Have you ever wondered how different devices can connect and share data without requiring manual input?
Well, the answer is straightforward, yet, not so very well-known.
Referred to as IoT, it is the Internet of Things that allows several smart devices to connect and communicate with each other. It is for the same reason that you can access and control many of those devices simply from your smartphone.
For instance, checking your smartwatch activity log on your smartphone. Or operating sensory objects and smart devices directly from their mobile apps.
The point is, that IoT has made several breakthroughs in the field of technology that continue to help businesses and consumers alike. So in this post, we will take a deeper look at the key benefits of it in 2024.
Without further ado, let’s get to it.
Top Benefits of IoT
Based on the idea of using the same network to transmit data to which internet-enabled devices may be connected in the first place, IoT offers ample benefits in the digital age.
The top 7 among them are:
1. Efficiency and Automation
Since the internet is the very medium of communication, IoT gives you better remote access and control over those devices.
Technologies such as artificial intelligence (AI), sensor processing, and machine-to-machine (M2M) learning further enhance their ability to understand us better and work according to our needs. While features like automation and voice command make it all the more fun.
As a result, you can use them efficiently and save a lot of energy in the process.
But that’s not all! The scope of IoT goes much deeper than improving our day-to-day lives as it has shown massive potential on the industrial level as well.
Apart from streamlining operations and workflows, IoT-enabled machinery and equipment can deliver better performance, monitor themselves, predict early maintenance, and reduce downtime without requiring any manual efforts.
For instance, remote asset monitoring, which is the top use case for IoT tech with a 34% adoption rate.
Some of the top use cases of IoT revolve around the majority of these factors.
2. Real-Time Data Access
Another key benefit of IoT is instant access to real-time data no matter where you are.
Since internet-enabled devices continuously transmit fresh data across other devices in the same network, you can always monitor them remotely and make necessary changes in your life.
In the business world, data mining is all the more valuable to avoid risks and unnecessary delays in workflows and processes.
Having live access to real-time data can also help businesses in decision-making, asset and resource management, early maintenance, supply chain visibility, and emergency or disaster management.
For instance, wearables such as smartwatches can continuously track patients’ movements and vitals to make healthier recommendations.
Similarly, energy-star appliances such as smart bulbs or smart meters can provide real-time readings of energy consumption to reduce your utility bills.
On a bigger scale, instant access to real-time GPS data can help transport or fleet management systems to track locations, routes, and delivery times.
The best part- IoT does not just give you raw unfiltered data that cannot be made any sense of but a well-organized gathering of information that is full of meaningful insights.
3. Advanced Data Collection
As an integral part of IoT, data collection is where it all begins.
That is, the sensors present in IoT devices and systems first collect raw data while transferring it non-stop across a server or cloud.
In turn, these cloud platforms, which also work as a common ground for all the connected devices, analyze this data and bring out useful insights about a user’s behavior.
The platform then sends meaningful information back to the devices which is further shown by their apps in the form of recommendations.
Businesses, on the other hand, get to have a deeper look into a customer’s behaviors and shopping tactics which they can use to improve and personalize their products and services.
For example, brands can now analyze a customer’s movement and activity across several digital channels such as social media, online stores, shopping apps, etc.
After running a few algorithms and statistics, they can use this information to develop targeted Ads and personalized offers to meet the consumers’ demands and even entice them to shop more.
4. Cost Reduction
Features such as automation, remote access, real-time data monitoring, and so on, make IoT a significantly cheaper solution.
No manpower or manual input is needed from time to time as is the case with conventional machinery.
Moreover, with advantages such as predictive maintenance, which is the process of detecting errors and faults in tools and equipment before the point of failure, IoT can significantly reduce maintenance costs as well.
In addition, by integrating IoT into energy management systems, businesses, and individuals can both cut down on overall utility bills by a huge margin.
To be specific, implementing IoT and other smart tech such as AI can reduce your electricity bills by up to 40% or more.
Bring solar or wind to the picture, and you can further diminish the cost of operations and maintenance.
5. Improved Quality of Life
Speaking of the best benefits of IoT in the modern age, how can we forget its end game? And that is, to improve the quality of life for everyone.
That’s right, the ultimate goal of introducing and adopting IoT in the first place is to improve our lifestyles whether at home or outside, and whether individually or business-wise.
As we can see, IoT devices continue to do that by providing convenient, affordable, and efficient solutions be it for a basic household or a high-end industry.
From smart and automatic lighting to insulation to security, and from health monitoring to entertainment to virtual personal assistants, IoT has made it possible to control many of these aspects right from our phones regardless of where we are.
Along with individuals and businesses, IoT-enabled tech can also benefit entire communities in a number of ways including traffic control, communication, pollution control, provision of public amenities, and much more.
It’s for these reasons that IoT is claimed to have a remarkable contribution to building some of the world’s smartest smart cities including Seoul, Beijing, and Copenhagen.
With applications such as smart buildings, smart mobility, and sustainable environment, IoT is all set to revolutionize the global infrastructure.
6. Big Data Analysis
Perhaps the greatest benefit of IoT is the analysis of big data.
Also known as data analytics, it is the process of analyzing vast amounts of data for a variety of purposes.
As I said earlier, the technology of IoT is based upon converting raw data into meaningful insights that can be used by the end-user as well as businesses for their requirements and goals.
There are thousands of examples of how IoT devices can give you personalized recommendations based on the analysis of data.
From manufacturing to maintenance, management to logistics, and automation to quality control, big data analytics is an essential aspect of running a business in the digital age.
Thanks to IoT, the hectic field has now become a cup of tea for data scientists and organizations alike.
7. Health and Safety
IoT can also contribute big time to ensuring the highest standards of safety for workers in many different settings.
Be it at home or the workplace, IoT-enabled devices and systems can monitor the conditions much better than traditional techniques and send early warnings or alerts should anything go wrong.
For instance, sending reminders or notifications about things like excessive energy consumption by your household or lack of sleep or physical movement as reported by your sleep or health app.
The point is IoT sensors can detect and measure both risk factors as well as KPIs to prevent accidents and security violations and in the process, optimize the overall performance.
In the healthcare industry too, they can enhance the potential of virtual care and telemedicine by automating many of the tasks.
As far as road accidents are concerned, which is one of the major causes of fatalities, IoT-enabled vehicles and traffic infrastructure such as traffic lights can help streamline the flow of traffic, reduce travel time, and prevent major mishaps.
Also Read: A Complete Guide on the Internet of Things and How Does it Work?
Conclusion
While the benefits of IoT in today’s fast-paced world are countless, data management, data analytics, automation, healthcare, and improved lifestyle are some of the most common.
Apart from that, there is the added security, safety, and environmental benefits that make the adoption of IoT worthwhile.
In the end, faster communication and instant data-sharing allow devices to help you make informed decisions that improve your quality of life and cut the costs of living all the while.
With better sensor processing and faster communication such as the integration of 5G technology, IoT is guaranteed to blow our minds when it comes to exploring its true potential. And if you still haven’t included it in your systems yet, it is high time to do it.