The Internet of Things (IoT) is one of the fastest evolving technologies of the modern era. When it comes to bringing digital transformation into enterprise processes, the role of IoT remains significant.
IoT has driven digital transformation, mainly due to the valuable insights generated by sensors and devices. It also enables enterprises to collect new data and use that information to make better decisions and increase the longevity of products.
Embracing IoT is the surefire way to transform your business while keeping up with evolving customer expectations and market volatility. In this article, we will dive into the ways IoT is fueling digital transformation for enterprises. But before moving forward, let’s understand what digital transformation means for your organization.
What does digital transformation mean for your company?
Right now, it is no longer sufficient to have a wide range of product offerings to win over your customers and drive revenue streams. Embracing innovation and new digital technologies has become equally crucial if you want to stay ahead of the competition.
Digital transformation solutions can help enterprises replace manual processes, enhance business efficiency, and spare human time for more creative approaches and strategic thinking to accelerate business growth. It helps businesses rework their leadership model and develop services and products that make a difference in the competitive market.
From enhancing ways to interact with customers to dealing with internal processes, digital transformation greatly impacts every aspect of a business.
Accelerate your digital transformation journey with IoT
From home automation sensors to prediction-based maintenance of industrial assets, IoT is now everywhere. As per Statista, there will be 75.44 billion connected devices globally by the year 2025. As we move towards this highly customer-driven world, data generated from these connected devices drive a huge 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 a weather report, getting sports scores, ordering an Uber, and more.
These IoT-based voice assistants are a perfect example of bringing transformation in the consumer market by enhancing users’ experience and making tasks easier for them.
Ways IoT is driving digital transformation
Digital transformation is the best way to make your enterprise future-ready while keeping it ready to face technological disruption. The advent of IoT has accelerated digital transformation by enhancing customer experience and reducing operational costs.
On that note, 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 is 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 errors. They can also be leveraged to close the gaps across various business processes, including inventory management, logistics, and security, and improve and enhance controls.
Collects valuable data: Enterprises generate zillions of 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 the same to get patterns for every necessary aspect.
Be it a consumer’s behavior or interest, a company can get all the information using IoT technology and come up with products or services focused on users.
Improves monitoring of assets: Companies can manage and monitor a network of physical objects using connected setups. IoT-enabled devices can provide insight into equipment health, whereabouts of a connected device, asset status, and other data points. The data collected from an IoT device or onsite monitor could be enhanced with data related to hardware version and firmware version for better monitoring.
Improves employee engagement: IoT can help provide better productivity and agility, empower your staff, and make business systems easily available anywhere, anytime. Sensor capabilities can allow employees to stay connected at all times and deliver real-time data for better and enhanced productivity.
Delivers tailored customer experience: With the large volume of data coming in from the connected devices and sensors, companies can tap into IoT analytics to get deep insights into their customers’ behavior and shopping pattern. Entrepreneurs can offer a more personalized experience to customers based on this data. In a way, enterprises can transform their processes digitally while keeping customers in the focus.
Cuts down the operating costs: Process automation with IoT services can cut down operational costs and allow businesses to use resources wisely. For instance, predictive analytics can help enterprises to better manage their assets as they can get future outcomes based on data collected from the sensors. When technologies like machine learning and statistical algorithms are combined with IoT, companies can do the best assessment of events that will happen in the future and optimize costs.
How to get started with IoT?
IoT is here to stay to fuel digital transformation. Companies with no experience with this advanced technology, should start small and initiate digital transformation with the help of IoT technology. Digital transformation, combined with IoT, has a higher chance of success and allows companies to scale their revenue in a shorter time period.
If you want to gain a competitive edge while addressing enterprise digital transformation challenges of the post-pandemic period, you should rely on digital transformation solutions.
However, it’s advisable to consult an experienced digital transformation consulting firm before initiating digital transformation with IoT. The experts will guide you through the process and help scale your business.
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