What is the Internet of Things and how this can benefit your small business?

The Internet of Things (IoT) is essentially an ecosystem of connected devices, mechanical digital machines objects - and other things - all of which have unique identifiers. What makes the IoT so unique is that it enables the transfer of data over a network without the need for any interaction, whether that is between humans or between computer and human. That could be anything, from a sensor to a heart monitor. It is truly revolutionary but how could the IoT benefit your small business?

The Internet of Things - how does it work?

The devices that make up the Internet of Things use embedded systems, from processors to sensors and communication hardware. The data that these sensors collect is then shared to an IoT gateway, or other edge device, from where data can be sent on. The Internet of Things has plenty of benefits for individuals and consumers, which is why it is increasingly being used in so many different areas of our lives. For example, it provides more opportunities to gain control of a range of different areas of our lives through automation and it helps us to work smarter and live in a way that encourages greater wellbeing and life experience.

How does the Internet of Things benefit businesses?

As well as the advantages that IoT offers for individual and family life there are many benefits that it could potentially deliver for businesses too. These are just a few of them:

• Tools to monitor overall business processes and look for ways to improve efficiency and better meet targets and goals.
• Opportunities to improve the customer experience and improve the relationships your business has with its customers thanks to the way that it looks after them and how services are delivered.
• Being able to introduce changes that save time and money and help to reduce budgets and spend.
• Ways to enhance productivity, make employees feel more supported and provide options for adding more value throughout the business.
• Adapting and integrating business models so that the business can take advantage of innovation and progress.
• Using technology to help make more effective business decisions and ensure that these are being informed by the best possible data.
• Tools that are designed to help generate more revenue for the business and optimise all the potential revenue streams available.

You don’t have to look far to find examples of where these benefits are being put into practice and creating rewards. From the sensors that are now used in the manufacturing sector for everything, from safety to performance, to the farming industry where sensors are used to help automate techniques and make farming more productive and efficient, so many sectors already benefit. In general, the Internet of Things offers any organisation ways to rethink parts of the business that aren’t working and tools to improve strategies. It’s a simple but very effective way to evolve your small business, make it more efficient, customer friendly and even future proof.