Verizon's 2022 Small and Midsize Business (SMB) survey highlighted the importance of investing in technology, with it seen as "a key ally to help them overcome lingering challenges to improve sales, boost talent acquisition, and tackle rising inflation and supply chain issues." An important technology to consider is the Internet of Things (IoT), with IoT revenue forecast to reach $594 billion this year alone, according to CompTIA.
Here's a look at how SMBs can make the most of the technology, including how IoT programming and solutions can help to add value, and where it makes sense to consider adding IoT developments and offerings to your business strategy.
What is IoT technology?
The Internet of Things (IoT) describes a network of devices that, in effect, talk to each other via the Internet. IoT devices are equipped with connections and sensors that allow them to communicate and share information. You may already use many IoT devices—ATMs, fitness trackers, voice assistants are all common examples. Berg Insight estimates there will be 4.3 billion IoT devices connected to cellular networks worldwide by 2026.
Data generated by IoT devices can be collected, viewed, analyzed and used to produce process or business improvements. In effect, getting started with IoT and technology could allow you to see what's happening in your business more readily, spot emerging patterns and introduce far greater context, awareness and insight into customer exchanges or interactions.
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