Top 10 Benefits of IoT- More than just Saving Money

Benefits of IoT

Many people have heard some of the benefits of IoT products both as consumer oriented or commercial IoT, but there are more to it than saving money.

IoT can significantly transform your business and improve your customer experience, help you live better and safer, save time, automate decisions and conserve useful resources.

see also: How IoT can transform the modern workplace?

Here are top 10 Benefits of IoT:

1) Communication:

Internet of Communication is fundamentally an idea of communication between devices, over the platform of the internet, this communication is referred to as  Machine-to-Machine (M2M) communication.

This communication integrates connectivity, so devices are collectively treated as a functional machine with the internet as the brain of this machine, this implies that connecting these devices allows them to use sensors of other device to collect the data needed in that case the total transparency is achieved hence inefficiencies are illuminated and quality is guaranteed.

2) Automation and Control:

We humans are prone to mistakes and especially forgetful and slow (compared to machines), but we are able to create a collection of powerful hardware; and to integrate successful software for faster and more accurate tasks.

When physical devices are connected over this platform batch processes can be automated to prevent error while  control is easier because of long range connectivity in scenarios where the human intervention is needed.

3) Information:

There is an established fact that knowledge is power, the power to make better decisions, those better decisions are a guarantee when information is linked by machine-to-machine connectivity.

The accuracy of decisions is increased in daily aspects with information like quantities in refrigerator, room temperature, are lights on, thus information is used to buy groceries in time and reduce bills.

And information from the internet of things can be used in retail shops stocks or factory measurements for increased effectivity and efficiency.

4) Monitor:

Monitoring is a major benefit of the Internet of Things. Sensors collect data at a great accuracy, and when devices are connected, sensors from one device can help monitor the function of another. Collecting data from machines of production can help monitor the expired stock to increase safety.

5) Time:

IoT is mainly a process aimed at increasing efficiency, when hardware is linked, time for making decisions is greatly reduced, and sometimes time wasted is eliminated by automation, trips to the grocery store, due to a missed item can be avoided once refrigerators are automated to scan items and connected to smart apps that make grocery lists available on your smart phone.

See also: IoT in Education-Applications, Benefits and Importance of IoT in Education

6) Money:

When it comes to IoT, saving money is a great benefit that affect both automated businesses and smart homes.

If we consider integrating it on daily basis, bills will no more include an Air Conditioning that was left on, or unused dripping faucets while you are on vacation, considering that dripping faucets consume water and constant dripping can lead to unwanted use of water motors and water heating systems thus if water systems are automated to shut down in the absence of use can save a lot of money.

7) Automation of daily tasks leads to better monitoring of devices:

Machine-to-machine communication helps to maintain accuracy as well as transparency in the manufacturing processes.

Not only can sensors of certain machines be used by other machines to do work, but this communication will lead to this collection of machines work better as single machine to do related or independent tasks.

It also leads to uniformity in the tasks. This is especially useful in cases of emergency.

8) Conservation of resources:

Earth is a great vast planet, but an increasing population demands increased use of resources, those resources are limited, and IoT can help us conserve resources, if machines can collect data on the amount of expired stocks, demand and supply can be matched, hence less products are wasted to expiration and less packaging is used, hence less pollution.

9) Better Quality of Life:

When time and money are both conserved by IoT there is more to spend with family and friends providing a better living quality.

10) Reduced stress:

Once IoT is functioning, you can sleep better knowing that there is a system to detect gas leaks; and if emergencies occur, there is a system responsible for handling the situation.

See also: Industrial IoT (IIoT)- Benefits, Challenges and Future scope

As we can see here, the implications for the Internet of Things in the commercial world and customer level are truly compelling. They can add real value to an organization, or an individual’s house and help tackle longstanding problems, including efficiency, compliance, safety, customer engagement and much more.

I hope this article ‘Top 10 benefits of IoT’ gives you clear understanding of Benefits of IoT is not limited to commercial world.

Let us know what you think about” IoT and its applications” in the comment section below.

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Sura Kazan
Sura Kazan is an engineering student with a keen interest in the Internet of Things (IoT), and its effects on the aerospace and automobile industries.