The last couple of years has seen a drastic upturn in our ability to communicate easily and effectively. Improvements in communication technology have offered the opportunity to engage in real-time conversations, store and send large amounts of data and execute various operations from multiple connected devices. This has been hugely beneficial in providing every facet of society with accurate and time-critical information for decision-making.
Human needs are, however, insatiable and there’s always room for improvement. Increasing demand for the interconnection of various devices that can communicate with each other birthed the concept of the Internet of Things. Recognizing the benefits IoT offers, the industrial sector has shown a strong interest in the technology, with 80% of manufacturing companies planning to invest in IoT. A greater proportion of stakeholders also see IoT as a critical factor in business growth.
The North American market remains one of the world’s largest with 5.4 billion IoT connections forecasted for the region alone in 2025. However, while IoT has the potential to benefit all businesses, there is an imbalance in IoT penetration resulting from different socio-economic factors. The inability of most rurally located businesses to access IoT technology places them at a competitive disadvantage.
What Impact Does IoT Have On Businesses?
By considering the mass adoption of IoT, you begin to understand how much impact the technology has on businesses. The ease with which data can be obtained and exchanged autonomously provides businesses with a better understanding of key performance indicators. In view of the vast amount of data that can be gathered by IoT, businesses utilizing the technology have a huge advantage. This real-time information helps businesses understand requirements and improve their processes.
In urban regions where internet options is much better, IoT devices are integrated with other technologies like artificial intelligence and 5G, creating more business possibilities. For instance, utility companies now collect data remotely from smart meters. Large companies also utilize remote monitoring systems to interconnect all equipment. Agriculture is another significant beneficiary of IoT technology. From tank monitoring to asset tracking and even soil and fertilization management, major agricultural processes are also effectively automated.
Of course, in addition to identifying all of the exciting applications of IoT, we must consider the security concerns it raises. The vulnerability of wirelessly connecting devices to one another is a major concern. In response to these concerns, IoT technology can be optimized to ensure that system failures do not undermine its beneficial impact on businesses.
In summary, IoT is critical for growth. They offer businesses the opportunity to effectively serve their customers, manage their workforce, and improve products, services, and business processes. The 2020 pandemic and efforts to use IoT in limiting its spread also brought about improvements in the technology. These enhancements address the majority of security concerns, making IoT an invaluable resource.
Leveraging IoT For Your Business
IoT offers different levels of interconnectedness and communication, all of which offer different rewards for businesses. As a result, deciding how to integrate IoT within your industry is critical. To leverage IoT in your business, its application should be tailored to improve and automate specific business processes.
Having stated that, here are some benefits rurally located businesses can explore for business improvement.
Collecting and analyzing big data is an effective way to gain insight into different elements that impact a business. By understanding market trends and product performances, you can use this information in making data-driven business strategies.
Personalized services are also possible with IoT. You can analyze data about each individual customer, and understand their behavior ranging from how they research to how they buy and use your product. The applications of big data are limitless, and IoT offers a platform for easy data collection.
Integrating IoT devices like cameras and sensors into a business helps in more efficient and remote operations. Taking agriculture as an example, smart farming based on IoT technologies reduces waste and enhances productivity. Farmers are able to wirelessly and remotely collect key soil moisture and health data in order to optimize water consumption and improve crop yields.
Farmers can also get data regarding the location, health and general well-being of livestock with wireless IoT applications. Other IoT applications include agricultural drones, smart greenhouses, predictive analysis for smart farming and tank monitoring solutions.
Across different industries, IoT solutions help streamline existing business processes including production, manufacturing and delivery. By simplifying these operations, you are able to reduce downtime and decrease costs.
Automation reduces time spent on critical tasks, thereby limiting the likelihood of human error and occurrences of wastage. Businesses are able to operate more efficiently, conserve resources and improve communication.
Wider Business Presence
Businesses are able to widen their presence and compete better with IoT technology. From better communication with members of the workforce to effective marketing campaigns that keep you connected to customers, IoT allows your business to reach new markets and meet specific customers’ needs.
Businesses are able to obtain a comprehensive understanding of their customer’s needs and develop strategies to meet these needs and boost revenue. They also segment customer bases in line with cross-selling or upselling. Businesses using QR labels leverage this application.
RTA’s Dedication To Improving Businesses With IoT
RTA is dedicated to improving IoT penetration by bringing IoT applications to rural businesses that previously don’t have access to this technology.
This is a key step in offering local businesses a platform for growth, allowing them to save time and money, improve productivity, increase farm yield and conserve valuable natural resources.
Following RTA’s mission to bring IoT to rural America, all businesses, regardless of socio-economic status, can benefit from this technology.