How Will IoT Improve the way Startups do Business in 2020?
Efficiency is one of the goals of every business model. If you have a Startup or planning to launch on in 2020, you might want to understand how IoT will improve your Startup in the coming year and how you can equip yourself to deal with whatever is coming along your way.
94% of the businesses already confirmed that they are getting returns with IoT in their business model. So, yes, if you are not planning to use it, the time is right now to evolve and get on the right track along with your competitors.
1. Fastidious Business Insights & Customer Experience
From manufacturing to supply chain to healthcare and various other industries, everything revolves around data and analytics. With insights, it would be easy for companies to understand the likeliness of customers.
When a company can understand how the product has been used, better customer experience can easily be created around it.
In the future, those Startups who succeed will be those who can minimize the friction between the customer and them. The impulsive buying of today is about convenience, where customers favor shopping online.
Those with physical stores must innovate too if they want to remain in business in the year 2020. The smart room fitting is now possible with the help of AR, and in real estate, people can tour the whole home just by sitting in their home.
Especially in shopping, IoT will change the way customers experience products and services in the future. Inevitably, some of the solutions might not make sense right now, but those who have switched to IoT will be on the safe side of the shore.
Alibaba is already using IoT to manage their inventory and keep a steady stream of the supply chain. With Amazon Go, it’s easy to check-in and out of the store without even dealing with a human being, and Amazon wallet will charge for the purchase.
IoT applications can help gather insights to create a better customer experience.
2. Cost Cutting & Minimal Downtime
With new ideas, it would be possible for companies to reduce their cost and minimize downtime. In the future, IoT can help big time in reducing downtime and make systems more efficient.
Just imagine a small failure can create days of downtime while it might take unimaginable days to find and fix the problem. But with IoT apps, it is possible to monitor, manage, and identify issues in real-time.
Imagine if the website owners know in advance when will the stock on the website or even in the factory will be finished. As a result, the operational cost and also the downtime of the website can be easily managed.
The scheduling work takes three hours for a human to accomplished in just minutes. For instance, the heuristic maintenance scheduling algorithm has improved the processing speed to 19 seconds in Microsoft Azure, which took around 30 minutes of human validation.
In short, the internet of things has managed to create a reliable system that is much faster and barely needs any modifications in the final output that eliminated maintenance costs and have provided more balanced usage.
The digital twin technology has provided benefits in various industries from oil to gas, and from supply chain to manufacturing. The technology is a combination of physical simulations that IT pros use to determine how the technology will work in real-time before they are being built and deployed.
3. Efficiency & Productivity
When businesses are well-integrated, leaders will be able to boost productivity at work and develop efficient systems.
Research by Inmarsat revealed that in future businesses will boost revenue by $154 Million.
Employees at Ford in Spain are using body-tracking tech to increase the speed of car development.
The technology is quite similar to motion-tracking systems in athletes that use to track, monitor the movements of each player, and create a digital version of it for learning purposes. Ford is using the same technology to reduce the human workforce and enhance the manufacturing process by assigning jobs to machines.
By accurately determining the movement of workers, Ford can make the necessary changes in the production processes and make them safer and more efficient.
Upon determining the customer problems, buying pattern will be easy to monitor.
4. The Internet of Medical Things
IoT is not just limited to the retail or supply chain industry; in fact, in the healthcare industry Internet of Medical Things (IoMT) is curing diseases and improving the quality of life.
The remote monitoring of patients
The devices are connected that can track the health data, monitor blood pressure, and even check sugar levels and warn the patients from miles away. These devices use IoMT technology that doesn’t need a doctor to figure out the symptom and present a cure.
The health devices process gigabytes of health data and store them into the cloud. Cloud Data is used for future developments in healthcare. IoT provides a reliable source of information that can help incorrect assessment of treatment methods.
5. The New Business Model
Just like any professional digital marketing agency [branex.com] that evolves, IoT can be used to develop efficient monitoring systems by which startup owners can predict the buying behavior of the customer and figure out how the customers are willing to use the product.
There are coffee machines, internet-connected-cars, and improved customer support systems that have changed the way customers interact with the brand.
None of us can think of these things connected, inter-connected, or take help from IoT to add value to business and customers.
Companies have successfully integrated IoT in their products/services, which is benefiting both the customer and the brand itself.
In the new business model, the organizations are moving away from conventional business models to an improved and efficient business model. The gathered data is smart that enables brands to create a well-aligned customer experience.
It is worth mentioning here that Amazon has improved the way we purchase products online. The reduced costs, expert product recommendations, and even excellent customer service experience are all because of IoT.
In a Nutshell
Whether you admit it or not, the Internet of things has changed the way to do things. Each industry has its share with IoT technology.
In the coming age, brands will be more connected to the internet via IoT devices. In the next few years, the real enemy will be time and execution. Of course, brands will still be able to advance, but without technology, they won’t be efficient.
The startups are already taking advantage of IoT because technology is now part of the more significant digital transformation. When IoT is combined with other technologies like AI, AR, and VR, it unlocks the untapped potential and helps brands give a tough time to rivals.