The Internet of Things (IoT) is one of the fastest evolving technologies of modern times. When it comes to bringing digital transformation in enterprise processes, the role of IoT remains significant.
There is no exaggeration in mentioning that IoT triggers transformation in modern companies. However, it is necessary to understand the importance and benefits of IoT to leverage its benefits in your company.
A digital transformation solution can bring disruptions in the ways we accomplish various tasks and projects. A robust IoT network with smart and connected products can enhance the value of a digital transformation solution by ensuring better utilization of resources and increasing reliability.
IoT can offer valuable insights based on real-time data from connected devices. It is possible to get accurate performance feedback with the help of IoT.
Before digging deep into the ways through which IoT fuels digital transformation in enterprises, let’s have a quick look at the key benefits of the IoT network in enterprises.
Benefits of IoT at a Glance
A reputed IoT app development company can explain the following benefits of an IoT-powered app for your company.
Reduces operational costs and overheads
With IoT, it is possible to monitor remote equipment and minimize downtime. Enterprises can also save big on energy costs by identifying misalignments or issues in advance.
Offers personalized experience to users
IoT technology enables companies to offer real-time tracking facilities to customers. Also, real-time data can be useful for offering a personalized experience to customers.
Improves the process of decision-making
The IoT network is designed to fetch data, and modern businesses can analyze it to predict customer preferences and trends for offering personalized services.
Enhances productivity at workplace
Various industry sectors specifically the manufacturing sector, can grow by assessing demand and managing the production stages accordingly.
Empowers B2B and B2C business models
Both B2B and B2C businesses can get benefits of an IoT network. IoT devices can improve facility management and project management to ensure growth.
IoT technology offers these benefits in combination with other futuristic technologies including AI, AR, and ML.
Here are the top ways the IoT drives digital transformation.
Significance of IoT in Digital Transformation
As per the survey, as many as 35 billion connected devices will be installed around the world by 2021. Another report has predicted this number as 46 billion as well. Simply put, IoT is all set to transform various processes digitally in the corporate sector in multiple ways.
It collects valuable data
Humby put it right- Data is the new oil. Every day, enterprises generate zillions of data that can be used to shape various strategies and making meaningful decisions.
Connected devices can fetch the data and ML-based applications can analyze the same to get patterns for every necessary aspect.
Be it a customer’s behavior or interests, a retailer or a company can get all the details using IoT technology and come up with customer-focused products or services. Let’s take an example of fitness industry.
Fitness clubs and gyms can analyze the collected data to offer customized features and functionality in fitness apps. In a way, the fitness industry can leverage the benefits of digital transformation in fintech.
It facilitates predictive maintenance
Technological advancements are useful for bringing automation and transforming processes digitally. Smart, connected devices can send real-time alerts as and when they detect issues.
IoT technology can integrate with ML and other emerging technologies for predictive maintenance and diagnostics.
IoT devices can make the processes easier and save a lot of time. Companies can save on money and resources while avoiding unwanted downtimes with the help of IoT and other related technologies.
It offers real-time insights
The pandemic has shown the importance of digital transformation in healthtech. Physicians can get the real-time information of patients remotely using wearables and connected devices. As a result, they can make decisions quickly.
The telemedicine concept is based on these technologies. The same is true for other core sectors also. Real-time insights can streamline the decision-making process and ensure growth of your company by simplifying activities and increasing productivity.
It improves employee engagement
This is one of the most effective ways to drive change in enterprises. Connected devices can improve the corporate culture and employee engagement.
Many companies implement BYOD (Bring Your Own Device) policy to enhance company culture and remain competitive while adopting remote working. Remote workers and various team members can stay connected and collaborate with ease using technological advancements. It can enhance their engagement significantly over the period.
It enhances efficiency
Digital transformation solutions are designed to increase efficiency by improving the company’s culture. AI, RPA (Robotic Process Automation), and IoT technologies combine to leave a little room for human errors.
When it comes to integrating digital transformation in the fintech sector, IoT and other technologies ensure transparent and secure online transactions as well as accurate profile assessment of customers. Smart devices and AI are useful for companies that want to make strides in virtual world.
How to Get Started with IoT
In a nutshell, the Internet of Things (IoT) is here to stay to drive digital transformation. Companies with no experience of this revolutionary technology, should start small and initiate digital transformation process with the help of IoT technology. This initiative have a higher chance of success and companies can get a high ROI in relatively a short time.
If you want to stay ahead of the curve while addressing challenges of the post-pandemic period, you can rely on digital transformation solutions.
However, it is always better to consult an experienced IT solutions provider before initiating digital transformation with IoT. You can make an effective strategy based on your business model and core requirements before consulting a reputed IT firm.
Solution Analysts is a renowned mobile app development company in the USA and India. We integrate advancements of emerging technologies like IoT, AI, and AR into enterprise apps. Our in-house teams of experienced developers can assist you to make the most of IoT technology for your company.