Benefits of IoT Applications for Businesses

IoT applications connect devices to the Internet, giving them the ability to collect and transmit data from a variety of sources. These smart devices can be embedded in products like cars, smart home appliances or industrial equipment, and they have the potential to revolutionize business operations by improving efficiency, accuracy, security and profitability.

IoT technology is already used in many ways by businesses, from smart traffic systems to help drivers avoid delays and congestion, to remote monitoring of factory production lines and automated customer service. However, the Benefits of IoT applications are much more expansive than that. IoT solutions can address a wide range of issues, from reducing waste and inefficiency to cutting down on the amount of time and money that human employees spend on manual processes.

For example, the popular GPS navigation apps that you use in your car or on your smartphone are IoT applications that continuously gather and analyze location data from nearby cellular-enabled devices (like mobile phones) and satellite networks to calculate your route. By sending this data to the cloud, it’s possible to track each vehicle and provide alternative routes that bypass traffic snarls, road construction and other factors.

These IoT applications provide immense benefits to consumers, but they also offer valuable insights for companies looking to improve their internal business processes. This information can be used to automate workflows, reduce the risk of errors that could cause costly system outages and provide more accurate data for a variety of business functions like customer service, field services, inventory tracking and sales forecasting.

Many IoT applications have a high upfront cost to procure and configure the devices, but they typically deliver a quick return on investment through reduced operational costs and increased productivity. For example, Digi customers who implement connected products with IoT capabilities experience a rapid ROI through reduced operating expenses associated with manually performed tasks that can be automated, fewer service calls prompted by inaccurate information and better overall system uptime thanks to timely and actionable alerts.

The biggest benefit of IoT applications, especially those involving industrial IoT, is reduced human error. By deploying smart machines with sensors and software that can track their performance, along with robust cloud computer systems to store and process the data, manufacturers are able to eliminate the most common source of cybersecurity threats – human error.

Industrial IoT applications are also empowering manufacturers to create new revenue generating strategies, such as Equipment as a Service. And, enabling real-time remote monitoring and analytics reduces the time it takes for technicians to visit sites when they need support, increasing customer satisfaction and delivering faster service.