Are you wondering, “What does IoT mean?”
You’re not alone. About 47% of manufacturing professionals don’t understand what IoT is.
It’s no surprise that most people disregard IoT. It’s common to think of it as something that came right out of the pages of a science fiction novel.
However, this technology is not hogwash at all. It’s a crucial technological change that can impact your business. Less than half of business executives are still unaware of this recent advancement.
Thus, it’s high time that you gain an understanding of IoT. It’ll give you a significant edge over your competitors. You can lead your business to match the world’s technological developments. Wifi regulation also makes sure of IOt technology, you can also check for WiFi Repair, it might help you when configuring wifi with ioT tech.
Let’s head straight into what IoT stands for and what it brings to the table.
What is IoT?
Nikola Tesla perceived a great concept in 1926. He said the perfect application of wireless technology can make the whole world akin to a huge brain. Almost a hundred years later and we now have IoT.
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IoT stands for the Internet of Things. However, what even are the Internet of Things?
IoT is all about the connectivity of systems and services using the internet. Devices and a variety of products are part of this massive circuitry.
Did you know that by 2022 worldwide IoT spending will surpass $1 trillion? The amount of money spent is a clear indicator of the rapid change and rising demand.
“Things” refer to a wide array of devices. These tools include biochip transponders and heart monitoring implants.
IoT presents an excellent opportunity for product innovation. For instance, think of microchips installed in bikes. In case of theft, they provide bicycle owners with an option for easy retrieval.
You might find that managing several IoT devices can be overwhelming. However, you can delegate the tasks to established companies. Their IoT management services can include performance metrics and security.
What Does IoT Device Mean?
Personal fitness trackers are concise examples of an IoT device. Any device or appliance with a sensor and sends data over the internet falls under its category.
Due to its connecting nature, many industries are already using this technology. These lines of business include the medical and automotive fields.
Other examples of IoT devices are:
- Wearable health monitors
- Connected appliances
- Wireless inventory trackers
- Biometric scanners for cybersecurity
If you’ve ever clapped your hands to turn the light on or off in a hotel, then you’ve interacted with an IoT device. GPS and IoT complement each other. The former gives your exact coordinates, while the latter shows real-time traffic information.
7 Benefits of Internet of Things
Are you still confused about how the Internet of Things can boost your business? The best way to digest any new technology is to understand what benefits you can get from it.
1. Lower Risks on New Products
IoT devices can gather specific user data. It can help your business to create products specific to your customer needs.
Surveys have become a thing of the past since you get your direct data from their actual usage. You’ll be able to innovate or create new products the consumers will actually buy.
You’ll have lower marketing expenses as well as better marketing results. Have you tried running online ads before? You know how effective it can be in targeting specific demographics.
IoT presents more opportunities to narrow your target and reach potential customers.
2. Safer Business Expansion
IoT is capable of giving you pertinent information, including historical data. It gives you a better analysis of customer data and performance. Results from the evaluation can present business opportunities you can invest in.
With more accurate data gathering, you’ll have lower operational costs. There’s less to no guesswork involved. You can make better decisions if expanding to a new area of your business will generate more revenue or not.
3. Improved Customer Interaction
These days, you get more customers if you can provide excellent post-sales support. IoT offers the opportunity to improve customer interaction. Better customer interaction can lead to improved customer service.
In a typical support call scenario, customers may have a hard time explaining the issue. An IoT device can provide historical and comprehensive data about the problem. It will allow your support staff to provide proper customer care.
4. Better Monitoring
IoT sensors installed on smart appliances can help you identify any developing problems. You’ll become aware of a part’s degrading performance. IoT devices can capture firmware revisions and hardware versions too.
The customer won’t have to place a call after the appliance broke down. You’ll be able to attend to a deteriorating product and notify your customers before it fails. It will help lower the expenses for repair and improve the company’s image as well.
5. Increase Service Levels
IoT improves your ability to address problems before they happen. It allows you to add another level of maintenance agreement and manufacturer’s warranty.
Adding IoT to an existing agreement can increase your revenue stream. It will also enable you to provide value-added services to your customers as well. It’s a win-win situation that makes your business more trustworthy.
6. Lesser Manufacturing Downtime
IoT’s capability to identify potential problems is not restricted to customer products only. You can take advantage of its benefits in your warehouse or manufacturing plant too.
You’ll be able to identify specific degradations in the assembly line. It will allow you to schedule maintenance beforehand. You can have the correct spare parts ready in case it needs replacement.
Being able to capture data with IoT allows you to be proactive. You can reduce downtime, if not eradicate it. It will provide your business with better control over operations.
7. Personalized Service
Your business targets a specific demographic. Each of these individuals has their own preferences as well. The data collected by IoT devices can provide personalized service to your customers.
Are you in the manufacturing industry? You can add features to your products that match your target customers’ preferences.
Apply What Does IoT Mean to Your Business
You now know the answer to the question, “What does IoT mean?” Is your business ready to make the change? The hosts of benefits are too lucrative to allow to pass.
Do you still want more information about this subject? We encourage you to check our related articles about ways of applying IoT.