Internet of Things – IoT is booming and has created a buzz in the recent time. Itâ€™s one of the emerging topics of technical, social, and economic significance. From a handy product, vehicles, industrial objects, to utility components, with Internet connectivity, IoT-enabled devices have transformed the way we work, live, and play.
However, there is a long way to go and a great deal ahead to explore on this scope. The global IoT market is expected to generate $4 trillion to $11 trillion by the year 2025.
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Most technocrat customers are aware of the usage and benefits of IoT. They know how it will create an impact on their business and work life. But what does this on-going trend mean for the business world? The area is vast and mostly untouched by many industries. Many organizations are going to embrace it and those who will be slow, they will fall behind their rivals.
Popularity of IoT
There are many popular and renowned IT research organizations that have given their strong opinion and some prediction about the popularity of IoT technologies.
> As per the Gartner report, 26 billion IoT connected devices are expected to deliver the best IoT performance till 2020.
> IDC report shows that by 2020, the IoT market is expected to generate $7.1 trillion.
> The report by Statistica shows that 31 billion IoT connected devices will be in the market by 2020.
If you are planning to integrate IoT in your business, it will help you out to optimize your business process, stand out of the competition, increase conversion rate, and many more. It will change the horizon of the business and the methods you follow.
Benefits of IoT in Small Business
IoT applications donâ€™t just solve the business problems, but also eliminates the tedious and time-consuming process effectively. On the other hand, it allows businesses to optimize their process, more productivity in no time, reduce costs, and do plenty of unbelievable things.
Seamless production, round-the-clock maintenance, and customer satisfaction among some others are the pioneer of any business performance and durability. When we talk about growth and development, it completely depends on how well you deal with the situations that occur during the process. And the advantages of IoT can make a difference in that unexpectedly.
Hence, having plenty of fruit-bearing attributes of IoT implementation, many organizations are planning to adopt the technology into their business.
So, letâ€™s look at points we have covered which could be leveraged by implementing IoT for your small business.
1. Enhance Efficiency and Increase Productivity
Enhancing efficiency tends to increase productivity. This is a direct way a business can generate revenue and profit. Both parameters are vital factors for any business growth. IoT devices offer real-time tracking of machinery parts and raw materials in manufacturing sectors which accurately assess demand and efficiently manage various production phases.
IoT devices can improve facility management, keep your employees informed with real-time data, help them establish better communication with clients and team and reduce the errors. When everything falls into these requirements, it automatically increases productivity.
2. Enhance Customer Satisfaction and Experience
Customer satisfaction and seamless customer service are the prime factors in ensuring the profitability of any business. Some IoT technologies like mobile card readers help you connect with smartphones to process transactions easily.
Apart from that, with smart tracker, a user can easily track their orders/products. In this way, you satisfy your customerâ€™s expectations and improve the overall experience.
Also, by using hyper-local advertising and couponing, organizations can provide enhanced customer experience and meet their target needs. IoT solutions can also help you detect problems and resolve issues with the help of smart grid technologies and smart meters.
In 2020, customers have expectations towards every business that must be met; conveniently they can be able to interact with you through their mobile devices, whether thatâ€™s using a chatbot or create an app.
3. Improve The Safety of Workplace
With IoT enabled devices, employees can easily make their work environment the safest place to work. It improves the safety and security of the workplace. With the help of sensors and wearable devices, employees working in high-risk environments like heavy industries, constructions, and mining can leverage the video surveillance cameras and smart locks to analyze their work premises all times and ensure the safety and protection of important assets.
Apart from this, smart devices also reduce errors that are done by humans during the various stages of the business process.
4. Reduction of operating costs
IoT applications can help you out in various ways which could lead to cost-cutting. In manufacturing departments, IoT devices can be used to monitor equipment and maximize runtime by predicting failures or errors on the production line, which results in bigger profits. This way, you can save on human power, energy cost, and improve efficiency by using IoT devices.
5. Better Understanding of Consumer Behavior
Understanding customer behavior and pattern lead to the success of any organization, especially in the retail industry. If you are integrating IoT, you will be able to fetch, analyze, and track data and get data insights from video surveillance, social media, mobile devices, and internet usage.
With this data, analysts can predict preferences and trends so that organizations can consequently design products and offer personalized value-added services for their better engagement. Having good research on customer profiles, businesses can retain their target customers and cultivate brand loyalty.
6. Real-Time Analytics
The best and most important benefit that you can leverage from IoT is real-time data analytics. It analyses the process and detects the problem if found, and takes immediate action. The IoT applications provide real-time analytics that propels the companyâ€™s efficiency as you can find out the issue and resolve it as per convenience.
When we step into the technology world, we find ourselves surrounded by various technologies and tools. Itâ€™s mandatory to walk along with the technology to stay competitive and ahead of your competitors, otherwise, you will be called an old-school company in this modern world, and no customers will reach you. Thus, you will end up losing business.
When it comes to IoT, it simplifies your business needs. You can get many benefits of IoT. but itâ€™s not easy to start using it unless you learn to integrate the IoT devices into your business process.
For this, you can hire IoT developers or connect with the best IoT development company that can help you out integrating this prominent technology to boost your business growth.