Save Your Business Money with the Internet of Things

By 2020, it’s predicted that there will be 24 billion devices connected to the Internet of Things¹.

We’ve all heard the home automation examples: Your smartphone alarm wakes you up in the morning just as your coffee machine automatically starts brewing. When you leave the house, your air conditioning switches to standby. Once in the car, your GPS syncs with your calendar to find the best route to your next appointment. And let’s not forget, that milk you finished this morning with your coffee? Your fridge has already added it to your shopping list, with a delivery scheduled for the weekend.

It all sounds very The Jetsons, doesn’t it? And while it might seem incredibly convenient for our “always busy” culture, it’s not where the IoT is having the biggest impact.

On top of the above prediction, the IoT is expected to generate a $13 trillion ROI by 2025¹. That number doesn’t just come from everyone at home saying, “Hey Google, turn off the lights!” – It’s coming from a range of industries, where the IoT has completely changed the way we operate.

Keep reading to learn more about the industrial revolution that is the Internet of Things and discover some examples of genuine business applications that save resources, and most importantly, generate results.

The IoT for health & fitness

Starting with devices that monitor your heart rate, caloric intake, sleep, activity and more, the Internet of Things in the health and fitness industry is booming. But it’s more than wearables that connect with your smartphone; it’s also changing businesses directly.

Gyms can now track who is entering their gyms, accurately and automatically. This can lead to automated messages if a member hasn’t visited in a while – or if they’re breaching their contract terms by letting others use their pass. Fitness First has also connected smart machines to the IoT in some gyms, helping the company to track usage popularity and make better choices when outfitting new gyms.

Inventory management

The IoT has revolutionised the retail industry. Anyone who has ever had an after-school retail job might remember performing stocktake, which involved a lot of manual counting and recounting. By eliminating this human factor through the IoT, businesses are now able to avoid over-ordering, and can better manage their expenses. This isn’t just exclusive to retail, either, but also allows the hospitality industry to better manage supplies and gather valuable insights.

Retail giant Amazon have even taken their IoT investment one step further by filling their warehouses with armies of Internet-connected robots. Rather than employees hunting for products, robots instead locate shelves of products and bring them to the workers. Who wouldn’t have loved that back in the day when a customer asked you to check “out the back” for an item? In 2014, this approach helped Amazon cut its operating costs by 20%.

IoT for the office

While IoT in the office shares a lot of benefits with home automation, there comes a unique twist: it saves your business money. Automated lights and air conditioning reduce your energy costs, while access control systems and Internet-enabled CCTV can reduce the need for security personnel.

On top of that, it can improve productivity by streamlining meeting room bookings, simplifying screen sharing and teleconferencing, and ultimately enhancing the employee experience.

Only as good as your Internet

This is only scraping the surface of IoT business applications. There are so many other industries it has impacted and can impact in the future, ranging from agriculture to automotive and beyond.

But what do all of these industries have in common? None of it is possible without the Internet. And not just any connection, either – one that’s seriously fast.

Sky-Speed Internet from Spirit delivers lightning-fast symmetrical speeds, with super-low latency to ensure your devices can talk to each other without any delays. If you’re ready to start adopting the IoT for your business, then get in touch with our specialists today.

Sources:
  1. https://www.businessinsider.com/iot-ecosystem-internet-of-things-forecasts-and-business-opportunities-2016-4-28
2019-08-12T14:40:46+10:00 August 16th, 2019|