New Opportunities for Businesses to use IoT Technology

New Opportunities for Businesses to use IoT Technology

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by Alex Noah — 4 months ago in Artificial Intelligence 3 min. read
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In recent years, the Internet of Things (IoT), has seen more popularity in cyber markets. Statista projects the IoT industry worldwide.

The Internet of Things (IoT), which is a collection of connected devices such as smart home and office gadgets and others, has seen more popularity in recent years. Statista predicts that the IoT market will exceed one trillion dollars worldwide by 2030.

New Opportunities for Businesses to use IoT Technology

Businesses can now use IoT technology to increase their revenue. It is important to stay on top of emerging trends in the IoT B2B market.

1. Voice-Powered Technologies

With the popularity of IoT devices, customers and businesses are now interacting differently. Siri, Alexa and Cortana voice technologies can do multiple searches for customers as they order. Multiple searches are used by customers to place orders online. This shows that IoT is set for continued rapid growth.

Tech-savvy companies have a great opportunity to understand customer and client behaviour. Voice technology can also be used to eliminate the need for customer service representatives and virtual assistants. Automated voice technology can improve customer service, make it easier for customers to use the system, and increase efficiency.
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2. Analysis and Tracking of Retail Data

Your smartwatch, smart speaker and digital thermostat can all collect data to improve your business. These devices can all be connected to the internet and used to gather data from retailers.

The ability to gain valuable insight from customers in brick-and mortar establishments can be a boon for business owners. Data can be gathered from cash registers and store cameras as well as mobile customer apps.

This data can be used to integrate customer service solutions. If data is collected from cash registers, store cameras and mobile customer apps, it can be used to determine peak customer activities or plan for your inventory.
Also read: Top 10 Business Intelligence Tools of 2021

3. Cybersecurity

Every internet-connected device is at risk. There are many niche cyber companies that claim to be able protect you and your business in the best way. The process of choosing the right cyber company is similar as “merging houses” with someone.

Every business must find the right provider from these new companies. Cyber insurance connects companies. Cyber insurance is growing in popularity. This coverage is rapidly expanding. However, it is becoming less.

4. Internet Telephony

The office phone has become a highly versatile communication tool. These desk phones and rugged phones are no longer acceptable. These phones can do more than just make phone calls. Marketers and representatives will be able to make proactive use of social media based on location and nearby.
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5. Real Estate

Many opportunities exist to invest in industrial buildings that are connected to e-commerce. Many investors are not aware of the requirements of industrial businesses. Make sure that your facility has the correct IoT devices. Automated inventory management systems are available in buildings. Some inventory systems include IoT sensors and RFID tags. Smart shelves and temperature-monitoring sensors. A great place to start your business is real estate.

6. Seasonal IoT Retail

It’s not surprising to see IoT users using their devices for seasonal shopping in 2019. Smart speakers are the best gifts. Smart speakers are used by many people to shop.

As operating systems improve their voice search software, more people will use this technology to purchase gifts for loved ones. Voice search is a new way to find new opportunities for SEO experts and e-commerce marketing professionals.
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7. Patient Health Monitoring

Patient monitoring will soon be available in healthcare. Remote monitoring of patients will soon be possible from any hospital or office. This will reduce overall costs while increasing quality. Remote monitoring of patients is not a common practice at the moment.

8. IoT Virtual Medical Care

It is important to mention IoT’s use in healthcare. Remote medical services are now possible. Remote medical services can now be provided even when the doctor isn’t physically present. Healthcare has seen a shift in the way IoT is used.

9. Inventory Management

IoT can improve inventory management in retail stores. One of the most difficult tasks when managing an e-commerce shop or physical retail shop is tracking and storing goods. Low stock can be detected using a device. You can also send replacement orders. This improves efficiency, saves space and lowers costs. The final price reflects customer savings. Profits are not reduced.
Also read: Top 10 Programming Languages for Kids to learn

10. Senior Care

The IoT can be a powerful tool to assist the elderly and other people who need care. IoT is a great way to ensure food and other supplies are always available. It also allows devices to be used for monitoring and securing the health and well-being of the elderly, which is a vital aspect of healthcare.

Alex Noah

Alex is senior editor of The Next Tech. He studied International Communication Management at the Hague University of Applied Sciences.

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