IoT (Internet of Things) is used to describe the network of physical items embedded with technologies such as sensors which help to connect and exchange data with other devices or similar systems over the internet.
Both the current and potential impact of IoT on business and business internet is vast and could entirely change the way that we all operate.
Enhancing Operational Efficiency with IoT in Business
There are multiple opportunities for businesses to use IoT to enhance their operational efficiency and increase their productivity, driving better results.
Streamlining Processes and Automating Operations
Businesses looking to streamline their processes to save time, money and effort will benefit from IoT. Automating tasks and processes can reduce running costs and speed up response times to customers.
Real-time Data Monitoring and Analytics for Informed Decision-making
Well integrated IoT devices can offer companies the ability to access real-time analytics. With a significantly better level of insight, companies can optimise their operations as they gain a better understanding of what their customers want and when.
IoT can also be used by businesses to help to predict shifts in customer behaviour or to identify emerging trends. This can help them to react quickly and effectively to ensure they are always one step ahead.
Predictive Maintenance and Reduced Downtime
Did you know that unplanned downtime costs Fortune Global 500 companies up to 11% of their yearly turnover?
One of the key benefits of IoT devices is that faulty equipment or failures can be predicted and quickly identified. By scheduling maintenance to prevent malfunctions from occurring, downtime is reduced and money is saved, whilst customer satisfaction levels increase.
The benefit of IoT has impacts across many industries, particularly mission critical industrial equipment.
Empowering Customer Experience through IoT Solutions
The ability to personalise the customer journey that you offer is another key benefit of IoT in business. Based on past experiences, you will be able to use advanced IoT technology to offer your customers what they want and predict what they may need.
Personalized Product and Service Offerings
By tracking and monitoring previous products purchased or services used, you’ll be able to tailor the offerings your customers receive.
Seamless Connectivity and Smart Devices Integration
IOT software platforms offer seamless connectivity for efficient and uninterrupted working. They can also enable the management of individual IoT devices and smart devices integration.
Improved Customer Support and Engagement
With the real time information that it provides, IoT enables you to monitor what is happening in real time and work to improve customer’s experiences. Intelligently engaging with customers and picking up on issues they’re experiencing is yet another positive impact IoT can have for your business.
IoT Security and Privacy: Addressing Concerns in Business
It’s inevitable that the increased connectivity harnessed by IoT devices will bring about security concerns as networks expand and more devices are involved.
Whether it’s unauthorised people gaining access to physical devices or the fact that many IoT devices do not encrypt the data that they send, it’s important to identify and protect against potential privacy breaches before they occur.
Implementing Robust Security Measures for IoT Networks
Stop and think about IoT security at the design phase and you could be saving yourself time, money and stress.
Consider security measures such as:
- Building Private Networks to avoid using public internet
- Always encrypting data transfers within the network
- Physical security through simple switches such as using an eSIM which is harder to remove than a standard sim card.
IoT security should remain a key priority throughout the development of devices, applications and networks. Discuss with your developer how they will consider security vulnerabilities throughout every aspect of your network.
Safeguarding Data Privacy and Consumer Trust
69% of customers are more concerned than ever before about their privacy. With high profile security breaches and data hacks experienced by companies such as Linked In, Google and British Airways it’s no wonder that there’s an increased wariness when it comes to sharing data.
Businesses must prioritise safeguarding data privacy in order to gain and maintain consumer trust, keeping them regularly updated on steps they are taking to protect all customer data.
Compliance with Regulations and Standards
In 2023, the UK passed the Product Security and Telecommunications Infrastructure Act 2022. This was designed to ensure that the ever evolving range of consumer smart products available on the market have a sufficient level of security to protect against cyber attacks.
As the technology related to IoT is rapidly growing and evolving, it is likely that regulations and standards will change alongside.
Staying up to date with the best ways to protect your customers will enable your business to enjoy a reputation as one that can not only provide excellent connectivity services, but that also cares deeply about its customers and their privacy.
