IoT Knowledge Center

How IoT Platforms Enhances Your Business Prospects?

Palomi Dey Sarkar / 11 Dec 2020 / IOT Basics | IOT Industry

One major smart technology that has revolutionized business execution is the Internet of Things or IoT. It is a combination of hardware and software devices, embedded with sensors or actuators, that assist in the exchange and transfer of data/information via internet connectivity, Wi-Fi, or Bluetooth. 


The data storing occurs on a cloud network, without any need for human intervention. Experts report that from the year 2020 onwards, almost half of all the new, businesses will function on IoT applications. A survey conducted by Forbes Insights, on 700 executives, produced results stating that 60% of all the enterprises, with the support of the IoT initiative, have successfully expanded their business with approximately 36% are considering new potential directions. Moreover, 63% have already managed to deliver updated services to their customers, thanks to the limitless capabilities of the Internet of Things. 

  • The Growth of Business 
  • The leveraging modes of IoT have developed from connectivity to informed business improvement strategy, maximizing revenue, and profit. However, the advantages are not simply limited to this. 
  • The use of smart machines in industries is consistently capturing and transforming data, through which the companies can detect inefficiencies faster. There is a reduction in cost along with optimization of workflow. It has also helped them focus on effective output.  
  • The other positive impacts of IoT automation in businesses are as follows – 
A better understanding of the customer  
With IoT enabled business application, retailers and industrialists are undertaking a modified approach to customer interaction. They can gather more insight into customer behavior, preferences, and interests. 

All this is very critical for every core company operation.  With AI automation, these apps can better comprehend human/customer reactions and then analyze data for the salesperson. Consequently, business prospects get better.   

Big tech giants like Microsoft, IBM, Google have already started implementing IoT for beginners on a cloud platform. They are thriving on data-driven strategies so that they can fulfil customer requirements in an improved manner. Over time, when user experience is enhanced.

Downtime and cost reduction 

Along with new insights about company operations, there is a significant decline in company expenditure as well as the downtime. The industrial IoT basics in the application can warn you about existing and potential technical errors, which can be rectified in time, without incurring high costs.


Allied with other smart technologies like management of enterprise assets, big data analytics, supply chains, artificial intelligence and augmented reality, the Internet of Things is opening up a new world of proactive maintenance and monitoring of services.  

One key competitor in regards to this is the Digital Twin Technology, an outcome of the IoT. It can slash costs along with downtime in factories, enhancing rich prospects for growth and enlargement. It also helps the workers strive through complex challenges in work.    

New Opportunities  

Implementation of the Internet of Things has translated to uncountable new business opportunities and provide business efficiency for many. With revamped functioning, companies can now manufacture products while also offer ongoing services to the customers and clients alike.  Performance monitoring has become easy, with predictive algorithms offered by IoT companies. This data can also be shared within a system of partnering networks, bringing about innovation in customer services and engagement. The leaders of the businesses can have in-depth views about the requirement of the customers that was never possible before.  

Work efficiency and flexibility  

Enterprises integrated with will gain from heightened flexibility, efficiency as well as agility. High digitization of operations will mean less cost and increased speed to the market. Data streaming due to the sensors are better Analyzed and changes are deployed faster without any form of human intervention. For example, the employees working at Ford Valencia Assembly Plant uses a specialized suit embedded with body tracking technology. Similar to motion tracking, it is designed with objectives relating to less stressful work so that manufacturing processes can be enhanced. These kinds of IoT jobs bring extraordinary business prospects for all.    

Tracking of assets  

Closely linked to high productivity is the reduction of excess waste. The Internet of Things provides high value once all the waste is eliminated along with insufficiency in the supply chain management. With more business components, the chances of acquiring the benefits of IoT implementation become vast.   

With an asset tracking facility, IoT also enables the company to build futuristic business models, designed following the reams of data collection for real-world usage. Both the customers as well as internal business processes start to reap unending advantages due to this technology. While easily moving away from conventional modes of work, they can open new market opportunities at less investment.  


From implementing the technology of IoT automation to undertaking a wide strategy for digital transformation, businesses have been able to unlock the new potential to gain from competitive advantage and untapped revenue. This value proposition is compelling for the businesses- the combination of data and intelligence – has produced output that was never quite possible before. By working on massive data collected via devices and sensors, the companies can deliver new ideas while making them fruitful at the same time.  In terms of customer satisfaction, IoT in business has opened unparalleled possibilities concerning customer choices. From deciding on purchasing goods, this technology has provided the most efficient solution to date. Voice assistant virtual, activated devices like Siri and Alexa are also a result of the Internet of Services, thus paving way for undisputed business progress and advancement.