Top 5 IoT Trends That Small and Medium-Sized Businesses Can Leverage!

Managing a business takes an equal amount of calculated risk and safety precaution. Conveniently, there are modern tools that ease out the burden of managing a business and making it profitable. In particular, there is the Internet of Things or IoT. This enables machines to communicate better with each other, providing businesses with more efficiency and avenues to save operational costs.

The Internet of Things refers to devices connected in the same network. Data transmission is faster, which makes sharing of important documents quicker and more convenient. These and more highly beneficial results can help you through your business. In line with that, here are some of the important IoT trends that small-scale and medium-sized business can leverage today.

Lowered Operating Cost via Better-Connected Machines

Cutting down operational costs while increasing return on investments is common sense in business. This can be easier said than done, though, especially if manpower and machinery costs are not handled properly. IoT provides a neat solution to this concern by providing improved efficiency in business settings.

For example, when you can easily share documents from your laptop to your smartphone, then to your printer– you get things done faster. And you can cut down on administrative costs. Through other better-connected devices, you can remove various middleman in your business as well. Promote direct transactions instead. Let the machines work for you and minimise unnecessary expenses.

Secured Data Connectivity

IoT brings a wide range of improved security features to the table. Even though the technology is relatively new, it still has a bunch of safety measures that keep all of the exchanged data protected. The security from the individual devices will continue to work full-time while connected to the system. Take away any worries that might haunt you as you pass on files from one device to another.

The Internet of Things also covers improved security systems such as CCTV cameras connected to your phone, with a live feed that you can access wherever you are. It also involves helpful devices such as video doorbells, gas sensors that are better at detecting the presence of contaminants, and ACs that heat or cool rooms depending if there are people in it or not. All of these devices can definitely help you keep your business assets safer in a more convenient manner.

Artificial Intelligence as Tech Support

Why hire a team of tech support to answer client enquiries and solve technical problems when you can have an AI to work for you? You can also set up a chat support for your business, which will work 24/7, even if you or your employees are asleep.

The AI chat support can communicate in real-time for faster and better exchange of words between you and your clients. This way, they won’t have to wait until someone goes online to help them with their problems or to walk them through the things they need to do. As a small or medium-sized business, this will mean a lot for your finances. It could save you one or more full-time position to pay for, which would amount to a large sum in the long run.

Streamline Transactions

Given that you have the right devices to use, you can now move forward to faster and better transactions. Lower down the waiting time for your clients and receive what is due for you in the shortest time. Aside from that, even in your work process alone, you can have your staff exchange documents quickly to pass on the information in a timely manner. Also, this consolidates all the information you have and keeps it in a shared cloud storage. Hasten up how things go in your business with modern technology and its benefits. The quicker you are at delivering results, the faster you will have the profit you are looking forward to getting.

Mobile Payment is the New Norm

There are now n numbers of mobile payment options for businesses to leverage. Mobile payment is definitely a good solution if you and your clients are both busy to meet up personally. It saves you the time to meet up with your client, processes the payment, and complete the whole transaction. With the Internet of Things, clients can pay directly wherever they are and you can receive the money in your designated account within a short period.

If you’re worried about the security of money transfers, there are a variety of measures that can be put in place to better protect your finances. You can then skip the lengthy lines at bank counters or the agonising clearing period for cheque payments. Also, as a small business, you can save the extra fees the bank would probably charge you.

A Variety of Communication Tools in One

Since the Internet of Things is all about connectivity, the technology has given rise to communication tools that multitask and pack a punch. Good examples are Bluetooth or Ethernet devices that allow your staff to communicate smoothly within your network. Another good example is tools that enable not only voice and video calls, but screen sharing, presentations, word processing, and spreadsheet use as well. These make conversations smoother and clearer. Real-time communication becomes all the more possible. Thoughts and ideas can be shared immediately, and emergencies can be acted upon right away.

These are only a few of the tech trends we are seeing these days that are brought on by the Internet of Things. All in all, IoT is all about smarter devices that communicate better. There are great benefits that come with them and they present opportunities that should not be missed, especially for start-up businesses and mid-sized commercial establishments.

Suffice to say, IoT devices lighten the load of keeping a business afloat and helps keep expenditure down. Also, the technology can help bring people together in a more productive way. So, take full advantage of this technology to optimise your business strategy and gain the leverage you need to achieve success.

About the Author: Abhishek Agarwal, a BITS Pilani Graduate, is CEO & founder of Ohoshop, offering a retail mobile app for e-commerce businesses. He is constantly been part of the marketing team and worked in previous ventures like MobiCommerce (Magento based extension) and Design’N’Buy Web to Print Ltd (Software Solutions Provider for Printing Industry).