With billions of active smart devices in consumers’ hands around the world, the Internet of Things is proving to be a catalytic force in the world of technology. From smart homes and cities to safer and more efficient autos, IoT is beginning to make a tangible difference in consumers’ lives. But IoT is broader than just giving a few modern day comforts to consumers, it is also capable of transforming company operations on a massive scale. From reduced operating costs to improved energy efficiency, productivity, and security; custom IoT software can improve many facets of how a company operates.
While Internet of Things (IoT) solutions have been in existence for many years, it is now becoming an increasingly significant investment for businesses in all sectors.
The global Internet of Things (IoT) market size is projected to grow from $714.48 billion in 2024 to $4062.34 billion by 2032, exhibiting a CAGR of 24.3%
The majority of businesses investing in IoT technologies and software are experiencing highly favorable outcomes. According to a survey conducted by KPMG, one of the “big four” consulting firms, the Internet of Things (IoT) is the most effective technology for unleashing significant opportunities. Nearly 17% of the businesses surveyed believe IoT is driving the greatest business transformation until 2030.
The Benefits of Custom IoT Solutions for Businesses
Businesses that effectively use custom IoT development solutions will be perceived as ultramodern, contemporary, and safe by their customers. Let’s read the top benefits of it.
Much Lower Prices
A study by Deloitte found that predictive maintenance (PdM) can cut the time needed to plan maintenance by 20 to 50%, make tools more available and up to date by 10 to 20%, and lower the overall cost of maintenance by 5 to 10%.
As more businesses use IoT devices to make their operations run more smoothly and make more money, more custom IoT technologies will be made to help those companies succeed. IoT devices are already affecting businesses’ bottom lines, from cybersecurity to making workplaces more efficient.
When IoT devices with sensors are used to keep business equipment running at its best, maintenance costs can go down. Problems with office equipment can be found and fixed before they affect staff and workers. This avoids the trouble and expense of major repairs and cuts down on costly extended downtime.
As you might expect, this technology is helpful for companies in many fields, such as manufacturing, transportation, and food and drink. Streamlining standard work processes is another way IoT technology can help your bottom line and is a big reason many companies invest in it.
Also Read: Optimizing Business Operations with IoT Solutions
More Productivity and Efficiency
78% of businesses say that bringing IoT into the workplace has made their IT team more productive, and 75% say it has helped them make more money.
Businesses make more money when their workers are more productive. This is possible when workers are productive.
One way to use custom IoT solutions to make a business more efficient is to cut down on jobs that are done over and over or take a lot of time. One example of this is a tool that automatically converts and creates PDFs and gets rid of the problems that come up when editing and storing PDFs. This speeds up communication and documents.
These IoT tools make it easier for people inside and outside the office to talk to each other, which leads to more work getting done. This is because, according to a study by Harvard Business Review, 58% of companies are working together better because of IoT devices.
IoT can be used in the workplace to make the best use of an office’s floor plan and company tools, such as copiers, printers, and WiFi bandwidth, to improve productivity and make management easier and more effective.
Or, using big data analytics through IoT can give you an idea of how productive your employees are and help you figure out which jobs are making your business run better and which ones are making it less well.
Big data can also help keep track of how efficiently industrial supply chains are working. To stay ahead of demand, you can keep an eye on products and inventory and follow delivery methods.
You also make sure that your hardware and software connections are working properly so that you can serve customers and workers quickly.
Also Read: How IoT Software Solutions Are Transforming Enterprises
Building New Business Opportunities
A lot of businesses want to make money from their digital services, but a lot of them don’t have a clear plan for how to do it. For that, a Custom IoT solution is a game-changer, as advanced analytics, artificial intelligence, and smart energy grids make it easy for SMBs to collect actionable data needed to provide the value their customers are seeking.
These data give us new information that is not only being used to make new businesses, but also to completely change the way old industries work.
For instance, IoT sensors on cars that can record speed and driving patterns help insurance companies find the best rates for car insurance. Retailers can use IoT to measure in-store foot traffic to optimize displays for best impact based on customer habits.
IoT has such a big effect on business systems that 36% of companies are thinking about going in a different way because of their IoT projects.
As a result of IoT’s ability to connect products and services as they relate to customer behaviors, more businesses are providing new or updated products and services to an expanded customer base.
Also Read: How IoT Solutions Drive Innovation Across Industries
Better Customers Experience
IoT technology has mostly changed back-end processes because it is so new. However, newer IoT uses have totally changed how customers interact with businesses.
Companies want to connect with their customers better, and IoT devices are often used for this. Front-end customer engagement has become a concern.
Whether they use an automated chatbot, a reliable mobile website, or a dedicated app, today’s customers expect to be able to talk to companies on their phones.
About 40% of customers don’t mind if a robot or a real person helps them as long as they get the help they need.
Smart businesses are using new technology and IoT together to better serve their customers. 
Enhanced Agility and Mobility
Because of how IoT technology works, companies can now let their workers do their jobs from almost anywhere. This kind of freedom can be helpful in some situations.
Renting an office isn’t cheap, and the Internet of Things (IoT) has made it possible for many companies to change how they work by hiring more full-time remote workers in “work from anywhere” roles.
It’s clear that the Internet of Things makes businesses more flexible because about 43% of companies that adopt IoT policies report better operating processes and more flexible businesses.
When you have a good plan for protecting those IoT endpoints, you can be even more flexible. Businesses that use the Internet of Things will have to pay extra attention to keeping contact safe.
Also Read: Custom IoT Solutions For Your Business Operations
Final Words
IoT’s adaptability to all kinds of businesses may be one of its best features. Your business can see real benefits from a custom IoT system and some creativity. There are IoT solutions for nearly any budget that can be scaled to the size of your company accordingly. Data and studies are showing just how fast the IoT sphere is expanding and the kinds of positive effects it can have on a growing business.
We at Aeologic Technologies know how to use the power of IoT to change your business. Our team of experienced professionals focuses on providing customized IoT solutions that meet your specific retail needs. We know how the industry works and how important technology is to its development. Contact us now!
