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The Benefits of the Internet of Things Over the coming years, the Internet of Things (IoT) will pay a major role in business. Organizations are looking at the solutions that can be provided through the IoT to stay competitive in the industries. According to some of the leading data research companies in the world, IoT is projected to grow to trillions of dollars over the next five years. Other studies project that billions of devices will be connected thanks to IoT technology over the next decade. There are a number of industries that are at the forefront in taking advantage of the Internet of Things. You may be thinking the technology is still in its infancy in the R&D labs of tech companies but this is not the case. Many consumers relay on IoT technology every day, even though they may not know it. For example, connecting and syncing of various devices, from home security cameras to cars, fitness trackers to phones is made possible by IoT. There are also many businesses that are implementing IoT technologies to improve their operations. Hundreds of organizations are investing in IoT in a bid to transform their operations into the new digital era. Enterprises can use IoT in mobile and application development, which will allow them to connect better with suppliers and customers.
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Below is a summary of two ways that enterprises can leverage IoT in their operations.
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i) Improve innovation in digital transformation Today, most customers do not take trips to the physical stores or offices of the organizations they do business with. Instead, most customers use mobile phones and social media to contact organizations, find information of products or services they want, pay for goods, etc. Savvy organizations are leveraging today’s digital technologies to connect with their customers and prospects. To address the needs of their customers, businesses need to take proactive strategies. Moreover, as competition in the industries increased due to an increasingly connected world, companies that fail to move with today’s technologies are bound to fail. Businesses should strive to be visible wherever their prospective customers are hanging out. This means being reachable through the appropriate format and content. The Internet of Things allows businesses to connect everything they offer. Customers and prospects can be able to get information about your organization through a single device. This is good for the business as it can potentially improve its revenue streams. ii) Improve customer satisfaction The primary IoT technology enables connection of devices. Your organization can benefit in different ways through connection of devices. For example, when customers connect to the organization’s devices, it can be possible to get their individual preferences, buying patterns, and consumer behavior. From the data, the business can monitor and analyze various analytics to know the best services or offers to produce that will solve the problems of the consumers while improving revenue.