The business environment favors those who innovate, adopt innovation, and look into the future.
The majority of brick-and-mortar shops embraced the Internet and moved online. Then, everyone looked into marketplace opportunities. We keep seeing marketplaces being created for services, goods, crafts, and whatnot. Meanwhile, under the hood of things, data storage gradually moved to the cloud. Along these lines, IoT app development services are the next thing businesses adopt and leverage to stay ahead of the competition. All these shifts make businesses evolve, change the way they do things, and, ultimately, grow. In this post, we’ll discuss numerous reasons why IoT is becoming this obvious next step in how businesses outcompete one another.
The Benefits of IoT App Development for Businesses
In healthcare, consider an individual measuring their glucose level by pricking a finger once or twice a day. These results are often too variable and confusing, leading to generic advice. Compare it with a Continuous Glucose Monitor (CGM) – an IoT device – which measures glucose levels every 5 to 10 minutes. This gives individuals the power to adjust their diet, exercise, and medication based on evidence and see immediate change. Plus, of course, convenience.
In an industrial setting at a manufacturing facility, imagine doing a time study at the start of the shift. It will lead to artificial productivity metrics and missing out on identifying bottlenecks. IoT sensors can monitor operations continuously, reliably, and comparatively less costly while producing quality data. It will enable decision-makers to optimize workers’ productivity, reveal problems to be solved, and create cost savings.
Basically, these examples show that whatever insight, opportunities, or efficiencies were available with “traditional” methods, they were exhausted. The new layer opens up with IoT technology.
Logistics, agriculture, and retailers are all among businesses whose decision-making, productivity, and quality of operations benefit greatly from IoT app development services. IoT services include everything starting from designing the hardware part of an IoT system to the software part that gathers, stores, and analyzes data from this system.
The economic value of IoT app development services
| Benefit | Description | Statistics |
| Increased productivity | Ranging from sensors within smart conveyor belts in warehouses to IoT to remote patient monitoring devices, IoT can adjust to workers and support their routine tasks. | According to McKinsey, smart conveyor belts can increase productivity by up to 43% by reducing sorting times by 30%. Moreover, there was found a 30 to 50% increase in quality at manufacturing facilities where IoT has been implemented. According to the Financial Times, remote patient monitoring saves 35 hours per employee from tracking equipment only. |
| Predictive maintenance | IoT sensors that monitor machinery condition and usage can indicate when maintenance should be scheduled to prevent breakdown. Equipping vehicles with IoT devices can track the performance of critical systems. |
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| Reduced costs | From smart homes to IoT HVAC systems in offices to agriculture IoT, IoT sensors can optimize resource usage. | An article published on HVAC in Time reports on reducing energy consumption by 15.8%. |
| Improved decision-making | IoT sensors can provide a range of data on the state of systems, flow of goods, and whatnot. Supported by AI/ML technology, this also enables forecasting. | Improved decision-making in logistics can lead to a 25% improvement in accuracy. There are also speed benefits, savings, as well as opportunities for new revenue sources. |
| Enhanced user experience | From managing item availability in retail stores to smart mirrors in hotels and even to turning hotels and cruise ships into smart ‘cities’ | Having items stocked according to customer demand can increase sales, by up to 25% according to some reports;
Smart mirrors have been installed at Marriott significantly improving access to hotel services for guests. |
How to Start Your IoT Project?
Choosing the methodology for your IoT project is the first step. Choosing an MVP path faces the same concerns for IoT development as it does for other apps. Wouldn’t the project end up skimping on the number of sensors? Wouldn’t minimal products be limited in the quality of insight? The classic worries like that are counter-fought with the fundamental reasoning from Frank Robinson: “The MVP is the right-sized product for your company and your customer. It is big enough to cause adoption, satisfaction, and sales, but not so big as to be bloated and risky.”
IoT mobile app development services when done MVP way ensure that the costs are controlled, benefit is maximized, and scaling is enabled.
The major cost consideration for any IoT project is hardware. Imagine having a factory and opting for 100 sensors to be purchased and installed only to realize later that 30 sensors were sufficient. Considering IoT app development services in the USA, even if you outsource the software development for your IoT project, you still incur costs in terms of installation, purchasing sensors, and maintenance. MVP is prioritizing quality over quantity: fewer sensors but in the right places, less data gathered and stored but quality data that enables fast and efficient decision-making.
Starting your IoT project always begins with choosing the right methodology, setting out priorities, and determining expected outcomes.
