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One of the most important things in this fast-paced, modern world is the amount and variety of technology we hold. From the very common example in our daily lives, mobile phones, to the trending buzz Artificial Intelligence and machine learning, technology is always part of our life, though we realize it. One such technology that is evolving so well in its usage and benefits is theInternet of Things(IoT), making it the popular choice for many to opt in the world. It is so rewarding at the individual and institutional level for an enterprise with the amount of impact they possess and the revolution they brought in. 

According to sources, if the companies blent the IoT technology properly with the physical world, the result can generate an economic evaluation upto $11 trillion. Read more to understand IoT meaning, IoT technologies, IoT industries, and the top benefits of using the Internet of Things in business.

What does IoT mean? 

The Internet of Things encompasses a system where everything, from objects like a wearable to objects like industrial sensors, is connected to the internet. These objects interact in turn via sensors by the mechanism. Apart from aiding personally in individuals’ lives, it can also help establish more efficiency in the business and increase productivity by gaining actionable insights with IoT. For example, security is one of the greatest reasons that made IoT devices gain so much importance. Yet other tantalizing returns are also there, as below mentioned. 

IoT in Business Examples

There are many inspiring and amazing examples where top businesses have tremendously used IoT technology with integration with existing business models for greater benefits.         

A UK–based company, BT, one of top communication service – provider employ the usage of location intelligence and IoT framework for deploying engineers and uses location mapping intelligence applications to get the maximum performance with existing employees and resources. With location intelligence, the company can clearly visualize the actual real-time data from sensors. This information is used to find the employees’ network and correlate it with the customers’ properties. Thus, with all these potential of technologies of IoT, the company can respond faster to the needs of the customers, and with the location details of employees and data of the customers, better and highly informed decisions are taken while releasing a new service. 

Siemens, one of the biggest engineering firms in Europe and one of the leading suppliers of wind power in the world, brilliantly taps onto the potential of IoT technology. They have transformed farms to be smart. The company can check hundreds of turbines existing remotely using the RTI messaging software. Hence, predictive maintenance is so feasible for them – i.e., they can maximize the productivity and efficiency of usage of these wind turbines in highly unpredictable weather.

Read More :IoT in Home Automation: Create an Ultimate IoT Smart Home

UPS enterprise has got one of the best IoT business ideas employed for reducing the operational costs in delivering goods by tracking the driver’s routes. The company beautifully blended the vehicle sensors with GPS tracking technology, which helped the driver to know the shortest route to be undertaken, with the most cost-effective combination of routes. It has brought a huge revolution economically and environmentally – the fuel of quantity around 1.5 million gallons was completely saved on just rightly covering 10000 routes. It’s a great saver of money and carbon footprints.  

Advantages of IoT for any Business

1.Enhance Productivity

2.A better understanding of customer behavior

3.New Business Opportunities

4.Cost-effectiveness

5.Better utilization and maintenance of assets

6.Enhanced customer service and experience

7. Workplace safety 

8.Real-time analytics

9.Historical Analysis

10.Ensuring good Storage and selling environment

11.Beacons

12.Digital factory

13.Quality control

14.Packaging Optimization

15.Optimization of Logistics and the Supply Chain

Some Final Words

There are infinite IoT challenges and opportunities, hand in hand, and IoT continues to boom in and around the globe. Thus, every business must stay in touch with IoT trends and stay in tune with the flow, and receive the best of technical solutions using the technology.

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