What is the impact of IoT on business solutions?
The Internet of Things (IoT) has dramatically changed the way businesses operate and utilize technology. Improving connectivity to an unprecedented extent, IoT solutions streamline many functions for greater efficiency, reduce costs, and provide useful data from which a company can conclude which of their practices to keep and which to change.
Is your company interested in selling business solutions? Are you curious about innovative technology and its impact on the business world? Do you want to learn what IoT solutions can do for businesses and how to sell them?
If so, then read on. In this post, we will go over what exactly IoT solutions are, what they do for a business, and who uses them. Towards the end, we will feature a section where we explain the best way to sell IoT solutions and utilize your newfound knowledge with perhaps a little help from us, the PGN.
So, without further ado, let us get started.
What are IoT solutions?
Wikipedia defines the IoT to be:
"a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers (UIDs) and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction."
Simply put, IoT solutions are solutions that utilize this type of connectivity to solve certain problems a business is having or streamline some part of its process to make it more efficient. This leads to the business being more future proof and often has the result of saving money in the long run.
What can IoT solutions do for a business?
The great thing about the IoT is that it is so versatile. Its main premise is simply an enhanced type of connectivity, which can then be used as a base to accomplish all kinds of functions. Among the variety of ways it can be utilized is improving machine-to-machine communication but it also makes it easier for humans to interact with tech, often bolstering the performance of employees.
We will now list some concrete examples which should give you an idea of the diversity of functions IoT solutions can either fully perform or improve upon.
IoT solutions offer great new data collection opportunities. A good example of this is facilities management firm ISS which collects data from sensors embedded into buildings and uses it to analyze occupant behavior and drive greater efficiencies.
Walmart has also been stepping up its game with IoT solution data collection because of its "smart" shopping carts. They feature biometric sensors that collect data such as heart rate, temperature, and grip strength to define a person's current stress level. They also track a cart's weight, speed, route, and idle time to better understand their customers' behavior and shopping habits. This will provide them with valuable information with which they can provide a better customer experience.
In the automotive sector, both the driving and ownership experience is being enhanced by connecting cars. For Daimler, the automotive company, IoT solutions are revolutionizing car ownership and usage. They believe that this greater connectivity enables people to share cars by monitoring and managing their use remotely in a system where available cars are matched to demand.
Connected care networks
The health care sector is another important area where IoT solutions are making a big impact. They can help link patients, doctors, and clinical physicians, which expands the entire ecosystem of patients, customers, partners, and suppliers.
There is one medical equipment manufacturer who does not just want to create connected devices, but rather to participate in an interoperable ecosystem where "equipment and services from many organizations work seamlessly together".
This can lead to large amounts of health care data being stored to later be analyzed in the cloud and improve efficiency and patient care.
With every technological revolution, there was a reimagining of the worker's role. After the industrial revolution, many things which previously had to be done manually by people were taken over by machines.
By creating networks of machines and devices within workspaces, whether physical or virtual, there will be a change in the division of labor between human and computer. Employees will be able to better react to demands, changes, or opportunities. Machines will have greater longevity and utilization. Not only that, but work that is physically or psychologically stressful can be handed over to machines which frees up human workers to focus more on quality and creativity.
Reduced operating costs
We mentioned at the beginning of this post how IoT solutions can help in cutting costs. By automating processes you will be able to allocate your resources more wisely and efficiently which will, in turn, make you ultimately spend less. A good example is energy IoT solutions which help you optimize your utility usage and eliminate waste. This kind of approach can be applied to all kinds of systems, including heating, air conditioning, ventilation, etc.
Connected priority assets
A company's fixed assets are usually not yet interactive through the IoT. Because of this, companies do not have a comprehensive view of their assets' status and value. However, by digitizing the most important assets through the IoT, businesses can increase asset utilization and their longevity through predictive maintenance services and measuring and improving their performance and use patterns.
New business opportunities
IoT devices can generate a whole slew of digital data hitherto unknown. This allows businesses to be more aware of their customers' needs so that they can adjust their product offerings to better cater to them. At the same time, this data can reveal potential new markets or an opening for a new type of product which can then be capitalized on.
Increased business efficiency
Efficiency is another one of those things which keeps getting repeated throughout this post, so now we will tackle it specifically. IoT devices, as we have previously mentioned, can be rich sources of data. Combined with their autonomous sensors, they can potentially increase the efficiency of any business through the automatization of certain processes.
Many of the things currently performed manually can be automated and streamlined, including things like logistics, inventory management, security, etc.
This focuses more on the sensor aspect of the IoT. This technology is rapidly improving, allowing more and more devices to proactively monitor their environments and deliver an accurate view of the world around us. These sensors will be utilized by companies to scan the environment which has the potential to improve, for example, navigation, logistics, city or agricultural planning, weather prediction, and much more.
Existing data can then be combined with real-time data from the IoT, allowing organizations to react faster to change, create new insights, and develop new products and services.
Who buys IoT solutions?
As can already be seen from the examples we gave above, there is no "niche" market for IoT solutions. Businesses from all sectors, from energy to healthcare, can benefit from their connectivity and data gathering potential.
One thing that needs to be mentioned concerning this is that the IoT is still a relatively novel technology and a lot of CEOs may not be fully aware of its potential. The IoT revolution is the next big thing in tech and, just like any other time something similar came along, there are skeptics and naysayers.
Those, however, can only be damaged by their reluctance to change and adapt. The real IoT solution buyers are forward-looking and open-minded businesses who welcome innovation with open arms and allow their operations to transition into a more efficient workflow, regardless of what they do.
How to sell IoT solutions?
Since a lot of IoT sellers are involved in modern approaches to B2B solution selling, it is often done remotely. Furthermore, because it is a new field, it can be difficult to do it fully on one's own.
This is why it helps to outsource part or even most of your IoT solution sales. This is where we, the PGN, come in.
Produs™ Global Growth Network (PGN Global) is a disruptive platform-based business model where we focus on connecting innovative technology with potential business buyers. We are a great option for someone looking to outsource their IoT solution sales because of our impressive lineup of competent sellers and advisors.
If you are a business looking to facilitate its sales process then we highly recommend you get in contact with us.
The IoT has rapidly changed both the business world and our everyday lives. IoT solutions, with their amazing data collection capabilities and sensors, have been able to streamline many processes and increase their efficiency while reducing costs. This is not even to mention the benefits of connectivity.
Selling IoT solutions is still somewhat challenging, however, and many companies looking to do so can greatly benefit from outsourcing their sales. In this respect, we at the PGN have got you covered. Do not hesitate to get in touch with us so we can sell some solutions.