IOT Strategy: What it is and Why is it so Important?

Posted by Sumi Sharma on August 27th, 2019

Internet of Things, the 4th pillar of today’s Industry 4.0 era after AI, Cloud, and Big Data, is gradually powering companies to fast adopt a digital-centric outlook and gather gargantuan amounts of raw data to munch on. Reflecting on the fact that each of the four above Industry 4.0 technologies is actually complementary ones, this data gathered by IOT is stored in the cloud and processed with Big Data and finally AI tools to gather enhanced business insights.

Hence, it’s evident that low-cost IOT (Internet of Things) solutions have assisted businesses to connect all resources seamlessly, manage them under a unified platform, and track their daily operations seamlessly to facilitate a goal-oriented growth. Here’s one example. Factory management or warehouse management has been revolutionized by IOT devices that help in real-time tracking of information, easing core operations, maximizing output, and provide customers with an enhanced service. For industry 4.0 consulting companies, IOT strategies are one sweet pie to provide clients as they help in the easy transformation of a client’s business progress, delivering unprecedented advantages in the process. Below are some more features of how IOT strategies are revolutionizing business growth

 Data-Based Decision Making

Low-cost IOT devices that are connected together via an internet network provide excessive amounts of raw information that could easily be analyzed by software solutions to deliver unique insights. AI tools in combination with an IOT layer does wonders for firms and they can take analytical decisions at every step. A simple biometric device network or a workspace camera network can deliver humongous amounts of data that could be leveraged to transform workplace management

 Safety Health Check Up

What are the systems, processes, or operations that are under significant risk? IOT systems can do periodic health check-up of infrastructure systems, resources to provide thorough insights on risk analysis, prediction, and ways to combat them. This helps businesses in unimaginable ways to create a comprehensive risk strategy and mitigate such errors. Tracking and maintenance of resources are thoroughly boosted through this.

 Smart Finance Management

Like risk health check-up, IOT devices can be employed at different operational levels to find out which systems or operations are hogging up extra costs and where things could be tightened to maintain the same. In a big organization with a thousand different things at once, it becomes difficult for the management team to pinpoint on the exact places where expenditures are high and why they are exactly so. For instance, a normal system could be attracting huge maintenance prices for years that could be mitigated through a simple replacement. Such insights are accurately provided by the IOT network that helps firms in better streamlining their financial strategies. A lot of consultancy companies delivering industry 4.0 consulting services focus on IOT to help businesses discover their unnecessary expenses and reduce them effectively while preserving service quality.

 Improve Customer Service Efficiency

As IOT devices help in the digital transformation of workplace and data-based decision making, the entire operational structure becomes more uniform and streamlined. Hence, consumer services too are more seamless, smooth, and efficient. Just as in the previous example, logistics management is eased beyond imagination using IOT networks that obviously result in faster, more accurate, and enhanced customer services.