How IoT Can Help Small Businesses
Blog: NASSCOM Official Blog
Internet of things or IoT is a concept that has emerged out of business research and is becoming pivotal for a business’s success. IoT is nothing but a network of devices and their sensors connected to the internet.
Businesses have widely accepted IoT and are tapping on the infinite potential that it possesses. Globally, SMBs are fully embracing IoT devices like DA (digital assistants like Alexa and Google Home), and Wi-Fi appliances & thermostats.
What is IoT?
IoT is opening new avenues for businesses by prolonging the power of the internet beyond electronic devices. When a device is connected to the internet, its capabilities naturally multiply by sending and receiving information from anywhere in the world. IoT makes it possible to automatically collect data through electronic sensors, share and then act on this data.
Switching gears towards business applications, we look at how IoT can help small businesses beyond saving massive amounts of time and money.
How Can IoT Benefit Your Small Businesses?
1. Increased Efficiency
Businesses can cut down on costs by digitizing business processes and using sensors as a medium to collect information. Data is more accurate and helps businesses make smart, data-based decisions. Hence, the overall efficiency makes the business boom. Kovair is making businesses more efficient by using ALM solutions to automate workflows. ALM and IoT can come together with the pave the way for the next wave of automation for your business processes.
2. Enhanced Customer Service
Good customer excellence service is good PR for your business and IoT enables your business to deliver an enhanced personalized customer experience. IoT also collates real-time data that enables them to work upon a customer’s query quickly and resolve any issues on time.
3. Business Expansion
By coordinating devices and services seamlessly, businesses can now break all boundaries and support multiple ecosystems. Open sources can support nearly any system in any environment and can transform the current business models. The vast information received from IoT can augment businesses to expand and connect with new customer segments.
4. Improved Measurement of Productivity
Managers can understand the flow of operations from the data produced by the data sensors and monitor the business vigilantly. These data sensors can be strategically placed in transport, warehouses, or construction systems to see whether the industry standards are being met or not. This also provides better insights into the company’s performance.
5. Better Understanding of The Market
The market has become volatile and every reaction of the customer may change within moments, that’s why real-time data becomes pivotal. The kinetics of customer behavior can be understood better by using sensors like cameras. When coupled with an analytic system or cognitive intelligence, the sensors give retailers better insights into the market and audience.
6. Managing Costs
By incorporating IoT devices for light and temperature controls in a business environment can reduce energy consumption. These devices can be used to control the appliances and switch them on/off for further energy saving. This doesn’t just provide substantial cost savings but also helps reduce the overall carbon footprints of your business.
7. Receive Detailed Business Insights
Small businesses can now afford to get access to the customer data that they want. Thanks to IoT, some businesses don’t feel the need to significantly invest in third-party data for better customer experience. You can receive detailed insights about the customer and their preferences by connecting to the customer’s IoT devices and platforms. This enables your business to deliver the high personalization that a customer always desires.
8. Coordinated Remote Work
Linking mobile devices and computers with IoT can provide an understanding of the time that each person is spending on a particular project. Hindrances to productivity, and individual & collaborative time can be managed better by using the real-time data. When working with remote staff, IoT becomes the deciding factor to make collaborations seamless.
9. Equipment Management Capability
By installing IoT sensors, you can figure out what and when something goes wrong with your system in advance. This enables your business to ensure minimum or no downtime by maintaining and repairing on time. In comparison to scheduling a technician during the actual breakdown, these IoT sensors can help your business stay on top of the situation.
What Are The Best IoT Tools for Your Small Business?
Security & Access
1. Connected Cameras
When used in tandem with smart locks, cameras can help businesses monitor offices and warehouses remotely. The cameras can be connected to the storage devices and the footage can be stored on the cloud or in data lakes.
2. Smart Locks
Unique access codes provided by smart locks gives small businesses increased convenience by providing access and security controls. When used in conjuncture with security cameras, you can control who enters a building.
Logistics and Inventory
1. Supply-Chain Data Monitoring
Your business can verify the quality of deliveries by using the deep insights into the supply chain that IoT offers. IoT devices can also be incorporated for monitoring security, reducing crime, loss or damage.
2. Shipment Trackers
For long-distance shipping, IoT can give end-to-end visibility of the deliveries. Tracking devices can be connected to provide critical information regarding supply chain platforms and transportation management.
1. Smart Lights and Thermostats
To help your business achieve its sustainability goals and give measurable RoI, smart lights and thermostats can be controlled from mobile phones.
2. Voice Assistants
With advancements in Artificial Intelligence (AI) and Natural Language Processing (NLP), voice assistants powered by IoT can set reminders, take notes, and even book appointments.
In a Nut-Shell
The dreams of science fiction have come to life with advanced technologies like IoT. It won’t be long when every business would incorporate these IoT tools to benefit massively from them. Not only does it make your business more profitable but creates a more sustainable business.
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