IoT is a powerful driver and force multiplier to keep SMEs competitive by becoming real-time information driven.
Recap of Previous blog – Indian SMEs: How IoT Pave The Road To Success?
Small, Medium Enterprises (SMEs) and Manufacturing play important roles in the economic growth & employment of India.
Impact of IoT Technology On Various Indian Sectors
Retail
IoT technology is being used in retail stores to enhance in-store customer experience. Buyer’s grocery list from smartphone connects as he enters the store and save his shopping time by navigating the organized path. RFID (Radio Frequency Identification) enables retailers significantly reduce inventory load and maintain inventory accuracy.
Marketing
Real-time consumer behavior data transformed into information to be used for critical business decisions. Big data Analytics provide SMEs a solution to minimize their cost and take instant marketing decisions without going wrong. With IoT, they can quickly and economically collect and analyze a huge amount of data on consumer surveys and market research.
Manufacturing
IoT enables small manufacturers to setup highly efficient production and supply chain processes to reduce inventory cost and minimize capital risks. It not only easily diagnose poor product quality causes and take corrective measures but also eliminates the need for damage control by spending on urgent and costly repairs.
Transportation
IoT provides users real-time information with convenience about parking availability in parking lots, public transportation systems, pay toll or parking charges through IoT enabled smartphone apps or Wifi. SMEs can use this information to develop mobile applications based on government requirements.
Application Development Hardware And Software
IoT enables various SMEs to build infrastructures that meet the dynamic necessities of information management, scalability, regulations, and are highly safe and sensible. IoT generates demands of niche applications development for specific industry and for a specific product along with cyber security and data storage features.
Medical Services
With IoT technology, SME healthcare service providers boost their revenue and garner patient’s trust. They can monitor patient’s health by tracking data through wearable gadgets and provide better treatment or diagnosis for a health issue.
Education
Educational apps leveraging IoT enable the teachers and students to create interactive 3D graphics textbooks which feature videos and provide the capability to take notes. Enormous data can be collected and sent to the central office server automatically eliminate any human intervention.
Automobile
IoT enabled mobile devices as control devices to operate connected car. New automobiles equipped with data connectivity, either through a built-in communications module or by a tether to a mobile device is a disruptive change which brings all-encompassing connectivity, mobility, integration, and immersive experience.
Take Away
There are endless opportunities for SMEs in IoT technology in every field of business. Organizations can utilize big data and improve customers’ lives. SMEs must ensure that customer privacy and security is not compromised in the pursuit to remain super competitive!
InfintrixGlobal helps organizations to tap IoT Solutions and Services to enhance operational efficiency and transform their business into competitive differentiators through innovative IoT solutions.
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