10 Reasons to Protect Your Profits with IoT

Many organizations are brainstorming ways to protect their profits with a recession looming in the not-so-distant future. The good news is that there are several things businesses can do to remain resilient during an economic downturn. One of them is to use the Internet of Things (IoT) to positively impact how the organization does business and protect your bottom line.

A connected facility harnesses the power of IoT to reduce costs and enhance operational efficiencies. The analytics gathered from a connected facility provide invaluable insight into everything from product safety and equipment performance to decreasing maintenance and increasing profitability. By tapping into the power of automation, business owners can stay competitive, deliver a quality experience, and save money. 

A connected facility saves your bottom line by enabling you to:

1. 1. Control HVAC and other equipment to knock down your energy bill

   2. Eliminate excessive energy consumption and spending by identifying faulty equipment

   3. Weed out unnecessary after-hours equipment use

   4. Identify equipment problems so you can shift from reactive to proactive maintenance and avoid unexpected downtime

   5. Hold vendors more accountable by confirming maintenance and repairs are done correctly and deliver the expected result

   6. Access real-time data and insights to prioritize repairs and equipment replacements

   7. Identify water leaks and make hot-water monitoring a breeze

   8. Monitor utility bills to find anomalies

   9. Protect against food safety and loss prevention issues

   10. Enhance customer experience to increase retention

Our tenth reason for protecting your profits with IoT deserves a deeper explanation. A Twilio Segment Growth Report found that 67% of businesses focus on retaining customers over acquiring new ones to drive customer loyalty during a recession, and IoT can help.

A connected facility makes it possible to enhance customer experience by creating consistent conditions with things like automated thermostat controls, proactive monitoring, maintenance of HVAC units, and fix lists, which prioritize the most urgent issues that contribute to comfort problems. This keeps everyone comfortable and may even entice customers to stay longer and spend more.

A connected facility also enhances the customer experience outside the business establishment with its ability to control lighting and signage. For example, parking lot lighting will turn on when it should, providing a safe environment inside and out. Plus, employees won’t be able to shut off open signs or close down operations early.

Protecting profits is important (often essential) during difficult economic times. With a connected facility, businesses can weather the storm and save money. From eliminating excessive energy spending to enhancing customer experience and everything in between, IoT saves the day.

Learn more about how your organization can protect its profits when you start a conversation with a member of our team.