The global volume of data is increasing exponentially along the growth of the Internet of Things (IoT) and the ubiquity of connected devices. In the global IoT market, the installed base of IoT devices reached 23.1 billion devices in 2018. This is expected to grow to 30.7 billion devices in 2020 and to 75.4 billion in 2025. Much of the newly generated data is valuable; it can be used to optimise manufacturing operations, track assets with increasing accuracy, target existing consumer services with high granularity, and create entirely new services and business models.
IoT opens the door to endless possibilities in the world of business. Devices, appliances, and even vehicles can connect and exchange data through a wired or wireless network. Almost every Internet-connected device in your workplace can communicate with other hardware and software… but how can this help your business?
Improved business efficiency
IoT in a business often corresponds with a digitisation of processes. A shift to digital processes reduces cost and increases speed, flexibility, agility and thus the efficiency of businesses. Our Managed Endpoint Automation service is one example where digital automation removes human input and saves time. With IoT, data collected from sensors can be swiftly analyzed and used without any human intervention, saving time for you and your staff.
More data
Businesses thrive on data collection and exchange. With IoT, the way that data is handled has completely changed. If you are selling products, IoT can revolutionise your market research. Not only does IoT offer access to more consumer data, it also tracks and records the patterns of how consumers interact with IoT devices.
With this information, businesses can offer consumers a better experience. Meanwhile, the real-time data can give your business an insight into the performance and productivity of your devices, increasing opportunities for innovation.
Tracking and Management of inventory
IoT makes business processes easy, including tracking and management of inventories. This is possible by simply installing IoT software and devices in warehouses and storage units. With IoT in place to manage inventory, personnel can focus on cognitively demanding tasks. Many companies are moving to a decentralised mode of tracking management, via blockchain applications that utilise smart contracts to streamline the process.
Smart workplaces
You can regulate your office environment from anywhere in the world using sensors to make sure energy is only utilised when it is needed. Smart offices can also ensure that temperature and lighting is at the optimal level for staff productivity and comfort. Smart workplaces not only benefit a business because of energy and cost saving, moderated environments also encourage a healthy and happy work place for staff.
Business models
There are plenty of business types that can benefit from IoT. Some companies monetize their product or service, others monetize distribution, for others, it’s their brand and for some, it’s their users. With the Internet of Things, there has been a paradigm shift.
One of the benefits of IoT is the way it can support business expansion and development. A recent Forbes survey showed that 60% of enterprises are expanding into new lines of business based on IoT initiatives such as decentralised, blockchain-based data sharing, security solutions that enable product and environment tracking, and SaaS solutions. As a result of all the data generated by IoT initiatives, more and more businesses are choosing to monetise their data.
Leveraging IoT could be the next step in your business transformation.
About CMI
We take care of your IT, so you can focus on running your business. Whether you are looking for a comprehensive outsourced IT support service or something more flexible, CMI can help. As industry-leading specialists in network security, business continuity, hardware and software provision, cloud computing and Internet services, CMI has been helping businesses gain a competitive edge through technology for more than 20 years. Call today on 020 8875 7676 to learn more and sign up for a free consultation.
