As we move forward with Industry 4.0 that involves new technology based creative solutions, digital transformation of businesses with Artificial Intelligence, Machine Learning, and IoT solutions, we realize that there’s so much that we can do with technology for businesses and customers alike. Where businesses can achieve new heights in productivity and business scalability, customers also benefit from enhanced levels of technological inventions and services. Thus I4.0 technologies present a great opportunity for businesses of all sizes and streams.
While there are great many technologies that we can discuss in detail and how they impact businesses and consumers, the Internet of Things (IoT) stands out with its all encompassing nature of applications and solutions for businesses of all sizes and all domains.
So, let’s dive into IoT and the potential it holds for digital, technological transformation in businesses enhancing growth, creating value and improving customer experience in many businesses.
What is IoT and Why Does It Matter?
Internet of Things, IoT for short, is a set of new technological solutions where every physical object is interconnected and communicates with other devices over the internet. There are many wireless technologies like RFID (Radio Frequency Identification), BLE (Bluetooth Low Energy), NFC (Near Field Communication), Bluetooth, Wi-Fi, etc. that enable a vast network of interconnected devices, communicating, monitoring and collecting vast amount of data that can be analyzed for insights into business activities and process optimization and productivity at large.
IoT, at present, has become the Internet of ‘everything’ with around 15 Billions of IoT devices connected to the internet worldwide. From smart tags, smart shelves, smart carts, POS and smart fitting rooms in retail sector to smart bands and fitness trackers that can monitor Blood pressure, heart rate and raise an alarm in case of emergency, to education, industries, manufacturing, supply chain, smart homes, smart kitchen, and smart city, IoT finds numerous applications in numerous businesses, no matter the business size.
The popularity of IoT has witnessed immense growth over the past few years. As businesses were impacted with covid19 lockdowns resulting in weak consumer demands in about all business spheres, IoT has come as the principal technology to automate business operations, enhance customer experience as per changed customer expectations, and draw back customers to retail stores, boosting sales and sustaining businesses of all sizes; small, medium or enterprise level.
How IoT can help various businesses?
Well, businesses big or small often lack asset visibility and digital infrastructure to optimize day-to-day business processes and IoT can help with that. It can help you create a systematic digital business model that is future looking and capable of accommodating changing business demands and operational changes.
With right guidance on what IoT is best for your business, you can implement IoT technology in various aspects of your business, be it supply chain and logistics, customer experience, delivery of products and services, manufacturing, inventory management, sales, operational efficiency, or maintenance and support, IoT is capable of streamlining all these tasks single handedly.
Let’s see some of the ways businesses, small or big, can unlock the potential of IoT by implementing it in various aspects of day to day business:
- Industrial IoT (IIoT) improving manufacturing and employee efficiency
- IoT in Retail operations and customer experience
- IoT in healthcare, IoMT (Internet of Medical Things)
- IoT for security
- IoT based smart homes and smart city projects, etc.
Industrial IoT (IIoT) improving manufacturing and employee efficiency
When it comes to manufacturing and employees working in the manufacturing industry, IoT has been of great help. IoT has been able to unlock a higher degree of manufacturing efficiency with enhanced focus on manufacturing processes, employee training and safety from hazardous machinery. With the use of BLE and RFID technologies, the manufacturing industry has been able to track machine life cycle, utilization, as well as helping new employees with skill training and interoperability.
IoT in Retail, hospitality and customer experience
Retail and Hospitality businesses were the most affected when the pandemic engulfed the world. With lockdowns in about all the countries, customer demand weakened and businesses started looking for ways to draw customers back in when the situation improved and lockdowns were relaxed. But businesses found themselves facing another problem that was changing customer expectations. Security and ease of shopping took priority. Under these circumstances businesses in retail and hospitality are now looking towards IoT technologies like RFID, BLE, NFC, smart cards, Wi-Fi to help customers while they visit retail stores, malls, or hotels and restaurants. Use of RFID cards, IoT based sensors, smart billing and payment systems, smart access to hotel rooms, lawns and lobbies is now possible with IoT.
IoT in healthcare, IoMT (Internet of Medical Things)
The Internet of medical things or IoMT is increasingly getting popular when it comes to the healthcare sector. Technologies like RFID, and BLE find immense use in the medical field vis-a-vis medical device tracking, vaccine tracking, improving patient outcomes and increasing asset utilization across hospitals and medical supply chain.
IoT for security
Internet of things has been very successful when it comes to security over the past couple of years. Businesses in security and businesses in general, say retail or education, have been successfully implementing IoT for secure access and identification of objects and individuals. With technologies like RFID and LoRaWAN, businesses, small or big, are not only securing the business premises but enhancing the overall efficiency at the workplace as well.
IoT based smart homes and smart city projects
The major aspect of IoT is how it connects physical devices to the digital world and this has enabled a vast network of interconnected devices giving way for a new perspective on how we interact with things in our day to day lives. From smart lighting to smart tv and speaker and parking solutions, various smart city projects solely depend on IoT solutions. Technologies like RFID and BLE, along with LoRaWAN, LPWAN and Wi-Fi, NFC, etc. are enabling a great deal of services for residents and tourists in any city. Smart traffic and digital maps and guides at various locations are not only boosting tourism but making life easier as well.
In short, IoT has great potential when it comes to enhancing business operations, be it manufacturing, retail, construction, real estate, hotels and eateries or supply chain and logistics, IoT is the new way forward for all businesses, small or big. Additionally, the technology is continuously evolving and holds the key to an improved living standard and enhanced business outcomes as well.
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