In the near future, the Internet of Things (IoT) is expected to usher in an era of connectivity and efficiency on a global scale. Many small-and medium-sized companies, however, assume IoT has no application to their business. To dispel those false assumptions, we’ve compiled a list of four ways your business can benefit from using IoT devices.
With IoT sensors, supply chain management and order fulfilment processes improve markedly to meet customer demand. For example, sensors on delivery containers and trucks in transit give managers real-time status updates, allowing them to track their items and ensure they reach the right location at the right time.
IoT also presents automation opportunities for businesses that need to manage and replenish their stock. When data recorded from IoT devices are tied to your enterprise resource planning (ERP) system, you can accurately monitor your inventory, analyse purchase and consumption rates of a particular product, and automatically reorder items when IoT sensors detect that supply is running low. This minimizes out-of-stock incidents and prevents excess stock build-up.
Given how most payments are done electronically via point-of-sale systems or the internet, IoT has the potential to revolutionise the way businesses process transactions. We’re already seeing a few examples of this today as ApplePay not only allows users to purchase goods and services using smartphone applications, but through wearable technology as well.
Soon enough, IoT devices might even allow restaurants and retailers to register or charge their customers the moment they walk through the door.
Businesses that can somehow make sense of IoT-collected data will gain a competitive edge. Marketers, for example, can gather valuable insight into how their products are used and which demographic is utilising them the most. This information can then inform future marketing efforts and give businesses more direction on how to improve their products and services for their customers.
Although businesses will certainly face many challenges in implementing the Internet of Things, those who manage to overcome them will reap all the benefits of this burgeoning technology.
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Partially published with permission from TechAdvisory.org.