If you ask an industry professional about IoT benefits they will say it’s almost endless. This may be true in some cases but it is not the case of every company because the implementation cost will be unaffordable to many companies. Even though small businesses have a lot to gain from implementing IoT. The benefits or what it can do varies depending on resources and business type. For a small business, the benefits can be divided into two categories: efficiency and cost-effectiveness.
IoT devices can be used to simplify and streamline many work processes to increase efficiency. If those times eating administrative tasks like scheduling are automated, it can help the business stay productive by focusing on other important tasks. Virtual assistants like Google Assistant or Alexa by Amazon can be assigned to do these duties. Also, a small business focusing on moving packaged goods can optimize their warehouse activities to increase their efficiency. It can implement RFID tags on warehouses. These tiny sensors help employees track delivery goods throughout the entire chain. Many giants in this sector have already implemented this transformation. Flipkart and Amazon are achieving greater efficiency through these IoT implementations.
It is generally said that IoT devices make things more accessible. This accessibility gives rise to higher productivity for businesses. The other benefit of IoT on small businesses is cost-effectiveness. IoT version of workplace equipment can make a huge cost reduction over time to the company. The implementation cost will be high during the installation, but later on, it will make a profit over time. Mundane gadgets like smart thermostats can help in reducing energy use and providing an on-time monitoring tool.
Another efficient use of IoT in business is to predict maintenance of machinery, which allows companies to predict equipment malfunctions even before they become problematic. This is possible by using IoT sensors in monitoring machines, which helps companies to avoid repairs and also helps in avoiding downtime due to the malfunction of equipment.
While considering the implementation of IoT, the small business should think of what their immediate needs are. Small business owners must find what areas can be improved and bring greater efficiency by implementing this IoT. By proper implementation of IoT into the operation, companies can achieve efficiency and cost-effectiveness.