Much of the mainstream hype about the Internet of Things, or IoT, has centred around the built-in connectivity of consumer devices. However, the use of IoT in industries is potentially far more meaningful. The advance in technology has already revolutionised the way many industries operate, and it will continue to do so.
Known as Industrial IoT, companies are using this type of technology to increase efficiency, enhance safety and improve automation. By doing so, businesses can effectively drive down their costs, heighten productivity and increase profitability. On a wider scale, industries are relying on IoT to create smart homes and even smart cities. Already associated with a number of benefits, industrial IoT can allow businesses to:
- Operate more efficiently
- Understand customer demand more effectively
- Reduce downtime
- Maximise the utilisation of assets
- Streamline business processes
- Enhance product and service development
- Enable products to be sold as a service
- Reduce the lifecycle costs of assets
- Function more safely
- Monitor performance with greater accuracy
- Increase security
- Create new business opportunities
When companies can do these things with greater levels of efficacy and with a higher degree of accuracy, their operations are naturally improved. Furthermore, the use of technology, as opposed to human resources, enables firms to do this more cost-effectively. In short, Industrial IoT is helping businesses to function better and streamline their operations whilst reducing their expenditure.
IoT in Fintech
Financial Technology, or Fintech, has transformed the way businesses and individuals manage their finances and IoT is taking the revolution one step further. Digital notifications via smartphones and tablets are already commonplace, while interconnected systems allow for faster and more secure payments and transactions.
Contactless payments are, perhaps, one of the biggest changes to in-person transactions but there are many ways in which IoT is changing the Fintech sector. As in many industries, Fintech businesses are using IoT to increase automation and improve customer service. By delivering a better UX, companies are relying on tech to increase their market share and grow their business.
Of particular interest, however, is the increased security offered by IoT. Fraud prevention, revenue management and remote payment facilities are now mainstream services, offered to both business and private clients. Indeed, the additional security has arguably made new services a viable replacement for more traditional systems. While the infrastructure for contactless payments may have been around for some time, it was only once effective security measures could be put in place that they became usable and deployable.
Transforming Your Business with IoT
Industries are already using IoT on a massive scale, but individual companies can benefit from incorporating the Internet of Things into their operations too. No matter what industry you operate in, there are innovative ways to use IoT to drive performance and grow your organisation.
Whether you want to increase automation, reduce your outgoings or simply get a better understanding of your target audience, there’s no doubt that IoT will be at the forefront of your business development. To get a head start, contact Gemraj Technologies Ltd now on 0800 051 7679.