5 Ways IOT can help your BusinessPublished September 28, 2016
The Internet of Things is the concept that many items, from coffee makers to lamps to heavy equipment are all connected to the Internet. These items can then provide data for people and businesses to make informed decisions about their operations.
In this blog post, we will take a look at how this technology—which is already present in billions of items—can help make your business more profitable.
- Instant Access to Data – One of the biggest advantages of having all types of equipment transmitting data, is that you can access that data in real-time and leverage it for your business. If the sensors in your factory equipment transmit signals that the machines are not running at peak efficiency, you can immediately analyze the data to determine if maintenance is needed. Having access to this type of information means that you can minimize disruptions to your business operation.
- Accurate Time Keeping – Employees who need to punch in and out of their shifts can often make errors with punch clocks or manual time cards. Additionally, field employees need to be on site during their shifts and there is often no sure way of knowing they were present. Cell phones with punch clock apps can transmit time and location information to payroll software. This ensures that workers on time and at the right place.
- Fleet Management – A fleet of business vehicles is a tough thing to manage but GPS and vehicle information systems connected to the cloud make it easier to know what’s happening. Automatically downloading route information and traffic conditions let GPS systems automatically choose the best route for the vehicle. A delivery truck which makes more right hand turns than left can save time waiting at lights, and traffic congestion can be avoided through alternate routes. On top of that, vehicle diagnostics can alert operators to scheduled maintenance or potential problems in order to save on repair costs and limit downtime for the vehicles.
- Detailed Analytics – With all the information that is available from connected devices, data analytics becomes crucial to business success. Suppliers can receive detailed information about where their products are being sold, how often they need replacement, and the lifespan of the product before replacement. Using the historical information from the Internet of Things, a business can even model upstream and downstream process changes to see how a change in workflow affects the entire business. Advanced modelling systems provide geographic, demographic and workflow information that can streamline businesses to keep them running smoothly.
- Growing Opportunities – As the Internet of Things becomes more familiar to consumers, they are beginning to see the possibilities for improving their everyday lives. From thermostats that learn daily routines to fitness trackers that measure and compare results from other users, and even home appliances that can be turned on and off remotely. More benefits for consumers will mean that more connected devices will be sold in the coming years. This gives businesses the opportunity to get in ahead of the curve and create a market that consumers will be craving.Punchtime has developed a smartphone application that lets businesses and employees accurately log and track their working hours. Our app also provides location information which helps to ensure workers are in the correct location and gives their employer detailed information to make sound business decisions and optimize business strategies.