April 17, 2018
You cannot ignore the impact IoT is having on business. It will become an ever more important tool for small businesses to utilize and improve their internal operations more efficiently to serve their customers. By 2020, it is predicted that there will be about 30bn ‘connected devices’ worldwide.
Before delving deep into how IoT is helping businesses grow, let us first understand what IOT and its significance are.
Have you ever wondered what if one day all your devices start talking to each other and to you as well? Imagine the ease of having connected your clock alarm to your heater and also to your bread toaster through the internet, all working together in coordination to make your life easier. Well, that is just one example of the Internet of Things (IoT). IoT means all active sensing devices and actuators connects to each other in a local area forming a live system and further these systems will connect to each other building a network of bigger methods to collect the data and perform ground-level processing.
The benefits of IoT extend past the home and can potentially deliver many benefits to your small business too, whether you are a tech company or not. Here’s how:
- Track your Inventory
A system of sensors linked to the internet will enable you to see exactly where everything in what quantity is in the supply chain in real-time whether in the factory, warehouse, in transit or the shop. Thus, enabling you to keep a track on your raw material and finished products.
- Cost savings
Monitor the levels of usage of your capital and immediately make adjustments to have better control over investments. Businesses can lose huge sums every year on everything from empty heating rooms to paying for unused warehouse storage space.
- Better customer service
Customer service agents spend more time answering queries or complaints. IoT will help agents to access information on the go and better equip them to respond to customer queries/complaints. Data about their purchase history, previous interactions or claims will be all displayed during the call.
- Running the business Remotely
As a business owner, you are mostly required to be in 10 different locations at the same time. IoT empowers you to turn equipment on and off, adjust systems and monitor the project, no matter where you are physically placed.
- Keeping consistent production quality
IoT solutions in manufacturing have been adopted in increasing numbers by organizations to boost efficiency and improve the quality and operational efficiency of their products. IoT is disrupting several industries, but it is manufacturing that is getting benefitted by most of IOT technology.
IoT for businesses can help transform an enterprise digitally by applying industry-leading analytics and cognitive capabilities. Thus, helping organizations to produce quality results right from operations and maintenance to personnel administration and production assets.