The internet of things (IoT) has infiltrated everything from smart homes to smart factories, and it’s only becoming increasingly powerful as more devices become connected. For design, engineering, and manufacturing businesses like those that ClearObject serves, investing in IoT has significant benefits. Those benefits are also helpful to companies in many other industries, giving plenty of reasons to prioritize IoT application development. Below we outline five notable reasons your business should prioritize IoT application development.
1) Connected Devices are the Norm
As technological advancements drive down device and network costs, more devices are being connected than ever before. These connected devices generate data – mountains of it. This data can be harnessed to give companies insights that provide increased value, which can be used to grow revenue, reduce costs, and improve customer stickiness. The result is a cost-effective strategy that provides both immediate savings on upfront installation and ongoing savings through reduced labor expenses. With connected devices now the norm for more companies in more industries, a solid IoT Strategy is key to not falling behind or missing out on revenue opportunities.
2) Companies That Invest in IoT Are Already Seeing Revenue Increases
The financial benefits that IoT offers aren’t years off. According to one study, many companies that have invested in IoT application development are already seeing financial benefits in the form of increased revenue.
Immediate revenue increases become especially powerful when they’re considered alongside the cost savings that IoT provides and the growth that will occur in the next few years. The combination of increased revenue and decreased costs leaves businesses more money to invest in further IoT infrastructure or other projects that will help set them apart in the future.
3) Connected Devices Give Employees Valuable Information
Within broader operations, IoT devices can provide employees with valuable information. Real-time data can alert employees to issues that develop, allowing them to respond immediately. Data can also help manage regular operations for increased efficiency, and remote capabilities make it possible for employees to safely monitor work in hazardous situations.
4) Real-Time Alerts From IoT Devices Help Reduce Risk
The real-time data that connected devices deliver can also help reduce risk, whether that’s preventing unexpected malfunctions or serious accidents. The information gleaned can help predict when equipment might fail.
5) Insights Into Customers Data Helps Companies Better Serve Their Customers
IoT devices can also be incorporated into products so that designers, manufacturers, and sellers can gain insights into how customers are using a company’s products. These insights can then be leveraged to better meet customers’ needs, both by suggesting additional products when appropriate and by making design improvements to new products. Such insights are valuable to both business-to-business companies, like those that ClearObject services, and to business-to-consumer companies.
IoT is the Future for Businesses
In many ways, IoT is the future of how businesses will operate. Prioritizing IoT application development now will have multiple and far-reaching benefits that can help businesses succeed in the coming years.
ClearObject provides IoT solutions for the engineering and automotive sectors. The Midwest-based company serves automotive clients around the world, including both small businesses and well-known brands. Some of the clients that ClearObject has served include Rolls Royce, Pacer Digital Systems, and Roche.