The Impact of Internet of Things (IoT) on Small and Medium Businesses

 

Internet of Things (IoT) is one of the hottest topics in business today and has promised paradigm shifts in the consumer products market. When we think of IoT, the first thing that comes to our minds is some type of personal gadgets such as wearable fitness trackers, home monitoring devices, virtual personal assistants, and more. Today, the world-leading corporate bodies are leveraging the power of the Internet of Things to optimize their work process, improve productivity and increase ROI. But, there is a massive market at the other end of the spectrum that’s adapting to the new potential – the small and medium businesses. After all, technology isn’t only reserved for the big players!

Did you know more than 80% of small businesses that implement IoT technology see tremendous growth in their ROI?

Like large corporate bodies, small businesses that employ IoT technology can manage every aspect of their business to solve common business problems, improve productivity, reduce costs, and more. Here we’ve listed a few ways how IoT for small businesses works.

Remote Monitoring and Controlling

Do you want to reduce maintenance trips and effectively manage your industrial machinery? How about tracking remote machinery without visiting the site every day? Today, remote monitoring and controlling systems are designed using IoT technology to collect data about the operations of devices and transmit it to the receiver via the cloud. This reduces unplanned downtime and maintenance costs. With many small businesses leveraging automation to gain a leg up on their competition, using IoT technology to measure various elements of machinery can help them increase productivity, product quality and maximize ROI.

Dynamic Inventory and Logistics

Many large businesses have fully automated warehouses wherein they use robotics and other advanced technologies to sort orders. However, small businesses still rely on people to physically scan products to get an accurate count. But they can use a combination of IoT technology and RFID to allow remote and centralized inventory management. Today, IoT robotic carts are available for small businesses to make product deliveries fully controlled by a central application. Moreover, IoT for small businesses provides great insights into supply chain data, such as the condition of the goods, which improves the quality of the deliveries.

Streamline Your Business Process

Are you worried about the sloppy production process of your business? IoT is the ideal solution for your problem. It watches over your business processes and provides better control over inventory management, shipment tracking, device maintenance, and more.

Improved Security and Safety

Small businesses can adopt IoT technology by using smart locks that can manage building access from any device. With connected cameras and an intelligent lighting system with sensors, you can easily detect any movements and prevent break-ins.

Wrapping Up

From space-based technology (NASA) to defense sectors, today, IoT has expanded its coverage area. Many different sectors are reaching out to the Internet of Things to improve efficiency and productivity. Clearly, IoT for small businesses helps them to work smarter and make more efficient use of their resources. So, what are you waiting for? Plan a strategy to integrate the IoT within your organization and maximize your business benefits.

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