Technology innovation continues to develop at high speed and affect the world, including big data and artificial intelligence. Since mobile apps entered daily use from 2007 onward, the world has moved into an era where everything can be connected.
The Internet of Things is a major backbone for building smart cities. IoT has entered daily life so deeply that even a household trash bin can become part of IoT. Companies are therefore responding to business opportunities created by IoT and developing new products and solutions. What benefits can IoT bring to business development?
Transform equipment and products to improve efficiency
IoT devices are often called connected products or smart products. They are usually built with embedded sensors to monitor and sense changes in the environment or in the condition of other objects.
For example, the smart construction site promoted under smart city development embeds sensing technology into buildings, machinery, wearable equipment for construction workers, site entrances, and other objects. It collects data about environmental and object conditions to improve the accuracy of communication, interaction, and information transfer between construction workers at different locations, improving efficiency, flexibility, and response speed.
Companies can capture business opportunities from smart city development by improving equipment and product design and integrating IoT with big data to increase sales opportunities for products and solutions.
Collect data to optimize marketing strategy
IoT can collect and optimize big data, support analysis, and help formulate strategies that improve marketing success. By using IoT devices and equipment, businesses have more freedom to collect data, track, record, and learn user or target customer behavior and preferences, then improve products, services, and future market strategy plans.
Improve inventory management
IoT changes business inventory management and saves manpower, cost, and time. Companies with warehouses can use remote control or other connected devices to track and manage inventory. With only a small number of staff, they can ensure processes are properly monitored, make management more convenient and accurate, and reduce the impact of stock shortages on delivery arrangements and sales volume.
Improve overall competitiveness
In the past, companies competed through positioning, products, and service quality. Today, companies of all sizes need to keep up with new technology and align with smart city and big data-related technologies. IoT raises overall business competition because companies must meet customers’ increasing expectations.
IoT applications can also improve employees’ knowledge and skills, especially the expertise needed for digital transformation. In the future, companies will need people who can propose and implement new IoT strategies in order to remain leading players in their industries.
Translation supported by AI.