Leveraging technology has been one lever for success for many SMBs. At the same time, as many technologies are getting widely adopted, there is little competitive advantage from using older technologies. IoT which stands for Internet of Things is one new technology that can give a good advantage to an SMB in the market place. In this article, we are providing a simple understanding for SMB owners about IoT.
By making mention of IoT (Internet of Things), we are speaking of the current trend where, many objects, devices, etc are getting connected to the Internet. To be more precise, devices that are enabled to send and receive information through the Internet, devoid of involvement of people, come under the purview of IoT.
Functioning of IoT
At this point, it won’t be inappropriate to have a basic understanding of how exactly the system of the Internet of Things works. Here, objects and devices accessing the platform of IoT have sensors built into them. And, the platform assimilates data from varied sources, uses analytics and then delivers information most appropriate to the given device.
As a matter of fact, the IoT platforms are so robust that they can differentiate between details that are crucial and information that is irrelevant. During the early phase of the Internet of Things, the focus was primarily on how commercial entities can be made to benefit from this technology. But with the passage of time, it became all-encompassing. This is in the sense that, even residences began to go with objects and devices based on IoT platforms.
Let’s now take a glance of a few real examples of how the Internet of Things platforms have simplified things for people and businesses:
- We have sophisticated thermostats that take in data related to location, while you are traveling in your car. Based on the information received, the thermostat modifies the temperature of your home, well before you reach the place.
- Similarly, when a showroom intends to know as to which of its offerings are having maximum demand, the IoT platform doesn’t disappoint. The sensors fixed in the outlet would promptly pinpoint precise sections of the place where customers spend most of their time. Additionally, here the business obtains information about products having a maximum volume of sales, courtesy the easy access to extensive sales database.
- On a bigger scale, there are now many smart cities, in which sensors are found at almost every nook and corner. With these sensors, the city is empowered to remain in control of numerous facets of the environment. Smooth flow of traffic, management of waste and timely weather alerts, etc, are a few things that can be achieved.
Overall, there is a tremendous enhancement in the quality of life of the residents of these places and this is solely attributable to the IoT system.
One more realm where the platforms of IoT have changed things for the better is in the area of agriculture. The sensors that have been installed in agricultural fields are making sure that correct guidance is given about the exact time for irrigation of crops.
There has been a noteworthy increase in the number of IoT devices during the preceding three years, on a worldwide basis. It is projected that the total number of these devices would exceed 20 million, in about the next year. The writing is on the wall! SMB businesses should lose no time in quickly adapting to this awesome technology!