The Internet of Things or IoT is an environment of connected physical objects with an ability to transfer data via the internet. With a unique identity being assigned to everything, a diverse range of devices and things can communicate and interact with the external environment. IoT enables internet connectivity beyond traditional devices like laptops, desktops, and smartphones. Kitchen appliances, headphones, air conditioners, washing machines, cars, wearable devices, light bulbs and almost anything else you can think of can be connected through the Internet of Things.
As per IHS, the IoT market will grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion devices in 2020 and 75.4 billion in 2025!
Internet of Things revolution has already begun, and IoT devices are going to have a massive impact on how you manage and operate your business. Businesses that will embrace this growing trend are expected to have tremendous benefits in terms of increased revenues, enhanced productivity and decreased operating costs.
According to business insider’s report, there has been a growth in IoT since the last two years, especially how consumers, governments and different industries are utilizing this emerging technology.
We have compiled a list of points stating how IoT will impact your business.
Availability of Data
IoT devices connect consumers in new ways, giving businesses greater access to the data. Patterns of consumer behavior can easily be tracked and recorded through smart devices. These devices provide businesses with suggestions about the product and customize searches in innovative ways. You can utilize these data-based insights to introduce more effective advertising and get an idea about the target demographics specifically. IoT enables availability of data at all stages of customer buying cycle, from research to purchase.
IOT will be able to offer detailed monitoring reports to the business, including field work and related operations. Wearable sensors will be able to monitor employees’ progress and send information directly to the businesses for better results. These special sensors will enable better communication, providing detailed analytics, which businesses can take advantage of to enhance productivity and lower costs.
Businesses currently use barcode tracking systems to manage inventory. With IoT, all your products, equipment and devices will be interconnected, making inventory management easier and quicker. Analytics related to inventory will be available at your fingertips, and you will be able to utilize these metrics any time you want.
IoT will have a huge impact on supply chains, enabling accurate tracking and enhanced reliability in deliveries. RFID chips will be able to identify the location of the items without any requirement of scanning them at the warehouse. This chip will be able to notify you of where the package is in real-time, reducing the chances of losses. It will also help in identifying products that have changed state during transit, information of which can be useful to restaurants, hotel, and grocery companies. IoT will, therefore, bring transparency in the whole supply chain system and make tracking of items easier for quick deliveries.
Maintenance of Quality
IoT will especially be helpful to small businesses in enhancing the quality of products, where conditions are continuously monitored. This is useful to the agriculture industry and the manufacturers to maintain quality at various locations. By sensors, business owners will be able to keep a check on the moisture in soil or light at a particular location. Sensors can be used to monitor growth and systems can be changed to improve the quality of the products.
Better Customer Handling
Sensors will make it easier for businesses to handle their customers in a better way. Information collected from sensors can be used to make changes in the product and monitor the behavior of customers for a particular product.
Businesses using interactive displays will be able to offer answers on a real-time basis to customers as per their requirements. These interactive displays can be used for varied products and solutions. Just by pointing at any product in the store and using the store’s interface, smartphones will be able to provide its detailed information including the prices to the customers.
With Cloud-hosted software and enterprise mobility, remote work is already a preferred choice for many companies. With IoT technology, all devices will be manageable on a single network, making it easier to manage work remotely. It will be possible to manage an entire store or production line through an internet connection or smartphone.
From making everything quicker to enhancing productivity, the IoT will change how small businesses, as well as enterprises, work. It will help you to reduce your cost by improving process efficiency and asset utilization. IoT will not only enable smarter decisions through real-time insights and analytics but also open up doors for new business opportunities. It is therefore important to make your business ready to adapt to the IoT trend and stay competitive to get most out of this technology!