The Internet of Things is booming and has created a buzz in recent years. IoT allows small businesses to streamline their operations by automating routine tasks. From handy products, vehicles, and industrial objects, to utility components, with Internet connectivity, IoT-enabled devices have transformed the way we work, live, and play.

However, there is a long way to go and a great deal ahead to explore this scope. The global IoT market is expected to generate $4 trillion to $11 trillion by the year 2025. The area is vast and mostly untouched by many industries. 

Many popular and renowned IT research organizations also have adopted this technology and given their strong opinion. If you are planning to integrate IoT into your business, it will help you to optimize your business process, stand out from the competition, increase your conversion rate, and many more. It will change the horizon of the business and also the methods any business follows.

Benefits of IoT in Small Business

IoT applications don’t just solve business problems but also eliminate the tedious and time-consuming process effectively. On the other hand, it allows businesses to optimize their process, more productivity in no time, reduce costs and do plenty of unbelievable things.

Seamless production, round-the-clock maintenance, and customer satisfaction among others are the pioneers of any business performance and durability. When we talk about growth and development, it is completely dependent on how well you deal with the situations that occur during the process. And IoT can make a difference in that unexpectedly.

Hence, having plenty of fruit-bearing attributes of IoT implementation, many organizations are planning to adopt the technology into their business.

So, let’s look at the points we have covered that could be leveraged by implementing IoT for your small business.

1. Enhance Efficiency and Increase Productivity

Enhancing efficiency tends to increase productivity. This is a direct way a business can generate revenue and profit. Both parameters are vital factors for any business growth. IoT devices offer real-time tracking of machinery parts and raw materials in manufacturing sectors which accurately assess demand and efficiently manage various production phases.

IoT devices can improve facility management, keep your employees informed with real-time data, help them establish better communication with clients and teams, and reduce errors. When everything falls into these requirements, it automatically increases productivity.

2. Enhance Customer Satisfaction and Experience

Customer satisfaction and seamless customer service are the prime factors in ensuring the profitability of any business. Some IoT technologies like mobile card readers help you connect with smartphones to process transactions easily. Apart from that, with the smart tracker, a user can easily track their orders/products. In this way, you satisfy your customer’s expectations and improve the overall experience.

Also, by using hyper-local advertising and couponing, organizations can provide enhanced customer experience and meet their target needs. IoT solutions can also help you detect problems and resolve issues with the help of smart grid technologies and smart meters. In 2020, customers have expectations towards every business that must be met; conveniently they can be able to interact with you through their mobile devices, whether that’s using a chatbot or dedicated app.

3. Improve The Safety of the Workplace

With IoT-enabled devices, employees can easily make their work environment the safest place to work. It improves the safety and security of the workplace. With the help of sensors and wearable devices, employees working in high-risk environments like heavy industries, construction, and mining can leverage video surveillance cameras and smart locks to analyze their work premises at all times and ensure the safety and protection of important assets.

Apart from this, smart devices also reduce errors that are made by humans during the various stages of the business process.

4. Reduction of operating costs

IoT applications can help you out in various ways which could lead to cost-cutting. In manufacturing departments, IoT devices can be used to monitor equipment and maximize runtime by predicting failures or errors on the production line, which results in bigger profits. This way, you can save on human power, and energy costs, and improve efficiency by using IoT devices.

5. Better Understanding of Consumer Behavior

Understanding customer behavior and pattern lead to the success of any organization, especially in the retail industry. If you are integrating IoT, you will be able to fetch, analyze, and track data and get data insights from video surveillance, social media, mobile devices, and internet usage. With this data, analysts can predict preferences and trends so that organizations can consequently design products and offer personalized value-added services for better engagement. By conducting good research on customer profiles, businesses can retain their target customers and cultivate brand loyalty.

6. Real-Time Analytics

The best and most important benefit that you can leverage from IoT is real-time data analytics. It analyses the process and detects the problem if found, and takes immediate action. The IoT applications provide real-time analytics that propels the company’s efficiency as you can find out the issue and resolve it at per convenience.

Wrapping Up

When we step into the technology world, we find ourselves surrounded by various technologies and tools. It’s mandatory to walk along with the technology to stay competitive and ahead of your competitors, otherwise, you will be called an old-school company in this modern world, and no customers will reach you. Thus, you will end up losing business.

When it comes to IoT, it simplifies your business needs. You can get many benefits of IoT. but it’s not easy to start using it unless you learn to integrate the IoT devices into your business process. For this, you can hire IoT developers or connect with the best IoT Development Company that can help you integrate this prominent technology to boost your business growth.

Author’s Bio

Purav Thakkar is a tech enthusiast with knowledge in Software development and Marketing. As the owner of a leading Python development company Innvonix Tech Solutions, he handles client project delivery, manages different teams, and helps businesses increase their digital footprint. Purav is an avid reader and enthusiastic writer. Connect him on Facebook, Linkedin, Twitter

TeamViewer, a global leader in remote connectivity and workplace digitalization solutions, has announced significant investments in two innovative smart factory companies, Sight Machine and Cybus. This strategic move, involving a low double-digit million EUR investment, underscores TeamViewer’s commitment to advancing the digital transformation of industrial workspaces and the convergence of Information and Operation Technology (IT & OT).

Investment in Sight Machine – Unlocking Data-Driven Manufacturing

Sight Machine, a U.S.-based company and Microsoft partner, offers a manufacturing data platform that collects, structures, and analyzes data from manufacturing operations. Leveraging AI applications, Sight Machine provides insights into areas such as quality control, overall plant performance, and predictive maintenance. This investment establishes TeamViewer as a major shareholder in Sight Machine, with representation on its Board of Directors. The collaboration aims to enhance manufacturing efficiency through a joint product offering and a collaborative go-to-market strategy.

Jon Sobel, Co-Founder and CEO at Sight Machine, expressed enthusiasm for the collaboration, highlighting the shared commitment to leveraging data’s power for shaping the future of smart factories.

Investment in Cybus – Advancing Industrial IoT Solutions

Cybus, a German software company specializing in industrial IoT solutions for large-scale manufacturing environments, has developed a data hub that facilitates seamless communication between diverse devices, machines, and processes in smart factories. TeamViewer, as the lead investor in Cybus’s current financing round, will actively collaborate and provide strategic guidance as part of the advisory board. This partnership aims to address the challenges of industrial digitalization and enhance manufacturing efficiency.

Peter Sorowka, CEO at Cybus, emphasized the significance of partnering with TeamViewer to tackle the complexities of industrial digitalization and collectively contribute to improving manufacturing processes.

Fostering Evolution in Smart Factory Solutions

These strategic investments in Sight Machine and Cybus position TeamViewer as a key player in enterprise software at the intersection of manufacturing infrastructure, IT systems, and data analytics. Oliver Steil, CEO at TeamViewer, highlighted the logical progression of investing in shop floor digitalization and factory connectivity, underscoring TeamViewer’s role as a catalyst in shaping the future of industrial digitalization.

TeamViewer’s comprehensive solutions, spanning IT and embedded devices, have established the company as a standard in remote connectivity. This move into smart factory solutions aligns with TeamViewer’s vision to drive innovation and productivity across diverse industries.

According to Future Market Insights (FMI) IoT application enablement market report, the adoption of IoT application enablement platforms is expected to expand at a 26.5% CAGR over the assessment period, with a market valuation of US$ 36 Billion by 2032.

The communication infrastructure must be put up before an array of sensors, edge devices, or other devices in IoT technology solutions. Wireless data rates are the key issue with IoT networks. Wi-Fi 6, 5G, satellites, and LTE communication infrastructure have all been built in recent years.

In the world of network edge and IoT connectivity, 5G deployments provide low-latency communication that supports data-intensive applications like video surveillance, autonomous vehicle operations, optimizing citywide traffic flows, and high bandwidth. Thus, advancements in the infrastructure for 5G, Wi-Fi 6, and LTE connectivity will drive sales in the market over the forecast period.

Artificial Intelligence (AI) technologies are data-driven and IoT sensors are an asset to the Machine Learning (ML) data pipeline. Integration of artificial intelligence and IoT technology enables enterprises to achieve digital transformation. It enables IoT devices to collect and transfer data to the cloud or other spaces where they can accumulate data through the internet.

AI and IoT are integrating to offer greater control and visibility of the wide array of sensors and devices connected to the internet. Such IoT transformation helps businesses to implement conversational agents for customers, engage customers, obtain analytics, customize user experiences, or optimize productivity with predictions and insights.

Key Takeaways:

• By solution, sales in the IoT application enablement platform segment are anticipated to increase at a 24.3% CAGR through 2032.
• Among the enterprise size, demand in the SME segment is estimated to grow at a CAGR of 29.0% during the forecast period.
• Based on industry, the adoption of IoT application enablement in the manufacturing sector will increase at a CAGR of 34.2% between 2022 to 2032.
• The U.S. IoT application enablement market is expected to expand at a CAGR of 19.8% through 2032.
• The China IoT application enablement market is expected to grow by 13.9X during the forecast period.
• Demand in the Japanese market is expected to grow at a CAGR of 31.6% during the assessment period.

Competition Landscape

Altair, Amazon Web Services, ClearBlade, Ericsson, Fujitsu, IBM, Microsoft, Oracle Corporation, PTC, SAP, Siemens, AllThingsTalk, Hughes Systique Corporation, and Software AG are some of the leading players operating in the global IoT application enablement market.

Electro-hydraulic systems are common in fleets across several industries, from construction to warehousing. However, they can also be more challenging to manage than some equipment, so businesses should optimize them wherever possible. That means capitalizing on electro-hydraulic automation technologies like the Internet of Things (IoT).

Like any new technology, IoT systems often incur high upfront costs and may require adjustment to get used to. Despite those challenges, the benefits of IoT connectivity far outweigh the potential obstacles. Businesses that can learn what these advantages are and apply them effectively can see considerable operational improvements as a result. 

Here’s what companies should know and the benefits they can reap from implementing IoT in electro-hydraulic systems.

Increased Uptime

Predictive maintenance is one of the most popular use cases for industrial IoT systems and an important part of electro-hydraulic automation. This practice uses IoT-connected sensors to monitor performance factors like hydraulic pressure, fluid viscosity or temperatures to determine when a machine needs repair. The sensors then alert employees when it’s time to maintain the equipment.

These real-time alerts enable faster responses to emerging maintenance concerns, enabling more effective fixes. As a result, companies can achieve previously unattainable levels of equipment uptime. Machine availability can increase by as much as 20%, and maintenance planning time can fall by 50%.

Even a modest improvement in uptime can translate into hours more of availability per year. That extra time gives companies more value from their electro-hydraulic systems, driving higher productivity and profits.

Lower Maintenance Costs

Fleets that implement predictive maintenance programs can enjoy benefits beyond uptime improvements. The most significant of these is a reduction in repair-related costs. U.S. companies spend $50 million annually on maintenance and repairs, so savings in this area can substantially impact the bottom line.

Using real-time IoT data to drive maintenance programs instead of running equipment to failure means companies can fix issues while they’re small. Electro-hydraulic repairs can quickly get expensive and complex, so preventing larger breakdowns like this is essential. Fleets will also raise operating margins by minimizing downtime.

The IoT also provides savings over conventional preventive maintenance. Because IoT-driven approaches are needs-based, they prevent unnecessary repairs and related downtime. As a result, they’re more cost-effective than reactive and standard, schedule-based repair methods.

Remote Accessibility

Electro-hydraulic automation in maintenance is not the only benefit of IoT connectivity. Connecting this equipment to IoT systems also makes them remotely accessible, so routine operations are much more convenient.

Some IoT setups let workers check on connected equipment from their phones. Managers could look at operational data or check maintenance logs without being physically near the machine in question. That leaves more time in the workday to focus on value-adding tasks.

Businesses can also use the IoT to control electro-hydraulic systems remotely. In some setups, that means letting employees make smaller adjustments for improved accuracy and performance, even from a distance. That level of control without the need to be close to the machine can significantly streamline operations and boost output quality.

Improved Safety

Being able to control electro-hydraulic systems remotely also makes operations safer. IoT technologies play a critical role in safety in several industries, and this accessibility is a key reason why. Workers who don’t have to be close to heavy equipment and hydraulic pinch points can use this machinery without worrying about its physical hazards.

Using the IoT for predictive maintenance will further improve equipment safety. These IoT-driven repairs will minimize the chances of an unexpected breakdown, preventing accidents that could endanger machine operators or nearby workers.

IoT sensors on electro-hydraulic systems can also communicate with other nearby sensors to avoid collisions. Machines that detect they’re getting too close to each other can alert workers or automatically shut off to prevent accidents. This electro-hydraulic automation will ensure even a lack of employee awareness won’t jeopardize workplace safety.

Machine-to-Machine Communication

This machine-to-machine communication has implications outside of safety. IoT sensors in electro-hydraulic equipment can send more than location data to other machinery. They can transfer a wide range of workflow data back and forth, letting every machine adjust to changing conditions in the equipment around it.

This communication helps businesses overcome one of automation’s biggest obstacles — a lack of flexibility. In a conventional setup, automated electro-hydraulic equipment couldn’t handle an error or disruption in an earlier part of the workflow. That’s because robotics operate on the assumption that factors remain consistent. IoT connectivity can alert these systems about incoming changes, letting them adjust ahead of time to stop small mistakes from causing significant issues.

Automated systems that can adapt like this are a safer investment. As a result, the IoT can make electro-hydraulic automation more practical and cost-effective for a wider range of businesses.

Long-Term Process Improvements

Fleets that implement IoT systems in their electro-hydraulic equipment to experience these other benefits will also unlock longer-term possibilities. IoT sensors provide hard data on the processes they monitor, and businesses can use it to learn where and how to improve.

Studies show that companies with mature data practices experience two and a half times better business outcomes than those without. That’s because having more information to base decisions on provides crucial context, informing more effective decision-making.

IoT data can show which electro-hydraulic systems require the most maintenance, suggesting what machines to replace and when to do so. Alternatively, it could show where this equipment is most and least effective, informing better usage practices. Companies that review and adapt to this information will become increasingly productive and cost-efficient over time.

IoT Connectivity Expands Electro-Hydraulic Automation

Electro-hydraulic automation is an important part of many operations, and IoT systems can take it further. Businesses that connect this equipment to the IoT can use it more safely, efficiently and in a wider range of applications.

Achieving these benefits starts with learning what this technology has to offer. Getting familiar with the IoT and its potential applications today can equip companies for a more tech-driven tomorrow. Capitalizing on that promise ensures businesses surge ahead of their less tech-friendly competitors.