11 Premium Benefits Of IoT To Elevate Business Operations

After a successful integration of AI and its tools, the Internet of Things (IoT) is set to take the central stage in transforming businesses. What became popular due to Amazon’s Echo in the 2010s today has penetrated daily life in innumerable ways, making it an essential aspect of business growth. 

Powered by a robust suite of advanced tools, numerous benefits of IoT can be leveraged by businesses, but before we get to that, let’s understand what IoT is.

IoT revolves around two major concepts, namely – Automation and Connectivity. 

Automation eliminates human intervention and establishes direct communication channels between the different devices for seamless connectivity. The main tech stack involves AI, Big Data, and Machine Learning. 

Connectivity, as the name suggests, creates an improved global network that makes a vast amount of information and resources easily accessible. Here, the key technologies at play are Cloud computing and wireless communication technologies. 

So, keeping in mind the above two concepts, the most fundamental definition of IoT would be 

“IoT is a network of interconnected devices that collect and share data with the system and other devices with the help of the internet.” 

The devices in question can be anything from sensors to fitness trackers to smart technologies.

As per the State of IoT – Spring 2023 report, the number of IoT connections will likely grow from 14.3 billion in 2022 to 29 billion by 2027, evidencing its exponential expansion. 

Also, if we look at the current trends, investing in IoT sounds like a sure success, leading us to the question – why are businesses choosing this tech integration, or what are the benefits of IoT at an enterprise level?  

Top 11 Benefits of IoT to Know

There are innumerable advantages of the Internet of Things across a multitude of industries. The central theme of every IoT solution is improving efficiency, eventually leading to many other gains like reduced costs and improved services. 

• Improved Operational Efficiency
• Reduction in Cost With IoT
• Increase In Productivity With IoT
• New Business Opportunities
• IoT For Sustainable Development
• Benefits Of IoT In Healthcare
• IoT For Better Data Collection And Analysis
• Better Customer Service with IoT
• Advancements In Marketing And Sales Strategies
• Refined Business Image
• Better Adaptability With IoT
• Advancements In Marketing And Sales Strategies
• Refined Business Image
• Better Adaptability With IoT

Improved Operational Efficiency:

Whether we look at startups or established organizations, expansion is always challenging. From infrastructural limitation to resource management, a lot goes into the process. Not to mention the expenses involved with the whole hiring journey. 

However, these things can be simplified thanks to IoT and its acceptance across various sectors. Since IoT offers advanced connectivity and communication channels, it allows employees to work from anywhere. Thus reducing the dependency on being present on-site. 

Thanks to the pandemic, remote hiring became the only option for business sustainability and has now become just another aspect of the organizational workforce. With IoT combined, it solely seems to witness an upward-moving graph. 

This allows companies to look beyond the local talent pool and hire the finest resources with exceptional skills. Thereby allowing businesses better agility and growth.  

Not just organizations but even job seekers benefit from increased remote work opportunities. They can apply and work from anywhere with the right tools and quality network connections. 

To simplify this for both parties, partnering with a reliable service provider that offers complete IoT application development services is advised. This ensures optimal usage of these tools for maximum profit and growth.  

Reduction in Cost With IoT:

Packed with smart features, IoT integration can significantly reduce maintenance and operational costs. Automating failure identification, rectification, and reducing downtime are key advantages of IoT in the market. 

Using IoT, predictive maintenance can be set up, which, according to Deloitte, can save companies an estimated $50 billion annually spent on unplanned downtime. 

Primarily, this feature of IoT benefits the manufacturing industry. Yet there is no denying the fact that incorporating these IoT-powered maintenance increases productivity and saves a lot of resources. 

Even the healthcare industry can leverage the benefits of Internet of Things in the form of a 10% to 20% reduction in treatment expenses with the help of continuous monitoring and real-time data access. (McKinsey)

Thanks to IoT, a myriad of cost-effective business strategies can be designed without compromising the workflow. 

Increase In Productivity With IoT:

According to a report by Ericsson, for every 10% rise in cellular IoT connection, there’s a factor productivity rise equivalent to USD 197 billion.   

There are numerous advantages of IoT in light of its positive impact on productivity, the foremost being the elimination of the need to be on-premise or in the exact physical location for collaboration. 

Thanks to the Cloud and other remote work management systems, all the required data and resources are easily accessible, thus making it easier for employees to connect, communicate, and collaborate. 

There are many benefits of IoT by itself, be it streamlined operations or easily adaptable work environments, but these benefits can be further enhanced by combining IoT with AI. 

Dedicated tools like AI-powered automated organization, inventory management, advanced data collection, etc., can positively reinforce employees.  

Also read – AI + IoT – A Technical Revolution in the Making!

New Business Opportunities:

New job profiles and businesses always emerge whenever a new technology comes into the picture. The same will happen as IoT expands horizons across the different verticals. 

Today, opportunistic ideas like smart homes, intelligent agricultural practices, automating routine tasks, etc., are slowly shaping into practicable solutions and services. In the coming years, these opportunities will be the hotspots of growth. 

One of those advantages of IoT that has materialized into a real-life used case is self-driven cars. According to a McKinsey report, self-driving cars alone will generate $300 to $400 billion in revenue by 2035. 

The current scenario shows that technology might end up automating a lot of job profiles; there’s also no denying that these advancements will open up opportunities for newer business ideas and growth in the coming years. 

IoT For Sustainable Development:

With increased awareness of the effect of global development on the environment and a wide range of adoption of eco-friendly practices, the business landscape will also shift towards a more holistic approach.

UN predicts that the global population will reach nearly 8.5 billion by 2030, posing a considerable problem as it will increase the consumption rate, thereby becoming a significant contributor for climate change. 

It has become such a pressing issue that businesses have started leveraging IoT to minimize their carbon footprint. IoT benefits businesses by allowing them to actualize their vision sustainably. 

According to a MarketsandMarkets report, the green technology and sustainability market is expected to grow from USD 28.6 billion in 2024 to 134.9 billion by 2030, with an expected CAGR of 29.50%. 

Sustainable development practices will soon become a foundation for all the development and transformations across different sectors. These efforts would be actualized by combining advanced technology and tools, which is one of the prominent advantages of IoT. 

Benefits Of IoT In Healthcare:

With a CAGR of 17.8%, the IoT in the healthcare market will reach USD 289.2 billion in 2028 from USD 127.7 billion in 2023. 

Healthcare can leverage a lot of IoT benefits in the form of real-time data monitoring, effective data collection, and enhanced connectivity. These smart integrations will make healthcare more accessible and affordable, thus improving its operational efficiency. 

With IoT solutions, many advanced services can be added, like automated data collection & updation, online appointment scheduling, checking doctors’ availability, etc., making the system more systematic and efficient. 

The aim behind these integrations is to make healthcare more digitally adept and in sync with the present-day needs and requirements. With a well-planned approach, these IoT solutions can completely transform healthcare functionality, making it easy for doctors and patients to navigate. 

Even smart hospital applications and wearables can be designed for real-time monitoring and advanced care. This can be a valuable advancement, especially for critical cases. From remote consultations to professionally guided first-aid, numerous benefits of Internet of Things can be seen in healthcare. 

IoT For Better Data Collection And Analysis:

The importance of data in today’s competitive market cannot be stressed enough. It allows businesses to gather valuable insights into customer behavior, preferences, and patterns. This information is then used to design marketing strategies for better reach and customer retention.

However, companies deal with a massive amount of data, which can be challenging to manage or prone to errors when handled manually. Making the whole data unsuitable for deriving valuable insights.  

Businesses can integrate advanced features and leverage the benefits of IoT through smart data collection, organization, and management. This is possible thanks to the highly efficient connectivity system amongst IoT devices. 

IoT devices can also perform smart analysis using the data collected to get useful insights for better operations and improved decision-making. 

Better Customer Service with IoT:

The benefits of Internet of Things integration are no longer limited to the backend. Its usage and services have also reached customers’ end, transforming how they interact with the brand. 

Today, customers seek faster and more interactive customer services to match their busy schedules. This is why branding and marketing practices are also shifting. The data collected with the help of AI, ML, and other IoT tools can be used to understand customer behavior. 

Custom marketing strategies can be designed relevant to the customer’s behavior and patterns with the information collected. Additionally, related products, services, or upgrades can be suggested upon a successful conversion, further enhancing their experiences.

Customers also appreciate frictionless and faster customer support, regardless of whether it is an AI chatbot or a human agent resolving their queries. This speeds up the response time by getting the routine questions off the agent’s schedule and reducing the cost incurred by businesses by 30%. (Source)

Thereby, smart customer support powered by IoT proves to be successful for both businesses and customers. 

Advancements In Marketing and Sales Strategies:

Smart predictions, activity analysis, responses, and all are essential markers to identify which marketing strategies are hitting the targets and which are not. Getting this information easily is one of the benefits of IoT businesses across all industries leverage. 

The data collected from varied IoT devices can be utilized to improve marketing and sales strategies. The insights can be collected through various means, such as newsletter subscriptions against the activities, responses to certain services, market trends, etc. 

Using IoT, businesses can design user-specific advertising and fine-tuned activities, including customizing sales pitches and campaigns for better results and growth. 

Refined Business Image:

There’s a lot that goes into making a business successful, and one of the key determinants is client satisfaction. As seen in the previous points, there’s a massive shift in customer expectations, thereby shifting their judgment criteria. 

Today, quality isn’t limited to end products or services; it comprises the overall experience. From initial discussion to conversion to development and product delivery, followed by maintenance. All these things are taken into account. 

This is why businesses need to maintain an optimal technical framework. Advanced infrastructure and a skilled workforce are enough to set the tone right and create a positive first impression.  

Building trust is essential to close any deal, whether for customers or investors. Especially when they come with years of experience, recognizing good quality end products is reasonably easy for them. Here, the benefits of Internet of Things services can be really helpful for business. 

Better Adaptability With IoT:

Today, matching the pace with the changing world requires businesses to adapt easily. This is where some of the key benefits of IoT come into the picture. It allows enterprises to seamlessly accommodate newer strategies, changing customer needs and conditions, etc. 

This lets businesses roll out newer strategies and augment business growth. According to Gartner, companies worldwide will be spending a total of $5 trillion in 2024 – a 6.8% increase from 2023. 

With an easy-to-adapt functionality, businesses can easily surpass their competitors to lead the market with highly efficient and secure operations. Thus improving operational efficiency and customer satisfaction. 

Various sectors of the economy can be improved in terms of their functionality, operations, enhanced security, and many more. A few things worth considering are selecting the right tools and technologies depending on the business requirements. 

Are These Benefits Of IoT Worth It?

The answer to that would be a yes!! However, this would be expensive and time-consuming, just like every digital transformation service.  This is why it is advised to consider which integrations would add to the business and how much. 

A thorough analysis, understanding, planning, and consideration are required before going into the IoT integration journey. While it is advanced and offers many benefits, it comes with challenges. 

If not planned well, the benefits of IoT can easily get overpowered by all the challenges and drawbacks, with the most critical one being security issues. This is why it is essential to tread carefully, with intentional steps taken at every stage. 

For non-IT businesses, connecting with a secure and reliable IoT service provider is advised if digital transformation is not your forte. This will ensure a seamless and safe transition.