The internet of things (IoT) is changing the environment around us, from the way we drive to how we make purchases. So, what is IoT? IoT is a platform that collects data to help address industry-specific needs. In other words, sensors and chips are embedded into physical things which transmits valuable data helping us to understand how it works and how it works together.
How does Internet of things work?
The process starts with devices which communicate to a platform, the platform applies analytics to choose the most valuable data that addresses the issue. For example, in a vehicle there are check engine lights; when the check engine lights turn on, it means there’s a problem with the engine. A sensor in the brake line monitors the pressure and triggers the light monitors on the dashboard. A component in the car called the diagnostics bus gathers the data from all the sensors in the car and passes it to the gateway system. This will help automobile companies detect any faults in their cars helping to improve production, efficiency and customer service.
The data is then sorted so that the most valuable information is transmitted to the manufacturer’s platform. An automobile company now have data that helps identify problems with manufacturing, again helping to improve the production process.
How will SMBs benefit from the Internet of things?
SMBs can benefit significantly by incorporating IoT platforms into their organization.
Customer Satisfaction– IoT enables organisations to improve customer experience through proactive tracking, automated updates and tailored responses. There is a huge demand for fast, quality services, with consumers wanting things done quickly and to receive their products quickly. Time is money. The importance of customer satisfaction is the key to a successful business and brings value to customers.
Operational Efficiency – SMBs can have better workflow and processes by using IoT for example, local supermarkets now have sensors to alert their team beforehand if products are going out of stock and if products need to be ordered. IoT is enabling SMBs to become more proactive, improve efficiency and reduce downtime in sectors like retail and technology.
Ahead of the competition – In this digital age, organisations need to stay ahead with the latest and greatest technology. Adopting IoT internally and externally will benefit organisations, help them grow and build their brand. Organisations that invest in IoT can now improve customer experience which helps them beat their competition.
Brand Image – There is so much change in this digital world and it’s important to stay on top. Using the latest and the greatest technology to improve services can have an impact on a business’s brand image. A small business that is recognized for better customer experience, quick and fast services is likely to grow in comparison to small business who don’t use IoT internally or externally.
Health & Safety: IoT allows SMBs to use sensors to measure air quality, temperature and other conditions. IoT can help organisations to meet standard regulations to ensure safety of employees and customers.
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