If you want to keep up with the competition, you must consider how IoT plays into your industry and what developments you must follow to keep up. The worldwide revenue for IoT is about $34.8 billion. More and more businesses are getting on board with current trends in technology. Changes in the IoT impact a business' revenue and ability to deliver as promised.

Are you already convinced how essential it is to use IoT for your business? Here are some ideas and best practices to get you started.

1. Get Connected

Your first step to embracing the IoT is figuring out the beneficial ways of connecting into the system. What features would save your company time and money? For example, maybe a smart system that helps control the lights when you are away from the office would shrink both your utility bills and your carbon footprint.

Invest in the fastest, most powerful system you can afford. If you have a choice about location, look for an area with fibre-optic internet. To tap into all IoT has to offer, you must have fast speeds and easy access throughout your building.

2. Get a Handle on Data

Part of using IoT is tapping into the data at your disposal and leveraging business intelligence to decipher it. When machines take all the information on past customers and run it through other information out on the public cloud, you'll wind up with reports on best practices moving forward.

Better data allows you to make better decisions and keep up with the latest business trends. Imagine how you can maintain an edge over competitors and move your business forward.

3. Keep Employees Happy

There are around 7 billion IoT devices connected to the internet, and the number continues growing. Your employees likely already use smartphones, smartwatches and perhaps even some other devices, such as smart coffee cups. For younger workers, technology is part of their daily lives. Giving them the ability to interact with the IoT ups the level of satisfaction at work and may even help reduce churn rates. If you can also supply work equipment with built-in IoT, you may create even more engagement among employees.

4. Impress Your Customers

You're trying to land that big client that will send your company into the next phase of growth. Would it make more of an impression if you put together a typical PowerPoint presentation, or if you show them a holographic presentation that brings the concept to life and shows your lead you are on the bleeding edge of technology?

Not only can IoT help with presentations, but it also allows you to access data on your customers anytime and anywhere. If you're at a conference and secure a short meeting with a potential customer, you can view info on them that will show you the best approach to take. You can also tap into your database from any internet-connected device and show the customer hard numbers that might convince them to give your company a try.

5. Generate New Revenue

In a recent study, researchers predicted IoT technology will generate about $11 trillion per year in savings by the year 2025. There are many ways technology helps your business save money. Workers can use tools that save time and reserve their creative energy for money-making projects, for example.

However, using IoT also generates revenue because some clients look for a company that is up on the latest technology. You'll open the door to customers you otherwise wouldn't have access to.

6. Improve Customer Experience

Tapping into the IoT improves the customer experience in a variety of ways. Imagine a customer downloads an app you created exclusively for your store in a local mall. As the person nears your establishment, the app pings them about a new arrival that is just their style. Because the cloud-based app knows the customer's preferences, the message is highly targeted and much more likely to attract them to enjoy a positive shopping experience.

In addition to syncing with an app, you can use software to sort through the data for individual customers and place them into a grouping. The program then matches them with salespeople or customer service reps. When the employee reaches out to the customer, they have all the information about past transactions at their disposal and can create a personalised experience.

7. Improve Safety for Workers

If you work in an industry where you manufacture items or put workers in high-risk situations, you can connect sensors to the internet and place them in clothing. When the environment grows dangerous due to heat, gases, fumes, etc., the sensor notifies the worker via an app and the employee takes steps to ensure their safety.

No matter what industry you are in, the last thing you want is for your workers to get injured. It brings down company morale, and the loss of life is catastrophic in some cases. Turning to the IoT to combat the dangers of high-risk jobs will likely minimize risk more and more in the years to come.

Survive and Thrive

Learning about technology and how your corporation can tap into the IoT is the wave of the future. Taking advantage of the technology is often much less expensive than you might think, but the benefits you can gain are immeasurable. If you aren't quite sure what features work best for your business, poll your employees for ideas and study how your competition uses the IoT. With a little foresight and an effective communication strategy, your brand will be on the cutting edge of the future.