Do Iot Improvises The Business Efficiency – An Exploratory Study

Abstract

The objective of the study was determine the opinion on IoT for business operational efficiency form the business units employing IoT technology. Further to identify the important improvement made by IoT to increase the business operational efficiency. Herein for the descriptive research design was adopted. The data was collected from 67 respondents from 38 different business units who were using IoT. The data were collected using a structured questionnaire. From the analysis carried out it was understood that the respondents’ opinion doesn’t differ on IoT. They indicate that, IoT significantly contributes to decision making, easy data storage and retrieval, helps in identifying and rectifying the mistakes quickly, Improves operational efficiency and better system monitoring easily.  Also it was identified that there is significant relationship between IoT and business efficiency variable such as; Complexity in business operations, Supports decision Making, System monitoring was made easy, Reduced Workload, Easy data storage and retrieval, Better Customers Retention, Creating Competitive Pricing of Products and Helps in Competing in business competitions. From the Pearson Coefficient values, which was positive, it was understood that IoT significant contributes to increase in Business efficiency.