Internet of Opportunities for Entrepreneurs
The Internet of Things (IoT) has started to become an indispensable part of the ever-evolving technological landscape. It has been given many labels such as The Next Industrial Revolution, Industry 4.0, IoT Apocalypse, and more. We can say that IoT will soon dominate, or at least be a major part of, the world around us.
What is IoT?
The term ‘IoT’ has gained its due fame over the past decade. People debated it, many businesses incorporated it, and even more businesses are in the process to adopt it.
So, what exactly is IoT? In simple words, IoT, or the Internet of Things, is nothing but a connecting software that uses sensors to communicate. It enables you to connect your smartphones and wearable gadgets to other devices in your household or even vehicles! The ubiquitous availability of mobile connectivity, WiFi, and Bluetooth, coupled with the affordability and ease of integrating microchips in devices, helped IoT gain importance at a large scale.
Business Intelligence (BI) in the year 2017 suggested that, statistically speaking, there will be more than 55 billion IoT devices by the year 2025. They also forecasted that there will be $15 trillion worth of investment into IoT-based technologies between the years 2017 and 2025.
To know the basics of IoT, check out our blog on The Beginner’s Guide to IoT.
How Entrepreneurs can benefit from IoT?
Presently, there are very few sectors in the market which are not inculcating IoT in their everyday usage. Large companies of the world are looking for ways to apply the interconnectedness which IoT offers, to better their services and offerings.
Startups, small businesses, and even entrepreneurs should consider and include the benefits IoT can provide them in their new ventures. The affordability of data storage, easy analytics, and accessibility of software platforms and sensors shows that IoT is no longer limited to certain businesses and industries.
If you are a new business operating in manufacturing, healthcare, agriculture, or any other sector for that matter, there is a lot of competition out there. Startups or entrepreneurs who adopt IoT technologies initially in their development can benefit tremendously. Here are some of the business functions where IoT can be really useful.
- At Workplace
In terms of making business efficient, IoT can prove to be cost-saving. For example, a smartphone app can check a workplace’s energy usage, allowing them to manage the temperature and lighting remotely, anytime. This will help businesses become more systematic and energy efficient.
2. Re-Stocking Products
Software and tagging platforms can help entrepreneurs starting an e-commerce business keep a record of their stocks in real time. This will help them accurately restock and reorder their products, saving time on performing physical stock checks.
3. Analysing Market Behaviour
IoT can improve an entrepreneur’s product in the production stage, or even if it is in use by their customers. If an entrepreneur can record and track the performance data of their products, they can analyse the way it will behave or even how it is behaving in the market.
Being able to track and analyse real-time data from software and sensors will help a startup better understand and improve their business and offerings.
4. Monitoring Health and Irregularity of Employees
Today, IoT can empower startups to have a direct relationship with their employees. Many organisations have started to adopt IoT-driven SOS or panic buttons to help their employees in critical situations and circumstances.
IoT can also improve the productivity of employees. Through IoT sensors and solutions, organisations can digitise daily tasks and convert them into actionable insights in real time. This will reduce operational costs and increase employee satisfaction.
5. Solving Human Biases
Apart from the popular belief that AI is snatching away jobs and employment opportunities, AI has helped organisations enhance collaborative intelligence. It promotes diverse thinking while reducing work on tedious administrative tasks. IoT and AI can help detect cultural sensitivities through voice tones and previous inputs. They can also help recruit employees inclusively, and based truly on merit, by masking their gender, name, and other similar identity-related details.
6. Collaborating through IoT
The information sourced from IoT can fuel design changes which separate businesses and products in the marketplace. For instance, Dell and Intel collaborated to create Dell IoT Lab. Similarly, many companies are trying to fill their skill gaps by collaborating with other large companies for IoT development.
Dominance of IoT
The opportunities for IoT are boundless. This is because it is a massively growing area of technology. IoT has given way to many digital trends. It has eased out connectivity and communications. More than that, the advantages of IoT are endless. It has made businesses make faster and smarter decisions and is leading a new wave of innovation.
