Internet of things has been touching the lives of a common man for some time now. Moreover, businesses small, medium, or large find IoT really obsessive as this term is making quite a buzz in the market. Internet of Things will allow everyday objects to get connected to the internet. By doing so the objects will send as well as receiving data and giving power to the users to access this data whenever they need. This data will produce a huge amount of big data. We can make future forecasts and predictions on the basis of Big Data analysis.
It is amazing to know how tiny sensors can improve the monitoring, processing, and storage of data. Sensors are the fundamental components of the Internet of Things. IoT will affect the lives of both businesses and consumers profoundly. There will be a gradual progression of the impact that IoT promises on businesses. IoT will aim at improving customer satisfaction levels, productivity and financial performance or ROI. Moreover, there are great areas to explore in IoT. Henceforth, there are great opportunities in the research and development sector. Here are few SMEs that the Internet of Things will impact the most.
- IoT in Manufacturing
Supply chain, as well as production, will function smoothly. With IoT, manufacturers will manage the flow of materials and the production cycle in a much effective manner. Thereupon, businesses will minimize the inventory cost and capital risks. Information like wear and tear can be generated. It will in turn help in reducing operational cost, saving energy, and preventing failure of equipment. Internet of Things will eliminate the need of damage control. With IoT, there would not be any damage due to the timely tracking of data.
- IoT in Retail
With Radio Frequency Identification, modern day retailers are already keeping a track on inventory. With IoT, the stock gets never out of stock. In other words, the warehouse gets an alert as soon as an item reduces beyond a defined limit. The warehouse replenishes the stock on receiving the alert. IoT ensures payment options through credit and debit cards while leaving the store. IoT has already helped modern-day shoppers in having great customer experience. This keeps the buyers from standing and waiting in long queues.
- IoT in Healthcare
Healthcare professionals, doctors, and hospitals employ devices to track health. Even other diagnostic centers are using devices for monitoring the health of patients. These devices are called wearables. The users wear it for tracking data. Also, devices like FitBit allow the users to calculate their weight loss in terms of calories. Internet of Things has made lives of people healthier.
- IoT in Marketing
SMEs can collect bulks of real-time data of customers. With the help of this data, they can measure the consumer behavior. Furthermore, they can make proper marketing decisions and use it as an opportunity to get more customer base. With sensors, data like buying trends, consumer preferences and choices can be analyzed. By doing so businesses make personalized and improved marketing strategy.
- IoT in IT
With the Internet of Things, businesses can handle issues like data threats in the most effective manner. With IoT, businesses will soon be able to eliminate Cyber threats. Cyber threats are one of the most critical concerns today. There are several other SMEs that IoT will soon touch in the coming years. People have already started using IoT in their day-to-day lives for making their lives easier and convenient. Paying toll charges and parking fees through the mobile wallet or smartphone payment applications is just the beginning. Soon buses, trains, and metro will also have devices for transportation convenience of passengers. Furthermore, SMEs have started noticing IoT as an important way of building strong relations with consumers. SMEs have already tapped a portion of the potential and a lot is being explored in the field of Internet of Things.