5 Ways Data Science and IoT Services Can Help You Grow Your Business
From your doorbell to your thermostat, to your watch and your car, everything is a little smarter these days. Without lifting a finger, you can tell if a package has arrived at your doorstep or if your heart rate is reaching an unsafe level. Your car can automatically avoid a collision, and your home can be the perfect temperature when you return from vacation.
All these modern conveniences are thanks to the Internet of things (IoT) and data science services. And if you too want to be smarter, now is the time to learn how to use them to grow your business.
Here are five reasons why you should jump on the IoT and data science bandwagon.
IoT can help you operate more efficiently
IoT Essentially describes any physical device that can be connected to the Internet. Smartphones, smart homes, and smart sensors are all examples of IoT technology.
Many small businesses rely on IoT to automate certain processes, saving time and creating more efficient operations, according to Forbes. For example, when inventory is low, the IoT can automatically order new products. IoT can also help your marketing and sales teams track and manage customers and campaigns faster.
IoT can save you money
When you save time, you are probably saving money too. IoT can help reduce a lot of the costs associated with running a business. Suppose you have a water leak somewhere in the building. Thanks to IoT, you could be alerted to this leak before it causes significant damage.
You can also monitor power consumption and find ways to reduce those costs.
By delegating certain tasks to the IoT, your employees can spend their time working on more important things.
IoT creates a safer working environment
Saving time and money is not the only goal. IoT can also create a safer workplace for employees by alerting you to intruders or other potential dangers. Many companies use the IoT to fight against future incidents and accidents.
For example, Interestingengineering.com reports the Ford Motor Company recently introduced exoskeleton vests. They are designed to help workers lift heavy objects overhead to combat worker fatigue and prevent injury.
Data science helps you make better business decisions
Smart devices aren’t the only things you need to grow your business.
Have you ever wondered how streaming services know which songs to play? Or how can a map on your smartphone give you the fastest route home? The answer is data science.
Data science is the extraction of actionable information from raw data. By analyzing behaviors, patterns and insights, you can make better business decisions. For example, an airline can use data science to predict flight delays. Banks and credit unions use data science to detect fraudulent transactions. Health services use it to predict and cure disease.
No matter what industry you are in, data science can make things better for you and your customers.
Data science helps you do the heavy lifting
It’s easy to feel overwhelmed or intimidated by technological terms or concepts. So here’s a simple analogy to help you understand the importance of data science to your business.
Imagine trying to get somewhere but a giant boulder is blocking the road. Even though you are the strongest person in the world, you know that you cannot physically lift this stone on your own. You need a lever, a long stick that will make it easier to lift this giant boulder when you place something under it. And, if you remember your science class in high school, you know that the longer the lever, the easier it is to move the rock.
When you are tasked with making trading decisions, there are many big boulders that can stand in your way. (Sales, competition, retention, productivity, and pricing are just a few examples of potential rocks you might face.) If you can’t lift or get around the rock, then a lever – in this case, data science – is your answer.
To make sure data science (your lever) is working, you need three things:
- A clear understanding of your business.
- The right team to manage the technology and collect the data you need.
- The talent to perform proper data analysis.
Data science is all about collecting and analyzing data correctly. The insight you gain from it will move the rock, provided you have the right lever. Work with a team of talented people who have a broad spectrum of skills is one way to make sure you have the right leverage.
Get a free quote from data science and IoT experts
Now you know how valuable data science and IoT services are to your business. The next step is to contact someone who can help you achieve your goals.
Utah Tech Labs has unparalleled expertise in digital transformations. They’ve helped many of the world’s largest businesses with automated information and optimized IT solutions, and they can help you grow your business as well. Whether you want to run your business more efficiently or increase your income, Utah Tech Labs can help.
For a free quote, visit utahtechlabs.com.