The internet of Things in Business | Sumit Selli

2/28/22, 12:27 PM

The internet of Things in Business | Sumit Selli | Business

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The internet of Things in Business

by Sumit Selli | Jan 20, 2022 | Business, Sumit Selli, Wealth Management

The Internet of Things (IoT) is an overwhelming subject to many, yet it has been bringing about groundbreaking changes within business sectors. IoT is the term used for an extensive network of devices (sensors, software, etc.) that connect and exchange data through the internet.

So, how does an idea such as this help out a business? There are hundreds of ways to help, with the only limitation being the depth of human imagination. IoT has already begun to impact healthcare, automotive, manufacturing, and even energy industries.

Inventory Management Many businesses rely on their ability to track and record inventory. Without a comprehensive system, it wouldn’t be possible for these companies to meet demands or ship out products promptly.

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2/28/22, 12:27 PM

The internet of Things in Business | Sumit Selli | Business

IoT applications have made this process more straightforward, as they offer a certain level of atomisation when it comes to inventory management. It also reduces room for error, as scanned QR codes automatically change counts as employees work.

Efficiency and Accessibility IoT has significantly impacted both efficiency and accessibility in equal measures. Consider the above example – it is much more efficient to update inventory as one works rather than take the time to update it later. This is merely one way that IoT can help simplify the process.

Real-time updates allow for a higher level of communication among a company and its customers. In other words, it helps a company function at peak efficiency. Likewise, a sufficiently technologically savvy company is more likely to implement IoT tools that would allow its employees access and manage their jobs.

IoT tools can go beyond a scanner, as scanners, sensors, and even cameras can be implemented to help track and support the best business practices. More than that, a company can learn from the metrics these tools provide, creating a better system in the long run.

Customer Experience Monitoring supply and demand is one way IoT has helped companies interact with their customers. The simple truth is that communicating with customers is one step in this process. The ultimate goal is to understand a customer’s wants and needs.

This is where IoT and computing come into play. These tools can concatenate endless amounts of data into compact and understandable reports. In short, these tools can help a business understand its target audience better. This, in turn, has a positive impact on customer experience.

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