How Internet of Things (IoT) Can Save You Money

How Internet of Things (IoT) Can Save You Money

You may think that only big companies can benefit from Internet of Things (IoT), a networking of nontechnical objects to transfer data from one place to another. Now small companies are also taking advantage of IoT to cut back on their business cost. The IoT is a not a new concept. It is evolving and becoming more relevant for all types of organisations from manufacturing units to customer care centres. It has change the bottom line of every type of business.

Understand the concept of IoT with an example. Suppose you are a manufacturer of tumble dryer. The IoT will be monitoring and tracking every part of tumble dryer for you, but the power of regulating every part is just half the IoT picture. You have to gather valuable information from the digital data available to figure out where you can cut down the cost and boost the production.

There was a time when a manufacturer would have no role left to perform as soon as a unit left the factory, but now you have to study data to diagnose faults and damaged parts. This will help you replace it with the right part at the right time, enhancing customer experience. Here is how IoT is helping business to cut back on the cost and generate revenues.

You will gather actionable databased insight in real time

No matter what you sell – a product or a service – the ultimate goal is to provide customer satisfaction without damaging the chain of your profits. You should know how your customers are using your product and what they think about your business. IoT gives you an opportunity to gather real-time data to know what your target audience feels about your product and how you can improve it.

For instance, with IoT, you will get to know the defaults of your product in development stage. You could mend them as soon as possible and reduce visits of your representatives to your customers after sale. This will cut down on the cost you spend in form of warranties and labour cost. Traditionally, companies would send out a person to repair the product that would burn a big hole in their budget, but with IoT, data can be directly sent to your computer and you can troubleshoot the problem without leaving your office in most cases.  Likewise, in the sales phase, you can make marketing strategies to attract more leads because you will have a real-time data about the demand of your product or service.

“IoT gives you an opportunity to gather real-time data to know what your target audience feels about your product and how you can improve it.”

Security Management is easier with IoT

Surveillance is a serious concern especially when you operate at very large scale. Security guards and physical tapes can be damaged and destroyed at any time. With the IoT, videos are connected to the internet and you can view them remotely. You can track every activity in your building even if you are overseas. This is an inexpensive method to reduce the cost on traditional methods of surveillance.

Apart from building security, IoT solutions also cater to employees. It is difficult to ensure employees safety all the time, but IoT has made it easier and successful. Many manufacturing units that deal in chemicals involve the risk of employees’ safety. IoT provides real-time data to track and monitor equipment, chemicals and the way they are handled, and hence you can mitigate the risk of health hazards of your employees by preparing in advance. This will improve productivity without risking the life of employees. It will prevent industrial accidents, physical injuries and deaths.

IoT helps Improve productivity

IoT can help you cut down the cost on inventory, security and labour wages, but it also helps in improving productivity. The higher the productivity, the higher the revenues will be.

IoT has made remote working possible by improving collaboration. Connected devices means you do not need to be present in your office to make sure that employees are completing assigned projects. They can share their work with cloud-hosted software and you can review at anytime from anywhere.

In fact, IoT has increased efficiency of employees because these solutions can manage, track and monitor various operations across the business simultaneously. Now you can focus more on complex tasks by automating these repetitive tasks.

The bottom line

IoT solutions are great way to whittle down the cost of a business. It is worth investing in these solutions to obtain long-term benefits. You can finance these solutions with various loans such as personal loans, unemployed loans UK etc with reputed direct lenders like British Lenders, AOneFinance and The Easy Loans.

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Francis Nwokike

Francis is a Social Entrepreneur. Love discussing new business trends and Marketing tips. A Startup consultant. Will help you grow your business online.

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