New Business Opportunities with IoT

Beatriz Sanz Baños    21 August, 2019

IoT combines virtual and real worlds for smart devices to generate a wealth of information, such that objects can act without human intervention.

One way or another, the development of technology has always been a revolution in the business sector. In the case of Internet of Things, its use in the internal organizational aspect of companies can be considered revolutionary in terms of optimizing work.The connectivity provided by the use of technology devices in the cloud allows users to create new market strategies and new business models.

IoT combines virtual and real worlds for smart devices to generate a wealth of information, such that objects can act without human intervention. In the business field, this generates a number of advantages, such as optimizing asset usage, improving the customer experience, saving on operating costs or creating new jobs.

On one hand, this technology allows companies to identify their strengths and weaknesses. This is because they are aware of the activity of their customers and even their interests due to the data provided by these devices. This is an advantage, because the company can tailor the products or services offered to the specific needs of each customer. On the other hand, it also allows for the analysis of strengths and weaknesses of the employee in order to make the smartest decisions and distribute work in the most efficient way.

Business logistics are also improved, facilitating coordination with distributors and suppliers. The implementation of IoT in the production chain allows companies to anticipate when they will run out of stock before it happens. Sensors can alert you if a product is running low, so you can quickly replenish when needed. An example of IoT applied in logistics is Fleet Optimise, a service that begins with the installation of a device on a company’s distribution vehicles, later obtaining real-time vehicle usage and status information. This allows for the optimization and protection of personnel, vehicles and cargo.

IoT’s remote monitoring reduces operating costs by automating internal and external processes and allowing for the redistribution of available resources more consistently with business objectives. Examples include IoT services such as Things Ready Link, which gives companies the ability to connect their assets to monitor statistical data on their operation at all times, or Spotlabel, an easy-to-install and self-managed digital tagging system with which companies can create smart point-of-sale methods.

The great challenge that companies working with IoT must face is the control and management of this type of technology. Employees must be trained to know the functions of these new devices in order to take full advantage of them and to ensure that there are no errors in their use. In this way, the installation of this technology also entails the creation of new jobs. In fact, new courses and master’s degrees specializing in IoT operation are progressively being established.

This type of technology has already been successfully used in various market sectors such as agriculturetourismhealthretail, construction and the mass productionindustry. This variety is a demonstration of what IoT can offer to make business environments more efficient and productive.

All of this without losing sight of the main objective: to facilitate the day-to-day life of the people involved in the different processes. After all, human beings are at the center of all IoT transformation.

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