How the Internet of Things (IoT) can help businesses
July 31, 2020 Category: Business Services, Residential Services
The Internet is changing the way we work and live. Yet, beyond our basic Internet service, advancements in technology can make our Internet connections capable of so much more.
At Execulink Telecom, we want to keep you updated on innovations in the tech world, so you have the knowledge to utilize them for your own entertainment or business purposes. There are a lot of exciting developments for you to look forward to as the world of smart technology continues to progress!
What is IoT?
For those who don’t know what IoT is, it’s simply a network of interconnected devices able to collect and exchange data across a wireless network.
IoT can generate and analyze large amounts of data in real time. These insights can be powerful for determining ways to make improvements across processes and experiences. Emerging IoT technology can benefit almost everyone in their day-to-day lives. These intelligent assets can create value across industries by speeding up data connectivity and sharing more information. This is far superior to manual data collection which can be slow and has limitations.
What does IoT mean for businesses?
For businesses, IoT solutions can be a game-changer and evolve the way they operate. Leveraging this technology, organizations can push the envelope of innovation even further to create efficiencies and increase their competitive advantage in the market. It can also offer the opportunity to expand into other types of technologies such as artificial intelligence and machine learning.
By collecting more data, business owners and leaders can make more informed decisions about various aspects of business operations. These devices can solve pressing problems that these organizations have, leading to better business outcomes. The proof is in the pudding: companies that have invested in IoT have seen a return on their investment.
The benefits of IoT for businesses include:
1. Improve Asset Tracking
Having more visibility into equipment and tools can provide important insights for businesses. Do these assets need to be repaired or replaced? What is the health of each asset? Tracking your assets allows you to measure and make improvements. If there are lost, underutilized or stolen pieces of equipment, IoT technology can provide you with this oversight.
2. Support Remote Work
IoT will make it even easier for employees to work remotely. Employees can work collaboratively from any location they choose. IoT combined with the right Internet service provider can be a strong foundation to support remote working environments.
Remote working is becoming more common and this trend is expected to persist. The benefits are evident, not only will companies be able to source talent from a wider pool of talent, but they can save on the overhead costs of expensive office space. Research shows that employees are often happier and more productive in a remote working environment.
For businesses that remain in an office environment, these spaces are transforming and becoming smarter. Employees often use hot desking with their own mobile devices and have adopted more flexible working patterns. Various tools and devices supported by IoT are used to boost collaboration regardless of where employees work.
3. Increase Efficiencies and Productivity
By collecting more data from a business’ supply chain, leaders can work towards creating more operational efficiencies. Meanwhile, processes that have limited productivity or profitability will be improved or eliminated. IoT can offer your business the opportunity for scalability as it supports more processes.
4. Improve Business Security
IoT can improve security in your facility or office space. This can include wireless video cameras with real time viewing on your mobile device and other smart security devices. Ultimately, IoT security implementations can lead to cost savings for businesses as a result of protected assets.
5. Increase Cost Savings
When you can predict more outcomes for your business based on data then you can assume more cost savings. Conducting diagnostics of equipment can give your business insight into maintenance before these become completely out of service and costly to repair or replace. More visibility into your inventory can help improve warehouse efficiencies for shipping orders and moving stock. While, increases in productivity and efficiency mean your employees are getting more work done faster, further boosting your bottom line.
6. Enhanced Customer Experience
IoT can give you a vantage point to how your customers are using your products/services. Utilize the data IoT collects in order to create a better overall user experience. Make it easy for customers to navigate your online or in-person offering.
IoT helps to create a proactive model of customer service versus reactive. Customers can regularly communicate with companies to discuss their experience with the brand. Then using social media or the company’s website, customers can question brands about their products/services. This can increase sales and improve brand loyalty.
With over a century of experience in the telecommunications industry, Execulink has been serving Ontario proudly since 1904. Our team is extremely knowledgeable about our products and plans and happy to help in any way we can. We offer several unlimited Internet options that are straightforward and easy to understand.
If you want to try IoT technology to help grow your business, get in touch to see how we can help setup your organization with the right Internet services. Consider trying our Internet service, contact us at 1-877-393-2854 today.