Unless you are quiet and dull like a moss covered rock, you must have heard about the Internet of Things. Anyway, the Internet of Things (IoT) can be succinctly defined as a development of the internet in which everyday objects have network connectivity allowing them to send or receive data. It’s more like the social network of things. At the moment, developed countries around the world are throwing a huge sum of money on the Internet of Things. Established research firms predict hugely diversified usage of IoT-enabled devices in retail, manufacturing, agriculture, automation and our daily home appliances. IoT is a quiet revolution and already holding the beacon of the new industrial revolution which has already begun.
So how it has got to do anything with small and medium companies? Well, SMEs in any country around the world are major contributors in employment and the economy. That’s why SMEs need to leverage their business by usage of IoT.
And as per Gartner predictions of IoT, by 2020, this world will have 4 billion connected people, 50 billion devices (8 Per Person), and 2.6 trillion pounds of revenue from IoT and over 25 billion embedded and intelligent systems, 25+ million applications and 50 trillion GBs of data. The statistics are outrageous, right?
Now, the main components of IoT are sensors, things (devices, machines etc.), data, internet connection, systems (analyze, process & store the data) and communication platform. This components will allow any SME for a consumer-oriented approach in the future of technology and will transform the economy and the way consumers and businesses live via usage of next-generation of energy friendly connected devices.
SMEs in retail can seamlessly integrate their processes for a consumer friendly outcome. Everyone benefits here. IoT in retail breaks new norms to pave the way for fostering better business for SMEs.
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