Devices are slowly taking over our homes and offices. Enabled by the Internet of Things (IoT), many of these digital tools offer us experiences that are efficient, personalised, automated and based on our preferences and usage habits.
The way we see it, the main benefits of IoT can be broken down into two sections – how IoT benefits businesses and how IoT benefits consumers. But don’t be mistaken; it all comes down to the bottom line. Businesses use the IoT to offer their customers a better experience and, in doing so, they hopefully boost their revenue.
Allow us to explain.
Take the driverless car, for example. Perhaps one of the most “futuristic” examples of IoT applications, the proliferation of autonomous vehicles isn’t that far off. Equipped with tons of IoT-enabled sensors and gyroscopes, these cars gather huge amounts of data about traffic and road conditions, among other things, and process them at rapid speeds so that the car can make sound decisions based on this data.
For business, the benefits of something like a driverless car include allowing manufacturers to tap into entirely new revenue streams, to innovate and to reach different market segments. And for governments, these smart cars also mean less traffic and lower carbon emissions. For consumers, there’s the convenience of being chauffeured around each day, as well as lower insurance premiums because these vehicles are believed to be far safer than regular vehicles. So it’s a win-win, for consumers, governments and for businesses.
Here’s a brief breakdown of how IoT benefits both businesses and consumers:
Key benefits for businesses
- With more data about their processes and products, businesses can create new revenue streams, improve operational efficiency and increase customer loyalty.
- They can also diversify their revenue streams by creating new services on top of their traditional products.
- These sensors give global businesses greater visibility; allowing them to monitor the entire supply chain and manage their assets regardless of location.
- With access to information from autonomous end points, decision-making is easier and faster.
Key benefits for consumers
- Smart home assistants allow people to play music, switch appliances on and off, or search for information using only their voices.
- In line with the above, IoT-enabled homes are also more secure because they are constantly monitored. This means that unauthorised entries will be flagged before things get out of hand.
- While many of us wear a fitness watch to track our personal health, these trackers can also be used to improve patient care in hospitals and clinics.
If you found this article interesting, you really should spend some time browsing through the rest of our blog. Or you can have insights like this delivered straight to your inbox by subscribing to our monthly newsletter below.