Your business needs to know about IoT, whether you think you need to or not.

The Internet of Things (IoT) has become one of the fastest growing technology industries in history. As of 2022, there are over 14 billion connected devices on the IoT with the number to reach over 20 billion by the end of 2026. With that many devices, you may find yourself wondering what types of devices they are. Today, we’ll go through exactly what devices make up the IoT and how to get the IoT to work for your business.

You Are Definitely Already Using IoT

You may not have a dedicated strategy for the Internet of Things, but that doesn’t mean that your business doesn’t already depend on IoT devices. Employee smartphones, which are probably the most impactful IoT devices when it comes to widespread use, definitely have a role inside your business. Whether you allow your staff to use their smartphones for work, or you provide them with work-specific phones, the smartphone is a valuable business tool and allows businesses to increase their reach both inside and outside of the business.

Consider for a minute how you use your own smartphone. Before you buy anything don’t you take a bit to research the product, look for favorable pricing, and other variables? Today, most people use their smartphones to drive most of their purchases. These devices are often used for business communications, the administration of business, as well as productivity in some situations.

Aside from smartphones, there are probably a fair amount of IoT devices that access your business’ network, even if you haven’t set them up. Employees love smart devices such as wearable technology. Many businesses have started to use smart devices to help manage their electricity usage, their HVAC systems, and other parts of their physical office.

Deliberate IoT Growth

Many businesses have been cognizant of the benefits of IoT for quite some time and have made strides to incorporate smarter systems into their offering. One part of the business that a lot of organizations are incorporating IoT devices into is inventory management. By using sensors, a company can streamline their current inventory management as well as their procurement of inventory when it needs to be replenished. By using IoT to automate these tasks, you reduce the reliance on human resources, which can reduce costs significantly.

Improvement to the Customer Experience

One of the best things about the IoT is the improvement your business can create to your customer’s experience. As we briefly mentioned earlier in the article, most people use their smartphones to shop. The more accurate you can represent your company in ecommerce, the more information that your staff and the customers are able to get. This added transparency provides everyone with advanced experiences and can help retain talent and get customers to come back.

Data Sharing

Every business relies on data to some degree, but businesses that have decided to integrate IoT have a cache of real time data that will not only give them the insights into how businesses, employees, and customers are interacting with the company, it also provides a baseline of actionable information that can help improve processes and help managers make strategic decisions.

The IoT can be extremely beneficial, but it can also take some insight to properly implement. At SMG Business Solutions Ltd, we work with innovative business technologies everyday, so helping businesses get more out of their Internet of Things initiatives is right in our wheelhouse. Give us a call today at 0207 898 3500 to talk to one of our consultants about getting the IoT to work for your business.