is evolving continuously and due to its amazing features and benefits, every software company and business is switching their work by IoT-based technologies. The IoT devices are ranging from smartphones to sensors-powered robots that are connected via the internet. IoT technology has become a very important part of many software workplaces. These devices can play a very prominent role in leading your business to a successful platform. It makes dumb things smarter by implementing the concept of the internet to it.

Table of contents:

• What is IoT?
• How do IoT works?
• Components of IoT
• Key benefits of IoT
• Why it is advisable to use IoT for developing your business?
• Some companies that are using IoT for their business
• Conclusion

What is IoT?

An IoT is the network of physics objects called things. This thing refers to any dumb stuff which is not connected to the internet before converting into IoT-based technology. This “thing” can even be a toaster, cycle, normal watch, etc. but after getting connected with the internet, cloud storage, sensor, and other different IOT components, it will become a perfect IOT based machine. The IoT is a system of interconnected computing devices that are provided with unique identifiers (UIDs) and can exchange data over a network without the involvement of human interaction. Getting connected with all small things and adding sensors to them increase the level of digital intelligence to dumb devices and enable them to communicate with the help of real-time data without human involvement.

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How do IoT works?

As the internet has made changes in the way of communication with each other by getting interconnected to the world wide web (WWW), in the same way, the IoT has the objective of connecting to other devices via the internet and establishing human to machine and machine to machine interaction. The IoT devices contain Sensors and mini-processor which help them to collect real-time data based on the environment. Now after getting the data, they adjust themselves according to the embedded programming and produce the result based on the data and embedded algorithms. This is what makes IoT devices smarter. They also interact with cloud platforms for the exchange of data and information.

Components of IoT:

The IoT has four major components:

• Sensors/Devices: These sensors and devices are the main components of IoT which help them to collect real-time data from the environment ranging from different complexity degrees from simple temperature monitoring sensors to complex full video feed. One IoT device can have multiple sensors defined for specific tasks. Our mobiles have also multiple sensors like GPS, Camera, accelerometer.
• Connectivity: The data is needed to send the cloud, this will need to be a medium to transport. The connective provides the connection between the cloud to the IoT devices through which the exchange of data can take place and head processes can take place. The sensors are connected to the cloud platform via different mediums like a cellular network, satellite network, Wi-Fi, Bluetooth, Wide Area Network (WAN), etc.
• Data Processing: After the collection of data and connectivity to the cloud, the data is processed by the software to provide a suitable result. The data processing may include simple as well as complex operations like checking the temperature reading and something complex can include detecting the intruder in the house. So whatever data is collected is now processed and analyzed.
• User Interface: Once the data is processed, the result is provided to the end-user in some way and this will need a user interface. This can be achieved by providing notifications through text or messages to the user or by triggering alarms. Having the user interface to complete the entire process by taking out the result of the collected data, connectivity, and data processing stages.

Key benefits of IoT:

• Efficient operation management: The most significant benefit of IoT is that the various operation is managed very efficiently and automated control over the multiple tasks and performances including inventory management, shipping tracking, fuel, spare parts management, etc.
• Better use of resources and assets: The implementation of IoT technologies into houses, and business enables the better use of the resources like improved power management, water consumption, motor detection, electricity bills, water bills, etc. which makes both the small and large businesses more productive and eco-friendly.
• Improved Work Safety: The IOT devices improved the scheduling and maintenance of the work. Safe working conditions make the companies and businesses more attractive, productive, suitable for the investors and business partners. Advanced IoT techniques reduce the change of error which leads to a better and safe environment without any insecurities.
• Minimize human effort: Since most of the IoT-based devices conduct their process with very less involvement of humans. So this reduces the human’s effort while doing any task successfully.
• Save Time: Since it reduces the human’s effort then obviously it is also saving time for performing any task. Time-saving tasks which are done by IOT devices include data input, calculation, analyzing suitable conditions based on data, transmitting data to the cloud platform, etc.
• Enhanced data collection: collecting the data from the outer world based on real-time by the advanced IoT devices enhanced the data collection property. Accessing the data from any time from any location can be challenging without IoT techniques. The IoT devices can access the data from anywhere at any time.
• Reduced use of electronic devices: The resource utilization and monitoring the natural resources can be enhanced by knowing the functionality and working manner of other devices. This will not require any other electronic devices.

Why it is advisable to use IoT for developing your business?

Small devices with powerful innovative algorithms are transforming the small famous business into a modern and popular business by reducing the cost, human effort, and time. Just like this, there are various reasons why the IoT is advisable to accelerate your business?

1. Enhance productivity: The IoT applications in manufacturing enable the right access to the demands and collate the resources accordingly. Management of all manufacturing layers efficiently, monitoring of the production as well as training the employees in real-time to become more skilled and expert to contribute to the business. All of these performances increase the productivity of the business.
2. Better understanding and customer behavior: Using the IoT-based robots and devices attract the customers and interact with them based on the embedded algorithms. Humans can misunderstand other humans due to their emotional system but a machine can never misbehave with the customer even in very complex and critical situations. This feature of IOT technologies helps in better understanding of the customer and better behaving manner with them.
3. Real-time analytics: This is the most amazing feature of all the IoT devices to collect real-time data from the outer environment and produces suitable results based on algorithms.  Al the results produced by the IoT devices are based on real-time analytics which makes the IoT more advisable for business management. Real-time analytics helps in record management, customer and staff management, complex calculations, data analysis, supporting any real-time issue, etc.
4. Quality control: The advanced IoT devices provide the quality details of the previous raw products and materials based on requirements and these details are used by the owner or the company staff to buy better quality products. The IoT devices also recognize the quality of the product analyzing the input factor, constituents, external environment, etc.
5. Better Management: Humans can sometimes distract from the right track and rules which should be followed strictly to proceed with any task or operation and this can lead to some loss in the business. But the programmed IoT devices never get out off the track and never be distracted from their duties. IoT technologies help in better management of any task very efficiently like managing the records, customer, staff, data, environment, mathematical problems, or anything. And this is one of the best features of IoT.

Some companies which are using IoT for their business development:

• RingCentral: It is a distributor of cloud-based communication and collaboration tools for the business and is located in Belmont. It offers the messaging, video, and phone platforms to interact with each other efficiently with the help of IoT devices.
• AlertMedia: It is a telecommunication industry located in Austin. It provides mass-alert communication software. It provides two ways of communication and monitoring by using different IoT-based technologies.
• Superpedestrian: It is a Robotics, Transportation company located in Cambridge that develops human-powered mobility for cities employing designs, robotics, and mobile techniques.
• CSG: It is a wireless, finance, and software company located in greenwood village in Colorado. This provides BSS software and services in the telecommunication industry that includes revenue management, BSS, customer engagement, and digital monetization solution.

Conclusion

The Internet of things is taking over the software industry very rapidly and research of IDC stated that 55.7 billion connected devices will be seen in the marketplace and among them, 75% of the devices will be connected to an IoT platform by 2023. If you are also wanted to bring your business to the best top businesses in the existing market then you must implement IOT-based technologies in your business. This will result in very unbelievable growth of business in very less time. Developers are still working on the IoT and billions of dollars are being invested towards this technology to evolve to more extent.

Author Bio:

Amruddin Shaik is a Digital Marketer and Content Contributor, Who is working with MindMajix, a top global online training provider. I’m a tech enthusiast and have a great understanding of today’s technology. Having an In-depth knowledge of IT and demanding technologies such as IoT, Business Intelligence, Snowflake, Salesforce, Cyber Security and Software testing etc.