Benefits of the Internet of Things for SMBs
The Internet has become a staple for businesses; With most of our business activities going digital, there is no denying the need for a stable internet connection for your organization.
Besides, with the widespread availability of ISPs like Verizon, Spectrum, AT&T, and others, anyone can benefit from a fast and reliable connection for their work. Spectrum Internet, for instance, is available in more than 41 states and offers FREE nationwide Wi-Fi to its users to stay connected 24/7.
While the Internet alone is amazing for most of our business operations, the invention of IoT technology has made things even better. From storing important data to running the whole machinery, IoT devices can help businesses of all sizes improve their efficiency and overall performance.
Here in this article, we will look at how IoT can help Small and Medium businesses prosper. It is evident that SMBs need this technology no less than larger businesses, as they exist in a more competitive environment, and every move they make impacts their image in front of their stakeholders.
So without further ado, let’s look at the benefits of the Internet of Things for SMBs.
One of the major goals of any business is to reduce the overall cost and generate more revenue in return. And with the help of smart IoT tools and gadgets, it has become easier than ever to achieve that goal.
One of the main ways IoT can help in cost reduction is by managing the cost of maintenance. IoT devices such as sensors provide real-time data and stats that help predict malfunctions and preventive maintenance.
According to Deloitte, predictive maintenance can reduce the time of planning the maintenance later and increase the equipment’s lifetime, resulting in a reduction in the overall cost by 10%.
Gone are the days when human labor had to do all the chores and keep an eye on the equipment for any malfunction. Now with the help of smart devices and gadgets like sensors, the relevant staff can keep an eye on all the business operations and any case of emergency, even when they are working remotely. For example, an IoT-enabled fleet management system provides accurate and real-time data about vehicles, including their location, technical condition, and productivity, and helps optimize delivery schedules.
Moreover, IoT-enabled collaboration tools help teams communicate and collaborate more effectively. In fact, according to a survey by Harvard Business Review, around 60% of companies have witnessed an increase in collaboration after adopting IoT devices in their work.
Increased User Satisfaction
By improving work efficiency and reducing production costs, SMEs can serve their customers much better, thanks to IoT technology. Moreover, IoT-enabled customer support systems enable automation and allow companies to provide 24/7 assistance and support to their customers.
Moreover, IoT devices help SMEs collect real-time data regarding customers’ buying behaviors and produce products that the customers need the most. Businesses utilize the data collected on product performance and consumers’ buying trends and manage their inventory to generate more revenue.
Additionally, an IoT-enabled asset management system enables organizations to keep track of their resources and make the supply of products readily available in case of an unplanned demand.
Increase in business opportunities
The Internet of Things is changing the way consumers interact with businesses and make a purchase. It is making the buyer journey much shorter, resulting in speedier purchases. When the brands offer much more targeted content to the customers, the consumer’s buying decisions will get faster and easier.
Similarly, customers expect a faster and more personalized experience that presents them with the right content at the right time. Such an opportunity of altering the buyer’s journey needs to be acknowledged and adopted by the SMEs to stay ahead in the market.
Advances in safety
IoT-enabled security system enables better protection of the office spaces and production areas. Smart sensors can detect an intrusion and notify the relevant authority right away, even if they’re remote. Moreover, the smart fire detection system detects any temperature rise and rings an alarm before any significant incident occurs. It increases the safety of employees as well as people living nearby.
To Sum Up,
IoT is a technology that has been gaining a lot of attention lately. Not only is it making operations easier for larger firms but SMEs alike. By reducing the overall costs, improving efficiency, increasing user satisfaction, advancing safety controls, and increasing business opportunities, IoT can help SMEs thrive in the competitive market and distinguish themselves as smart organizations.