Impact of IoT on Small and Medium Scale Businesses

“Hey, Alexa! Play a song by BTS.”. And the application confirms with you to play the song. How far has the technology reached right now! A device does what you ask just by the voice command. There was a time when people had to wind the machine enough to play a song record for just 5 minutes or even less.

The Internet of Things (IoT) has made lives easy and comfortable. We can now order food, dresses and groceries at the tip of our fingers. Banking and finance have also become easy to understand as well as use, all thanks to IoT. It has also carved its niche in small and medium scale industries.

Here is the list of advantages,

Efficiency 

The productivity rate improves when IoT is applied in daily businesses. Redundant tasks like finding a new list of contacts and connecting them with a sales pitch can be automated. A human gets to intervene only after a certain level in the sales pipeline.

As mentioned above, finding email contact has become easier than before. With websites like GetEmail.io, you can find people’s email addresses in just a matter of seconds. This tool powered by artificial intelligence has an extensive database. It also comes with a chrome extension to your Linkedin account so, finding the email contact becomes easy.

Cost-Effective 

 A recent study conducted by Deloitte found that predictive maintenance can improve the software’s availability by 10-20% and reduce the overall cost by 5-10%. A business owner – big or small – does want to cut the expenses down wherever possible. 

As you keep using technology in business, you also get to customize it as per your requirements. IoT does just the same thing! Imagine knowing about systems wellbeing – way beforehand – just by using an IoT application that detects computer’s malware and viruses. Purchasing an application is a good investment as it saves you tons of maintenance costs in the long run.

Customer experience

The result of any business is not just to make a sale but to ensure that the customer is satisfied and happy with the product. The intention here is to encourage the customers to come back again as many times as possible.

To do that businesses must have highly effective and efficient customer service. Did you know? 40% of the consumers don’t care whether a human or chatbot provides the solution as long as they get one! It has led to more business owners leaning on IoT to help them with customer service. IoT devices assist in better customer engagement.

Flexibility 

It is the versatility that IoT provides that people can work from the comforts of their homes. Had there not been such technological advancement, the world would have literally collapsed during the pandemic. IoT has played a substantial role in allowing people to work and survive even during adversity.

Remote workings will become an integral part of every company. The Internet of Things enables us to access and monitor the employees in a more productive manner. However, the business must take additional measures to safeguard their information with compliance. Organizations will have to come up with new policies and strategies to match up with this technology.

By Jo Smith | 10/10/2021