How can the IoT help your service business?

The Internet of Things (IoT) is changing the world as we know it. Creating an environment where devices – connected over the internet – talk to us, applications, and each other, such connectivity will soon be exploited in most, if not all businesses.

And, as well as creating cost savings, new revenue streams, and enhanced productivity, the IoT is also changing the way customers choose to interact with service-led organisations.

As such, it’s no surprise that the IoT – and the data it produces – is set to be worth £322 billion to the UK economy by 2020.

Here are just some of the ways the IoT (and the IIOT[1]) can help your service business.

Improved insights

IoT sensors are already being used to cut costs. For example, merely installing smart lighting and thermostats that adjust to your workforce can help to bring down your energy bills. Indeed when one family-owned leisure provider[2] adopted IoT enabled energy solutions, they reduced water and energy costs by 80% and 50% respectively.

Sensors are also being used to support maintenance works. For example, AI enabled sensors are using data to establish patterns and identify any issues. Often before they become a problem.

Compellingly, this also means companies can accurately predict how long they can last before doing anything; keeping everything running for longer and saving on replacement costs.

And a predictive approach can be used across industries. From manufacturing to facilities management to construction. For example, sensors could measure temperature levels to identify patterns that lead to the growth of mould. This would allow developers to take action before this becomes an issue. In fact, once you start thinking about it, the possibilities of what data could be measured and turned into actionable insights is very exciting.

Find out more about how Predictive Maintenance could be your entry point to the IOT

Service improvements

Organisations that provide customer service aftercare have been keen to embrace IoT devices. This allows them to take action and make adjustments based on actual data. Crucially, this not only empowers them to provide enhanced customer service, but it also allows them to make these tweaks quickly and more cost-effectively. So they can focus on more revenue-raising work.

Also, IoT enabled quality, service improvement and redesign (QSIR) tools can be used to automatically identify not only failures, but also the potential for failure. This would allow companies to create better quality products by identifying issues much earlier on in the design process.

Smart machines can also track and analyse patterns of customer behaviour, and use AI to learn from these repetitions. This allows service-led businesses to automatically and intelligently engage with customers at each stage of their buying journey.

Inventory tracking

An IoT-powered stock control system could boost operational efficiencies with impressive stock forecasting, and the ability to manage multiple stock locations. Easy to set maximum, minimum and reorder levels for each stock item, you’ll always know what’s available, and have all the parts you need. So you’re never caught short by a missing item when you need it.

Equipment and asset management software can also be used to give your business a clear overview of what equipment is where, so you always know what you have, and when maintenance needs to happen.

Productivity

With the right data, the efficiency of any business can be increased. So IoT technology can have a significant impact on the overall productivity of a company. Put simply; more can be achieved in less time without any reduction in service quality. For example, with cloud-enabled service management software, you can control stock, manage materials, schedule engineers, control customer data, and manage hire contracts, all from one integrated system.

Want to see how our cloud-enabled technology can help to improve your business for one affordable monthly payment? Contact us today for an informal chat.

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[1] Industrial Internet of Things

[2] Nayland Hotel