It’s no secret how IoT has turned the technology world upside down for good. Big companies have understood its benefit at a very early stage and have incorporated it into their offerings. The uprising trend of mobile devices across the world favored the advantage of IoT and applauded the benefits that come with it.
Here are some Crucial Facts and Figures
- The global spending on IoT across the world industries was $737 billion in 2016.
- While IDC predicts that by 2020, this number will rise to $1.29 trillion!
- This calculates the compound annual growth rate of 15.6 percent.
The number itself loudly shouts that the impact of IoT is huge and will continue to cater to industries both big and small.
Speaking of small businesses, there are many neglected sectors of business that one may think could run without latest technological trends. However, the fact is exactly the opposite. Today, small businesses have their own share of technological advancement.
Let’s see how incorporating IoT in small businesses help them achieve impossible. And why IoT is a game changer for small businesses.
1. Data Management Made Easy
Earlier, small businesses like dairy, plumbing, and electrical companies used to manage their data on offline mode. Either on paper or manual scanning was their only mode through which they used to accumulate data and use it for future purposes.
With the advent of IoT in their business, they no longer must worry about data management. With growing data, they can easily manage their data with IoT and access it in the office or even outside in an extremely efficient manner. This would save time and money business owners put in their business.
2. Predictive Analysis
Preparing for what’s coming up basis the reading of current data is a smart move to be made in any business be it small or large. However, this feasibility was adopted by large organizations since they had to look beyond their latest challenges and be ready with solutions for upcoming circumstances.
With the changing trend in small businesses, IoT is being incorporated to make sure even small businesses are benefited with the advantage of predictive analysis. Businesses can seek the services of a reliable IoT application development company to develop an app that process the data and provide real-time information and visibility into the system.
3. Virtual Assistance
The best thing in big organizations is that it can hire assistants who would make the daily routine work easier for high-end employees working on complicated assignments. But that’s not the case in small businesses.
Small businesses have limited resources and they ensure that every employee is productive. There are fewer chances of them hiring an assistant to help them manage their daily routine. Thus, IoT enabled virtual assistant is the best solution for them in cases like this.
Few examples of a virtual assistant that small businesses prefer are Google, Siri, Alexa that make use of their smart devices and remind them of their planned activities, scheduled to be on time always.
4. Security at Par
Security has been a big concern be it big or small. Companies having humongous data with them need to ensure that data is secure and safe so that no external threat can misuse it for their own benefit. However, small businesses have cost challenges and they cannot always afford measures to incorporate costly equipment for data safety.
IoT enabled devices are a boon to small businesses since it powers them with the feasibility of keeping a check on their offerings anytime. Smart sensors, security cameras can be aligned with mobile devices through which anyone given the authority can have a 360-degree bird view of their small business products and services.
5. Expand Reachability with Smart Transport and Smart Delivery
Transport and delivery had always been a big issue for small businesses as its extremely difficult to manage multiple vehicles, enlist their schedule, track them and deliver products to customers on time. This not only affects the profitability of small business but also raise the issue of timely delivery to customers.
With the help of IoT, small businesses are reaching out to a wide segment of audience irrespective of their location. They can accept customer request, utilize their transport resources, track their transports, get a live status update and deliver the products to customers easily without any hassle.
Despite the size of the organization, IoT has empowered the businesses to experience the benefits that were once talked about. This has been extremely supportive for small businesses as it expands their horizon for growth and enables them to experience the advancement that big organizations are benefited with.
It a new step for small businesses that encourages them to build a business that is equipped with digitization and plethora of unexplored opportunities. It’s time for them to think profit while serving their customers in best possible ways.
Siya Carla is the Solution Consultant at Finoit Technologies, a leading custom software development company which provides unique web design and mobile app development services. By creating interactive mobile apps for 450+ customers across the globe, Finoit enjoys a great reputation as a prominent mobile app development company.