How to Harness the Power of IoT and Grow Your Business

The Internet of Things (IoT) grows continuously. As high-speed internet becomes increasingly portable and accessible to everyone, expect to see even more devices connect to the cloud. There are many ways technology benefits small businesses. 

To get a feel for how fast the IoT grows from year to year, Statista offers a graph showing the number of connected devices between 2015 and 2025. In 2015, there were 3.6 billion devices tapped into the IoT. By 2025, experts predict 30.9 billion connections. 

Although industries such as medicine have a more significant investment in technology, even small businesses can benefit from utilizing the latest devices. How is IoT used in business? Here are some ways you can harness the power of IoT and grow your company. 

1. Audit Processes

Look at every aspect of your business and find the areas needing improvement. What can you easily automate with a machine or an app? 

Turn to your customer complaints records. The things aggravating to your clients are areas where you can improve. Were shipments too slow? How can you tap into software that finds the fastest shipping method? Perhaps you can automate picking from the warehouse. Look for ways to streamline your operations. 

2. Invest in Edge Computing

The issue with some IoT devices is that they take a lot of power to operate. Cloud-based computing may not be enough to meet your needs as your business grows. 

Some industries require regulation and tightly controlled security. Low latency ensures faster response times and better security. You’ll be better able to meet requirements such as the General Data Protection Regulation (GDPR) act and local restrictions. 

Cloud computing doesn’t always deliver the amount of storage or meet demands in some industries. Edge computing and cloud computing work together to create a hybrid operating system meeting the needs of a rapidly growing organization.

Upgrade your Network Cabling – with a number of technological advances over the recent years, there are new and better solutions introduced for cabling all the time. This means that if your office network was setup 5-7 years ago, it is outdated by now. Network Cabling upgrades can go a long way improving productivity of all the IoT things below.

3. Improve Data Analysis

The more information you have on your target audience, the better you can serve their needs. Data analysis is a vital part of figuring out where you need improvements. By consistently replacing failing processes with successful ones, you’ll slowly grow your customer base. 

The IoT allows you to collect data from multiple sources, input the crucial facts and come up with a detailed report. You’ll be able to see everything from demographics to psychographics. You’ll understand who buys from you and who bounces away to a competitor. 

4. Enhance Field Work

If you have technicians who go to job sites, staying in touch can be a big challenge. Figuring out how to use mobile devices and tap into a central database improves customer service and may keep your technicians happy in their jobs.

Look at the software available to your industry. Nearly any major field of work will have at least a few apps you can install and use today. Imagine your project manager can see at a glance where every person on their team is at any given moment. 

You can also fill any gaps, assign people where it makes the most sense and even enhance scheduling. 

5. Master the Customer Experience

In a study by Forbes Insights, 56% of executives mentioned they were using technology to improve CX’s consistency. About the same number wanted to optimize for specific customers. 

The IoT helps businesses create a customized CX for individuals. The last time you visited Amazon.com, you likely noticed they recommended products to you based on past purchases or browsing history. 

There are many ways you can tap into technology to offer particular suggestions to your customers and leads. The more specific each recommendation is to your clients, the more likely they’ll return or add additional products to their order. 

6. Track Shipments and Inventory

Never worry again about running out of a hot item. Use software and the cloud to update your supplies in a nanosecond. You can even incorporate your inventory tracking into your online shopping cart. Know when you’re getting low on something and automatically place an order for more.

You can also use sensors and software to better track shipments. Know where a package is. If there is a delay, you can immediately notify customers and offer a solution. Stellar customer service helps your brand grow because people will recommend you to others. 

7. Increase Productivity

Every type of business wants to improve productivity and processes. There are hundreds of ways the IoT can help you do so. 

There are apps to track tasks and let your workers know if they’re getting off schedule. There are tools to help remote employees communicate with others on the team. 

For small factories and warehouses, sensors help tell you if a machine is shaking or overheating so you can fix it before it fails. All the devices available to businesses help prevent issues, automate work and remind people to focus. 

8. Reduce Waste

Every brand has areas where they waste money. Perhaps you bought too many of that great new product, and no one wanted to buy it. Maybe you misprint labels 100 times a week, and the cost of stickers grows overwhelming.

Adding tracking, sensors, and other IoT help allows you to see where you’re wasteful, put stale inventory on clearance and better track everything. When you have an idea of where waste is, it’s much easier to reduce it. 

Where Will IoT Go in the Future?

There’s no telling what types of devices businesses will have access to in the near future. Cities are investing in smart technology infrastructure. Lighting a fast fiber optic cable will make access more affordable and convenient for everyone. Be open to changes in your industry and see how you might improve your business. 

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Eleanor is editor of Designerly Magazine. Eleanor was the creative director and occasional blog writer at a prominent digital marketing agency before becoming her own boss in 2018. She lives in Philadelphia with her husband and dog, Bear.