The Internet of Things (IoT) is one of the fastest evolving technologies of modern times. When it comes to bringing digital transformation to business processes, the role of IoT remains significant.
IoT has driven digital transformation, mainly thanks to the valuable insights generated by sensors and devices. It also enables companies to collect new data and use that information to make better decisions and extend product life.
Embracing IoT is the surefire way to transform your business while keeping up with changing customer expectations and market volatility. In this article, we’ll look at the ways IoT is driving digital transformation for enterprises. But before we go any further, let’s understand what digital transformation means for your organization.
What does digital transformation mean for your company?
At this point, having a wide variety of product offerings is no longer enough to win your customers over and drive revenue streams. Embracing innovation and new digital technologies has become just as crucial if you want to stay ahead of the competition.
Solutions for digital transformation can help businesses replace manual processes, improve business efficiency, and save human time for more creative approaches and strategic thinking to accelerate business growth. It helps companies rethink their leadership model and develop services and products that make a difference in the competitive market.
From improving ways of interacting with customers to handling internal processes, digital transformation is impacting every aspect of a business.
Accelerate your digital transformation journey with IoT
From home automation sensors to forecast-based maintenance of industrial assets, IoT is now everywhere. From statisticThere will be 75.44 billion connected devices worldwide by 2025. As we move into this highly customer-centric world, the data generated from these connected devices delivers tremendous business value to radically transform business processes.
Example of IoT devices
Smart speakers like the Google Home and Amazon Echo are some of the most popular connected devices in consumer IoT. Users can ask voice assistants like Alexa to perform a variety of functions, including playing music, providing weather forecasts, getting sports scores, ordering an Uber and more.
This IoT-based voice assistants are a perfect example of transformation in the consumer market by improving the user experience and making tasks easier for them.
Ways IoT is driving digital transformation
Digital transformation is the best way to future-proof your business while staying prepared for technological disruption. The advent of IoT has accelerated digital transformation by improving the customer experience and lowering operational costs.
In that regard, here are a few ways IoT is driving digital transformation:
Improves Business Efficiency: IoT plays a vital role in increasing business efficiency through process automation. An example of this would be autonomous sensors that control a device or function by leveraging IoT data, AI, and Machine Learning capabilities. IoT technologies also leave little room for human error. They can also be used to close the gaps in various business processes, including inventory management, logistics and security, and to improve and enhance controls.
Collects valuable data: Companies generate countless data every day that can be used to shape various strategies and make informed decisions. Connected devices can collect the data and ML-based apps can analyze it to get patterns for every necessary aspect.
Whether it’s a consumer’s behavior or interest, a company can get any information using IoT technology and invent products or services that target users.
Improves asset monitoring: Businesses can manage and monitor a network of physical objects using connected setups. Devices with IoT capabilities can provide visibility into equipment health, the whereabouts of a connected device, asset status, and other data points. The data collected from an IoT device or onsite monitor can be extended with hardware version and firmware version data for better monitoring.
Improves employee engagement: IoT can help improve productivity and agility, empower your workforce, and make business systems easily available anywhere, anytime. Sensor capabilities allow employees to stay connected at all times and provide real-time data for better and enhanced productivity.
Delivers tailored customer experience: With the large amount of data coming in from the connected devices and sensors, businesses can leverage IoT analytics to gain deep insights into their customers’ behavior and shopping patterns. Based on this data, business owners can provide a more personalized experience to customers. In a way, enterprises can digitally transform their processes while keeping the customer first.
Lowers operating costs: Process automation with IoT services can reduce operational costs and enable companies to manage resources wisely. For example, predictive analytics can help companies better manage their assets because they can get future results based on data collected by the sensors. When technologies such as machine learning and statistical algorithms are combined with IoT, companies can best estimate future events and optimize costs.
How to get started with IoT?
IoT is here to stay to drive digital transformation. Companies that lack experience with this cutting edge technology should start small and initiate digital transformation using IoT technology. Digital transformation, combined with IoT, has a greater chance of success and allows companies to scale their revenue in a shorter period of time.
If you want to gain a competitive advantage while addressing challenges of enterprise digital transformation of the post-pandemic period, you must rely on digital transformation solutions.
However, it is advisable to consult an experienced digital transformation consultancy before embarking on digital transformation with IoT. The experts guide you through the process and help you scale your business.
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