Why An IoT App Is A Good Idea For Your Business In 2024

Many businesses have custom apps today. That’s not something revolutionary. But what about IoT apps? On the face of it, it may sound like something for a narrow set of users. It’s not. In fact, it’s just an application that helps you connect and better manage the devices involved in your processes. You are familiar with managing people. And with this app, you can learn to manage things.

Opportunity #1: Predict Equipment Failures

The worst thing about equipment failures is that they are often unexpected. In the best case, we perceive them as an anticipated risk and prepare for recovering from the damage. But what if you could know when your equipment is about to fail before it actually does? Sounds more like a superpower but that’s actually what iot app development services can do for you today.

IoT developers can set up a system, where sensors monitor the condition of your machinery and a special app predicts potential failures. It does so based on the data it receives from these sensors:

• temperature
• Vibration
• usage patterns.

With an app like this, you can schedule repairs during off-hours, avoid disruptions, and extend the lifespan of your equipment.

Best for manufacturing and utility industries

Opportunity #2: Automate Supply Chain Management

No matter the industry or business size, supply chain management is never a walk in the park. It’s complex, time-consuming, and prone to errors. But if you somehow interconnect all those elements of the chain, things can be brighter. This is exactly why the Internet of Things is helpful here.

An IoT app can automate many aspects of your supply chain (e.g., tracking shipments, managing inventory levels). Sensors and GPS trackers will provide real-time data on the location and condition of goods. The app, in turn, will process this data and show you how to optimize routes and schedules. This means fewer errors, faster deliveries, and lower costs.

Best for logistics companies and retailers

Opportunity #3: Downsize a Workforce

This might sound controversial but ignoring it would be dishonest. IoT apps can, indeed, handle repetitive, time-consuming tasks. So instead of large teams, you need smaller ones. You reduce the size of your workforce and reallocate resources to more strategic roles. For example, IoT apps can automate data entry, equipment monitoring, and even customer service interactions. Now, think of how much resources are now being spent on this.

This doesn’t necessarily mean you’re getting rid of employees. Sometimes, you can just make better use of their skills. They can spend more time on innovation and complex tasks rather than on mundane ones.

Best for businesses that need to optimize workforce efficiency

Opportunity #4: Prevent Stockouts (or Overstocking)

Balancing inventory is another typical headache. Too much stock ties up capital, while too little means missed sales. What an IoT app can do for you here is that it will monitor inventory levels and analyze sales data. This should be enough to predict demand and automate reordering. You will have just the right (or almost the right) amount of inventory.

Best for retailers and wholesalers

Opportunity #5: Optimize Energy Consumption

Energy costs are always a major drain on your budget. One way out is to use sensors that will monitor energy use in real time. The sensors will send this data to an app (you are already familiar with the mechanics) and the app will identify wasteful practices and suggest alternatives.

For instance, an IoT app can automatically adjust lighting and heating based on occupancy and usage patterns. It can also monitor equipment to ensure it’s not using more energy than it needs. The result is lower energy bills and a smaller carbon footprint.

Best for hospitality businesses and commerce

Opportunity #6: Predict Customer Preferences

Finally, there is this thing that we all want to understand what our customers want. That’s the basis of marketing. IoT apps can be of help here, too. They analyze data from various touchpoints (which cannot be done by a single person or even a team):

• purchases
• website visits
• social media interactions, and many more.

Of course, their predictions aren’t 100% accurate but they are perhaps the most accurate current tech has to offer today.

Best for retailers and delivery businesses

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As you see, an IoT app can, in fact, perform a whole spectrum of familiar tasks for your business. It can automate anything related to tracking and monitoring. Plus, it can perform some tasks humans can’t. And that’s the most curious thing about it. Our processes are now largely centered on devices. So it seems to be very helpful to know how these devices are doing, what data they have to share, and what solutions they can offer to us.