5 key uses of the Internet of Things (IoT) in business

The Internet of Things (IoT) is – in layman’s terms – the concept of connecting every device, service, and any other relevant ‘thing’ to the internet. Basically, all these things are connected to a common IoT platform that filters and collects any and all relevant data in order to improve and optimize IoT devices and services that is connected to the relevant IoT platform. This can subsequently be used to find various Internet of Things solutions that can improve the overall quality of their IoT services and products.

There are 5 key uses of the Internet of Things in business, which are as follows:

1.       1. Common IoT platform for a large-scale product: For a product or service that is being produced on a large-scale (for example, a specific consumer product being produced in different factories across the country/the world), having a common IoT platform is extremely helpful in order to collect sufficient data about their product – especially if said product has been newly introduced and the company wishes to gather its relevant information through real-world application.

2.   2. Improving and/or optimizing said product through Internet of Things solutions: By collecting the IoT device/service usage data over time, companies can figure out the various inconveniences, problems, bugs, glitches and a host of other problems that can arise over time. One of the main Internet of Things applications is to figure out common problems occurring for various customers and locating the source of said problem. This can be faulty software, production errors or a simple human mistake among others.

3.       3. Streamlined inventory tracking and management: Figuring out the source of a defective unit in a product is just one of the many ways an IoT platform can streamline a company’s inventory tracking and management. The overall productivity of a particular factory, the overall satisfaction of a product from said factory, the number of workers employed in this factory – these are just a few of the many variables that can be figured out and correlated with different production units of the same company in order to find the best method to optimize and streamline inventory tracking and management.

4.     4. Increased speed and efficiency: With the integration of IoT platforms and solution in a business, a company can drastically increase the speed and efficiency of its work. By avoiding errors and streamlining inventory management (among others), it’s pretty much obvious that the working of the business will see a steady increase due to the constant optimization of the various individual cogs that collectively run a business.

5.    5. Increased pressure to improve overall security: There’s no question that utilizing and improving Internet of Things solutions is the obvious way for growing businesses to expand their overall scope. However, the question of security becomes quite important when one discusses the connection of consumer information to a common IoT platform. This can be a negative or a positive thing based on the attitude of the business. If this seems like a challenge, then the company must devote some of its resources in order to increase the overall security of this platform, and ensure that the private data of their customers remain anonymous to the public eye.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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