How the use of IoT in Business Increases Efficiency
IoT is revolutionising business. But can it benefit your company?
How the use of IoT in Business Increases Efficiency
The use of Internet of Things (IoT) in business is a subject that managers have considered for almost a decade. But now the time has arrived where IoT in business is no longer a forecast, but a reality.
The question of how to improve efficiency in the workplace has a resounding answer: Internet efficiency will drive overall efficiency, increasing profit margins. And across the entire business spectrum, from start-ups to multinationals, its IoT (Internet of Thigs) optimisation that commands this process.
In 2013, only 12% of organisations had deployed the use of IoT in their businesses, according to research conducted by Vodafone. By 2023, the number of IoT-connected devices will increase to around 43 billion.
Billions of these devices will transform rudimentary workplaces into faster, more flexible ‘smart offices’, making independently connected devices a common feature of workstations.
The increasing importance of IoT in business means a total investment in workplace IoT will total up to $15 trillion. So, why has the vast and rapid expansion into business led IoT occurred now? And what benefits do connected devices bring to the workplace? To answer these questions we, must first consider how IoT is used.
The Internet of Things (IoT) has a wide range of embedded technologies that are being used to enhance businesses in all sectors. From retail to logistics, the IoT can improve business efficiency and make life easier for staff, management, and even third-party outsourcing.
Let’s take two simple and familiar examples. Businesses have been using barcodes for years. Many companies have been using barcodes for years to help them with inventory control. But those barcodes need to be scanned periodically by employees during the day. There’s no way to keep real time track of items unless employees are constantly scanning them. That’s where IoT comes in handy.
There are many products on the market that can help you keep track of inventory as it comes into your place of business and as it goes out again. Just having one connected device like a smart shelf can cut down on employee time spent logging the information from items as they come in, and then entering it into a computer later.
Now consider a seemingly mundane component of business, lighting. Energy efficiency is one of the main concerns of businesses nowadays. A huge portion of a building’s costs is spent on its energy needs, and thus, it’s crucial to choose the right devices that will reduce power consumption and reduce the carbon footprint of a business.
Whether you’re using LED bulbs or motion sensors as light switches, you can use smart lighting to save energy. This also allows you to monitor energy costs and adjust your lighting according to your needs. Motion sensors can detect when an employee or customer is standing or sitting close to a specific spot, allowing them to turn on only when someone is in the room.
Taken together, these examples show how both fixed and variable overheads are reduced via efficacy of process. And, of course, this efficiency can be applied and maximised wherever IoT technology can feasibly be applied. Let’s take a look at some specific advantages.
The IoT allows you to automate processes across your entire business. Whether you’re automating inventory, supply chain or service delivery, IoT solutions give you real-time visibility from every corner of your business. You can monitor and manage operations from a centralized hub without placing additional strain on your staff or disrupting workflow.
The IoT helps build a culture of collaboration by facilitating information-sharing between employees, partners, and customers. It makes it easier to distribute data streams across multiple departments within a business, including IT, marketing, and finance. This not only gives each department access to the information they need but also allows them to analyse data faster than ever before. The IoT also allows for greater collaboration between businesses and their suppliers and customers.
With the help of IoT, businesses can have access to real-time data from their global operations. This will allow them to improve, using internet efficiency, their day-to-day operations and make better decisions. For example, if a certain region is facing a drought condition, agricultural businesses can take proactive measures and tackle the situation before it turns into a crisis. This improves the daily productivity at work and saves costs in terms of resources and manpower.
With an IoT system, companies can track items across their supply chain at every stage, from manufacturer to warehouse to retail store. Not only does this make it easier to know where any given item is at any given time, it also can help companies decide how much inventory they need on hand at any given time. It also helps them avoid overstocking or overbuying items, which saves money in both stocking costs and lost sales if items are left unsold on shelves.
According to a report by Wire, in 2020, half of new business were run using the IoT. This is because data is essential to running growing businesses. The use of IoT in UK and multinational businesses offers a wealth of data that allows you to make informed decisions based on facts rather than assumptions. By collecting and analysing metrics from various sources, IoT solutions can provide valuable information about customer behaviour and production processes.
The most efficient way to implement IoT technology is to use data cabling solutions. This will make it simple to implement a smart office system using IoT. Your business will be on course to reap all the advantages of smart office technology, as well as benefitting from our extensive knowledge of data cabling. For more information, speak to our experts today.