5 Ways IoT Helps Your Small Business Compete in the Digital Age

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Written By Vanessa Venugopal

Almost everything around us is powered by technology. Whether it is the refrigerator we use, the television, our smartphone, and so on. All of which generates data. It can track your location, heartbeat, know your interest, and provides you with what you might need.

The rise of the Internet of Things (IoT) paves the way for a better future and plenty of opportunities for everyone. It keeps things connected, and we stay much closer to the people who matter to us.

Just like the day-to-day use of IoT, businesses are not different. IoT provides a better way for small businesses to gather data and help them improved the company. They record data and get insights from it. Hence, providing better services and boosting the company’s revenue.

What is IoT?

IoT is a way devices connect. These devices can work with multiple functions, which aids in keeping people and things connected anywhere at all times. IoT technology automatically shares and collects data as they are connected to the internet.

IoT makes the world better. It impacts home and works environments as IoT includes smart technology and artificial intelligence. It can be seen in multiple devices, such as home appliances, in the workplace, and in retail centers.

5 Ways IoT Helps Your Small Business Compete in the Digital Age

Here are some samples of IoT Devices

  • Home security
  • AR glasses
  • Activity tracker
  • Self-healing machines
  • Motion detection

IoT is a technology that won’t be going away soon. With more devices connected online, we are going to see ways it can change the future. This year, it would reach up to 46 billion, and new IoT devices would be around 31 billion. 

Some businesses and individuals welcome technological changes as they knew that it brings advantages to their busy schedule. IoT can benefit both businesses and home users. 

The benefits businesses get from IoT devices are different from what home users experience. Let’s take a look at what home users can acquire when using IoT. 

  • You won’t forget about the little things. Smart refrigerators remind or notify you if your yogurt or milk is going to expire. It adapts to each household and provides solutions based on what you need. 
  • You save money and energy as it can be easily adjusted and work in your favor. It shuts down automatically when not in use and reduces the consumption of energy. Hence, it reduces your monthly bill.
  • Cutting down on energy consumption can lead to a lesser negative impact on the environment.
  • Centralize control over all your devices and their functions make it convenient for everyone. In just a single device, you can turn on the TV, turn off your light, play music, and so on. 

With the benefits that home users get from interconnected devices, there is no doubt why statistics show that the number of users will increase.

The unstoppable increase in home users of IoT devices brings plenty of benefits to businesses too. They have encountered improvements not only in the workspace but on the sales and growth of the organization.

Let’s take a look at how small businesses can benefit from IoT devices in the digital age:

1. Reduces Cost and Operational Downtime

IoT devices are expensive but worth the investment for any business size. With more IoT devices you invest in, the more your business keeps on running. Hence, it increases your profitability. 

Maintenance is one of the reasons why your business’s operation needs to stop. Even staying offline for a few hours can cost plenty of loss. That’s why immediate action to minute errors must be addressed. But how can you foresee an upcoming equipment malfunction?

IoT technology such as sensors can detect a sudden change no matter how minimal it is. By alerting you of the issue, you can immediately fix the problem before it gets out of hand. Hence, your business can run 24/7, providing an excellent experience for your customers.

Furthermore, it saves you tons of money that comes with serious equipment maintenance. 

2. Enhanced Productivity in the Workplace

Businesses leverage productivity tools and equipment to help their employees produce quality results. 

IoT increases efficiency, which then cuts down repetitive and time-consuming tasks. It automates the process, makes real-time changes, and shares across the entire department. For example, PDF tools eliminate the difficulty in converting and creating documents. Hence, you get better communication and a faster documentation process. 

Furthermore, the use of big data analytics with IoT can help check on your employees’ productivity. You can determine tasks that are getting better results and those that need improvement. But big data is not only used to monitor your employees’ activities. It can be used to track the manufacturing, delivery, and inventory of products. You can follow every stage of an item to stay ahead of time.

Keeping everything on track and improving your employees’ work efficiency can save you money and time.

3. Improves Customer Experience

What your customers think and say about your products and services matters. It is crucial to keep your customers happy all the time and meet their needs. IoT devices can make that possible. It works easily and effectively.

Your customers can reach you either through dedicated apps, calls, or automated chatbots. Solving your customers’ issues, answering questions, and assisting them can boost your business’s reputation.

5 Ways IoT Helps Your Small Business Compete in the Digital Age

Also, the data collected can be used to understand how your customers use your products. You can create marketing strategies that are effective and personalized for your target audience. 

When you understand your customers, you can create more products and services to improve your customers’ experiences and ultimately satisfy them.

4. Remote Management

IoT has made it possible to keep the flow of work continuously even when employees are working remotely. IoT technology in remote employees can serve to keep the communication easy and with endpoint security implementations.

Another function of IoT in remote work is the use of robotics. It helps businesses monitor production and manufacturing even when workers are unavailable. Managers can use robots to navigate the workspace and check-in employees even when they are unavailable in the office.

5. Better Organizational Security

No matter how small your business is, hackers would not mind taking a peek at it. So, privacy and security are valuable nowadays. IoT devices are used to improve the security of a system.

Using technology that provides a substantial amount of help, like CCTV systems, can allow users to monitor their businesses 24/7 without being physically present at the office.

Small businesses can use sensors that can detect threats. These IoT devices are sensitive that it immediately alerts you if an intruder or unauthorized person enters the premises.

Conclusion: Ways IoT is helping businesses compete in the digital age

The demand for IoT devices and technology would increase in the coming years, and small business owners will play a part. SMBs are aware of the benefits they can get from investing in IoT devices.

As long as you have the accurate device or technology for your business, you can maximize the benefits. Start integrating advanced technology solutions into your small business and create an environment that would improve your employees’ performance and customers’ experience.

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