What is Internet of Things and how it can help startups to grow

The use of Internet of Things (IoT) devices in business is rapidly increasing. Gartner predicts that the number of global IoT connections will reach approximately 25 billion by 2025. Startups can benefit from IoT in a variety of ways, including lower operating costs, new consumer insights, and opportunities to optimise business operations. 

IoT is basically a collective network of connected devices and technology that facilitates communication between them and cloud.

Ashish Aggarwal, director, SpaceMantra, said that the Internet of Things can allow startups to collect massive amounts of customer and product data, providing insights into how products are used and can be improved to improve the customer experience. 

Businesses that use IoT to drive organisational modernisation to reduce time to market for new products or services and increase ROI. Since actionable data from the devices is easily accessible, they add value to new startups to grow faster and more efficiently.

IoT devices also enable businesses to track, monitor, uncover and analyse customer data more quickly than ever before. Startups can anticipate changes or trends in customer behaviour. Personalization based on previous experiences helps in improving the customer experience with advanced IoT technology. 

IoT devices can assist startups in gathering, transmitting, and analysing personal data on customers, allowing them to provide a superior customer experience that engages them on a deeper level and increases customer loyalty. Such devices are also cost-effective because they help businesses optimise workflows and reduce operating costs by providing real-time data. 

Aggarwal said that there are some challenges like security and privacy. It is difficult to keep the data collected and transmitted by IoT devices secure as they evolve and expands in use. He said that enterprises should ensure that the data they collect comply with regulations. Also, deploying IoT devices frequently necessitates significant time and financial investment. Besides, adopting any new technology necessitates staff training in new skills unless you hire a third party.