Most companies always seek that elusive solution to increase efficiency while reducing costs and improving the bottom line. The Internet of Things (IoT) presents many possibilities for organisations to do just that, particularly those that depend on digital commerce and connectivity, like retail, manufacturing, healthcare, and hospitality.
Trends show that consumers are already willing to accept and adopt new technologies, like virtual assistants and smart appliances. Usually, businesses need convincing that the benefits outweigh any lingering doubts they might have.
In this paper, PwC's Connected Solutions showcases some of the common benefits IoT solutions have to offer organisations across these verticals:
- Retail: Allows businesses to broaden customer interactions through virtual shopping experiences, optimise product tracking and storage management, and rethink brick-and-mortar spaces to tap into consumer buying habits.
- Manufacturing: Can fit appliances with IoT sensors for post-sales monitoring and maintenance. Sensors can detect potential issues and alert customers proactively. Performance data can be used to improve current and future product lines.
- Healthcare: IoT is now enabling the internet of medical things (IoMT). New practices, like remote patient monitoring, virtual doctor visits, and rapid response, are revolutionising healthcare, particularly for the elderly and chronically ill.
- Hospitality: IoT is helping hospitality businesses deal with the drastic changes brought on by COVID by promoting safety, customer satisfaction, and regulatory compliance while dealing with staffing challenges.