The IoT market has witnessed tremendous growth in the recent years. The market has seen massive revenues that are set to reach up to $520 billion by the year 2021 according to Forbes. With businesses all around taking a note of this growth, these supplementary statistics need your immediate attention:
- In 2016, 8% companies across US, Europe and the Asia Pacific region extensively implemented IoT in their businesses. The number increased to 12% in 2018.
- 28% companies belonging to the same region implemented IoT partial deployments in 2016, and the year 2018 saw 49% of companies follow suit.
The above-mentioned numbers are delivered from a survey by Bain & Company conducted across industries in US, Europe, and APAC. In such a scenario then, it becomes important for companies to harness the power of IoT to boost business growth.
Here are 7 reasons why you should implement IoT within your business:
CEMENT YOUR VIABILITY
IoT is an able ally to strengthen the competency of your business. It will enable you to take informed decisions based on real-time data, thereby leading to business continuity.
GENERATE VALUE FOR YOUR BUSINESS
Real-time data generated allows you to derive value-based insights. This helps refine your operations, optimise them, and translate them into profitable ones for your business.
STREAMLINE CUSTOMER EXPERIENCE
The success of your business rests entirely upon your ability to offer better experiences to your customers. You can accomplish this by levelling up logistics and other processes that suit your customer needs.
MAKE MAINTENANCE PREDICTIVE
Maintenance across industry is quite reactive in nature, where things are fixed only when they go wrong. With IoT, all mechanical glitches can be predicted and rectified based on the historical data well before the dysfunction happens.
ENHANCE PRODUCTION QUALITY
Your production quality propels to a commendable scale once you generate and scale data derived from your audience, as well as from the operations running within your company.
MAKE REMOTE WORKING LUCRATIVE
Remote working and real-time collaborations without being in the same physical space have become a reality with IoT. Connecting devices on the same network allows users to stay connected to the task and perform efficiently.
TAKE COMPANY LEARNING FURTHER
When a business implements IoT technologies, IoT experts are brought in to keep them functioning optimally. This enables employees to learn about advanced technology and contribute towards business growth.
Implementation of IoT technologies has come a long way for businesses across different industries. Incorporating these technologies into your business will help businesses achieve accelerated growth in every operational vertical.