IoT, or the internet of things, has taken the world by storm. In 2018, the smart devices market value is estimated at a whopping $164 billion and will grow exponentially in the next few years.

Every discerning business owner might be wondering whether IoT is ideal for their business and what they stand to lose by not investing in it. 

Well, here is all the information you need to decide whether to invest in IoT. 

What Is the Internet of Things?

Simply put, IoT refers to all the devices that collect and transmit data over the internet. Also known as smart devices, these appliances help to make life more convenient for users. 

For example, IoT devices include smart fridges that regulate temperature independently and smartwatches that double as health devices.

What Are the IoT Advantages for Business Owners?

IoT use is highly prominent in the personal sphere. However, the past few years have seen increased use of this technology in the corporate and manufacturing world. Some of the benefits that organisations enjoy by employing this technology include:

Lower Operational Costs

Smart devices can help businesses save a lot on their utilities. An innovative HVAC system, for instance, maintains a building’s temperature to a suitable degree. This minimises unnecessary heating or cooling that often leads to energy wastage. Over time, you will end up saving a substantial amount of money.

Additionally, you can use IoT devices to reduce your labour costs. For instance, voice assistants can competently accomplish most tasks that assistants do, like organising your calendars, connecting with customers on live chat video software and reminding you of when projects are due. 

Offers More Convenience

IoT devices make life much easier for everyone at the office. Take a smart printer, for example. Rather than deal with disgruntled employees inconvenienced by a lack of ink in the printer, you can have smart printers that detect ink levels and inform you when you are running low. 

Some devices even pinpoint issues as they arise, thus giving you ample time to rectify them. This can save your company a lot of inconvenience and worry. 

Smart locks are yet another IoT device that offers incredible convenience. With them, you don’t need to carry keys around all day. Additionally, since you can use an app to open the door, it is easier to access buildings when you are in a hurry.

Improve Your Competitiveness

There is no denying that the IoT is the future of business. Therefore, a company that fails to take advantage of this new technology will lose its competitive edge in the coming decade.

For instance, in the manufacturing field, IoT for automation can tremendously improve a company’s efficiency. The more efficient an organisation is, the better it will be at handling its customer’s needs. This enables it to retain its current customers and attract new ones. 

IoT Concerns

Granted, IoT has its fair share of concerns. However, the most prominent one is the security risk the devices pose due to their susceptibility to hackers.

However, you can quickly mitigate these risks by investing in solid security infrastructure.

So, Should You Invest in IoT?

By and large, the pros of using IoT in your company far outweigh the cons. However, before you decide to invest in it, ensure that it will help you meet your company goals. If it will, do not hesitate to incorporate it into your entity.