The fast paced technologies have changed the way we operate our businesses. In order to make immense profits and meet the ever-growing demands of consumers, these businesses are making use of various technologies. According to various studies, the Internet of Things appears to be gaining real traction among consumers. Internet availability and the advancement in sensor technologies has revolutionized the way in which we observe the world around us. Internet of Things has been buzzing mainly around the small business arena and as a result, there have been limitless possibilities that these businesses have in store. There are massive numbers of individuals who are unaware of the IoT trend, its benefits and the ways it can be effective in generating revenues.
IoT is beyond the interconnection of office as well as home appliances and it is expected to generate over $1.9 trillion by connecting billions of devices by the year 2020. This concept has been propelled over several years and the ideology behind this was aimed to get it linked to an influential fundamental like the Internet of People. The devices are integrated with artificial intelligence so that they become IP addressable and it becomes feasible to connect them over a network. This enables various number of smart devices and things to participate in a connected ecosystem. This allows everyday objects to send as well as receive data resulting in information exchange creating new business models. This helps in improving business processes along with minimizing costs and risks.
It is all about services and not products. There are many ways in which a $309 million market can be fragmented into leading to many opportunities rather than manufacturing and sale of connected appliances. It is being assumed that IoT will serve in creating large Internet services or business opportunities. In order to get crucial information regarding working of devices, analytical software can also be used to extract data as IoT devices continue to grow exponentially. Interconnected electronic devices enables to determine inefficiencies regarding supply management and maintenance.
There won’t be proficient expertise in small enterprises who can do in-depth analysis of the extracted data. Rather they will make use of tools to cater benefits received by Internet of Things, As speculation runs high, it is being expected that enterprising IT partners can make benefits from these tools and results in making high profits to businesses. There is no denying the fact that this trend is set to offer opportunities to several industries in the marketplace, but this also depends upon the tools that are used to analyze data.
According to the researches, It was observed that there is a strong sense of enthusiasm among small-scale enterprises that are adapting towards the latest trends and technology. As per the analyst, 38 percent of small businesses are expected to adopt this trend till next year and 60 percent more are assumed to do so in the forthcoming years. This will help them in improved efficiencies, high revenues, increased customer satisfaction and will also result in high productivity as well as profitability.