Seven Ways IoT and Analytics Drive Growth for Enterprises

Data-driven solutions can provide modern enterprises with actionable insights in real-time. In a way, they can assist you to optimize business operations and improve customer services by empowering employees. 

Both IoT and data analytics concepts combine in IoT app development  to offer these rich capabilities to your company. In this blog, we will see the top ways IoT and analytics can drive growth for enterprises across the world. 

But, before moving ahead, let’s understand the importance of IoT and analytics individually across various industry sectors. 

How IoT Drives Future for Enterprises

IoT (Internet of Things) market has recorded a steady growth in recent times as customized IoT solutions have moved from the nascent stage to the centerstage. These solutions play a vital role in driving growth for modern enterprises while strengthening digital transformation. 

A recent innovation survey by KPMG has revealed that IoT is the top technology that is unlocking massive opportunities for innovation and growth. 

Be it asset tracking and inventory management, or data sharing and predictive maintenance, IoT plays a vital role in bringing automation in core industries while transforming conventional ways of accomplishing various processes. 

IoT app development assists entrepreneurs to open the doors of new opportunities by converging advancements of other emerging technologies including AI, AR, and ML. 

Role of Analytics in Business Growth

In this data-driven world, companies need to make informed decisions in the real time to thrive. 

These days, data analytics can be classified into four main types for better understanding-

Descriptive Analytics- Sales reports, social media engagement, etc. fall under this category. 

Predictive Analytics- AI and ML algorithms-based analytics is predictive analytics. 

Prescriptive Analytics- Reports based on a variety of data points are prescriptive analytics

Diagnostic Analytics- It involves examination of data to know why something happened.  

Thanks to data analytics, enterprises can get insights on consumer behavior, market trends, competitor activities, and other critical factors. Data analytics makes it possible to measure accomplishments and optimize operations for getting desired outcomes. 

Companies can sail through troubled times with real-time data. A recent survey by Sisense has found that 50 percent of companies reported using analytics more often during the pandemic.

Top Ways IoT and Analytics Empower Enterprises in Driving Growth

IoT and analytics combine to offer many benefits to enterprises. Here we have mentioned some of the key benefits of IoT and analytics combination. 

Real-time Critical Management

All assets, remote and onsite, can be connected to the IoT framework. As a result, entrepreneurs can easily monitor them and get the data related to their performances anytime and from anywhere. Real-time remote asset monitoring, real-time supply chain visibility, fraud detection, and asset management are some of the services that contribute to critical management based on IoT and analytics combination. 

Automated Work Management

Automation and digital transformation remain the backbone of most industries irrespective of their size and business models. Automation paves the way for major improvements including remote field-force connectivity. 

Smart IoT devices can send notifications and alerts for servicing, maintenance, and repair instantly. Also, it is possible to predict when the system is likely to fail or downtime is about to occur. Along with this, IoT and analytics can create a central data repository that can be referred for identification and resolution of issues in the future. 

Disaster Planning & Recovery

Implementation of IoT solutions can remain a game changer for disaster management. Advanced sensors and warning systems can work seamlessly on the basis of troves of real-time data. As a result, effective monitoring, control, and analysis are possible for the company. 

For example, in the chemical or O&G industries, if the level of gaseous chemicals or gasses increases then the predefined limit, a technician can immediately get the signal through a customized IoT network and repairing work can be initiated immediately. 

Better Resource Utilization

IoT and analytics work in sync to provide companies with accurate reports on planning and utilization of available resources. Also, predictive planning and other data-driven features assist entrepreneurs to manage resource allocation for ensuring optimal performance. 

Extended Business Operations

This is one of the major benefits of IoT in enterprise mobility. Enterprises can leverage mobility by getting a seamless and real-time access to critical information from anywhere using smartphones. 

A reliable IoT app development company can integrate IoT and analytics-powered solutions to deliver insights instantly on mobile devices through the cloud.  

Remote Access to Data Sets

Another benefit of IoT in enterprise mobility is that remote access to all the data sets through mobile devices is possible. This is specifically useful for a remote work approach. Company executives can track the day-to-day functioning of remote workers far away from the company headquarters with IoT and analytics-based solutions. 

Increased Productivity & Growth

Every company wants to increase productivity to maintain the competitiveness and growth momentum. IoT and analytics combination can make it possible by enabling companies to come up with new products in line with the consumer preferences. 

Companies can also prepare marketing strategies as per the market demands and trends after having accurate insights. Ultimately this results in rich profits and an edge over competitors. 

Concluding Lines

IoT technology is useful in collecting zillions of gigabytes of data from enterprises globally. Data analytics can analyze this data to provide entrepreneurs with real-time actionable insights. In a way, this combination of IoT and analytics can always remain useful. 

Whether it is making meaningful decisions quickly or planning for disasters, this combination always works wonders. All you need to choose a reputed IoT app development company to leverage all these benefits.