Next Level Of Digitalization Driven By Enterprise Internet Of Things

Global digitalization is growing to a new level across retail, healthcare, manufacturing, and many other industry verticals, which is driven by advanced digital technologies like Internet of Things (IoT). It empowers enterprises to go beyond just connecting and sharing data to reinvent their business processes with analysis and automation creating a better customer experience. The IoT is often considered as primarily an industrial and consumer technology; however, based on IoT development in the last couple of years, today business leaders are seeing IoT as the most essential tool to take a leading role in digital transformation in a broad spectrum of business applications in companies across industries.

According to global IoT survey reports, investment in the IoT market is expected to grow at a rate of 13.6 % per year through 2022. Although large companies have been investing significant resources in IoT technologies for years, small and medium-sized enterprises can be highly beneficial from this new wave of IoT development if they integrate IoT solutions in their business processes in a strategic way.

In addition to allowing the digitization of products and collection of data about them, the IoT platform also creates a digital link between a company’s products and end-users. Due to the variety of smart devices customers use in their real-world today, companies need to collect real-time data from diverse sources and use it for personalizing their products and services to drive business value. 

The increasing adoption of digital platforms in developing countries is expected to trigger massive growth in the IoT market growth and influence enterprise leaders to integrate and automate their work processes in the coming future.

Why Enterprises are investing in IoT Solutions?

As various body parts of an organization, IoT-enabled components collect real-time data to a single platform and perform advanced analytics to improve efficiency, productivity, and revenue across business units. The leading enterprises across industries are investing in advanced IoT solutions to cut maintenance costs and improve resource management that helps in achieving the full potential of business operations.

Let’s go through the key drivers enterprises are embracing IoT solutions for their digital investment:

Create new revenue sources

Future-ready enterprise leaders are investing in IoT solutions to bring innovations by monitoring their product’s performance. IoT platform provides important business insights that enable companies to examine usage of their products and consumer trends to bring innovations in their products and services in existing as well as new markets across countries.