There are many benefits of IoT development for your business. IoT devices can facilitate management across different departments within the enterprise. In addition, they can help you negotiate lower insurance premiums and improve safety during operations.
Here are the top reasons why IoT application development is important for business:
Ensure security of assets
IoT development can be an effective way to monitor and protect assets. The devices that connect to the Internet of Things (IoT) have sensors that transmit information that can help asset managers detect problems with assets. This information can be used to initiate immediate action on an asset. For instance, if a machine breaks down, the asset manager can generate a work order to send a field engineer to the site. This can have a big impact on increasing productivity in an organization.
Security issues should not be overlooked. While it may be convenient to embed secrets into devices, this approach can pose a security risk. The best way to protect your assets is to use a resilient approach to secure IoT networks. Using an appropriate IoT security software solution will help ensure that your distributed assets are protected from cyber-attacks.
Negotiate lower insurance premiums
The use of networked devices allows insurers to interact more frequently with their customers, and offer new services based on their data. Traditionally, the only direct contact insurers have had with their customers has been to process insurance claims and negotiate contract extensions. However, advances in IoT development could make this type of direct contact much more frequent, and therefore more beneficial for customer relationships. Insurance companies can leverage IoT application development for this purpose by developing compelling IoT offerings and setting up successful IoT ecosystems.
As the IoT market expands, insurers must position themselves as attractive partners for these new companies. To do this, they must find a way to position themselves as trustworthy partners, and focus on creating real value for consumers. Only then will these new initiatives be successful and prove beneficial for the customers. This value can come in the form of reduced premiums, rebates, added services, and convenience.
Automate checkouts
Automated checkout is a great way for retailers to save money by eliminating the need for cashiers. Many customers hate waiting in line at the checkout counter and managers don’t want to hire additional workers during busy times. The system uses sensors to read tags on products and deduct the cost from a customer’s mobile payment app. Customers will be happy and retailers will be able to cut down on their labor costs. According to a McKinsey report, automated checkouts could save $150 billion to $380 billion by 2025.
Despite the benefits of an autonomous checkout system, some customers still prefer traditional checkout methods. According to a Retail Customer Experience report, sixty percent of customers would rather use a self-checkout kiosk than have to wait in line.
Improve safety during operations
The Internet of Things is a powerful technology that can help businesses improve their safety during operations. It works by connecting sensors to software platforms that can pull and push data. Using this technology will allow you to monitor employees and processes to reduce the risk of accidents and injuries. In addition, the technology is highly effective for recruiting and retaining workers, since employees feel safer in an environment where their managers are dedicated to keeping them safe.
With an increasing number of employees working in industrial settings, the importance of improving safety cannot be underestimated. Industrial facilities are hazardous environments and facility managers need to take appropriate measures to ensure their workers’ safety. The Internet of Things can help facility managers improve safety by helping them track equipment, track hazards, and streamline operations. In addition to improving safety, it can also help reduce the costs associated with injuries and illness.
Reduce the cost of operations
IoT software development allows businesses to improve inventory management, increase agility, reduce energy costs, and meet customer demands more quickly. One example of how this can help a small business is Harley Davidson, which reconfigured its manufacturing facility in York, PA to use location awareness and sensors to reduce lead time. This helped the company reduce lead time from more than six days to only six hours.
The installation of smart connected devices in machines allows maintenance personnel to remotely monitor critical processes and assets, reducing the cost of manual spot checks and enhancing service for customers. Even though these devices are expensive, they can reduce the cost of operations by 50% or more by providing real-time data and automatic alerts. This technology can also help prevent costly accidents and unintended events from happening.
