The abbreviation of the Internet of Things, IoT, is probably something about which you heard.
If you still think that IoT is something about smart home, or can be used only by automotive, real estate or healthcare major industries players, we are going to bust these myths. You should know that the internet of things technologies can be just as useful for small companies as for larger ones. Smaller businesses are often better able to implement practical initiatives for both commercialized solutions and internal operations. Both of those are areas where IoT can come in handy.
In 2017, 38% of Tech Pro Research survey respondents stated that their companies were already applying IoT devices. 16% said that they were planning an IoT rollout in the next year. 24% were considering IoT use. It seems clear from these statistics that IoT for business purposes is no longer a secret.
The question that many small business owners might be thinking about, though, is what exactly IoT benefits would be for their companies.
There are two answers. The first benefit of IoT is to utilize it in a way that is both practical and affordable and is helpful to the company’s internal operations. The second is for companies to pursue commercialization of IoT solutions in ways that fit the needs of the particular industry with which they are familiar.
If you still are thinking that IoT is about smart home and can be applied only in the real estate
What Value Does The Internet Of Things Iot Have For Your Businesses?
Cost Reduction
An IoT solution that relates to cost reduction is the first place that many businesses look when they’re examining this new tech. You can use it for inventory management, with small sensors on items that otherwise could be misplaced. You can also save money by using IoT to help with safety compliance with national and state agencies.
Efficiency and Productivity
Where efficiency and productivity are concerned, IoT can utilize available resources by automating many aspects of office work. An IoT thermostat could monitor the temperature and make sure that it is kept at the optimal level. This would make it unnecessary for workers to make those adjustments, and they could better concentrate on their tasks.
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Cyber-Security and Privacy Concerns
IoT devices that are not run via a centralized network are notoriously difficult to hack. That is because cyber-criminals must try to access them piecemeal rather than gaining control of them simultaneously. Privacy and cyber-security concerns are also lessened with IoT devices that are encrypted with passcodes that are changed frequently.
Controlling Inventory
The future of IoT is certainly tied to keeping track of inventory. Goods that come equipped with IoT connectivity are much easier to track and store. They cannot be easily misplaced, which can save small businesses thousands.
New Business Opportunities
Examples of IoT often make entrepreneurs think about new business opportunities. Knowledge of IoT sends a powerful signal to investors that your small business is on the cutting edge. You can likely attract new and diverse clients if you implement IoT in a practical way.
Customer Experience
IoT development has been a boon to customers in many niches. That is because your employees can more readily access stored information for your network of clients at a moment’s notice.
Mobility and Agility
The automation capabilities that IoT provides for smaller companies allows them to imbue devices with a great deal of data. The mobility of these devices comes about from their size. The company can then use that data to gather information on their customers to better serve them in the future.
Improving Customer Experience
Companies that use IoT are better organized. It stands to reason that better organization will lead to faster, better customer service across virtually all niches. The benefits of IoT in healthcare and many other industries are much in evidence according to customer feedback.
Collecting New Data
IoT-enabled devices that small companies use can give them access to entire new databases that they compile when such products are out in the world. There’s no longer any need to ask questions of customers through surveys.
Reducing Labor Costs
IoT startups often make use of automation. Machinery used for the making of products that features IoT compatibility means that fewer human workers need to be hired, driving down overhead.
Improving Efficiency
IoT-enabled machinery also means that fewer mistakes are made. Human error can cost small companies a great deal of money every year. With IoT technology, the likelihood of that happening is far less. Thus, IoT is key to the improvement of industrial efficiency.
IoT for Internal Operations
IoT systems set up within a company is a way of automating things like meeting schedules and minute taking while those meetings are occurring. Internal operations that used to require humans for the minutia can now be turned over to such a system.
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Commercialization for IoT Solutions
An IoT system or device being sold to a customer base is an idea that many niches are taking advantage of already. Such devices, like wearables, smart homes, etc., are rapidly becoming more widespread.
How To Get Started With IoT For Small Businesses
All SMBs should at least consider IoT implementation. Plans don’t have to be elaborate. They should consist of careful scrutiny of their current business model, followed by a cost-benefit analysis for areas where IoT could conceivably be useful.
Begin by looking at practical ways that IoT will work for your company right away. If your business is very small, the only IoT changes you should be making are those that are sure to pay off immediately.
Examples of IoT changes that small companies can implement for immediate benefit might include security and monitoring systems for facilities. You might look at environmental monitoring systems for factories or tracking systems for mobile devices.
If you’re in a niche industry and you discover a unique use for IoT in your operations, consider commercializing it. Conglomerates that sell IoT devices and systems commercially often depend upon smaller companies to come up with such solutions. Maybe you can license your product idea or sell the item directly. IoT can be useful for your small business. You should at least look over the possibilities and think about whether to move forward with this exciting technology. If you have an idea that includes IoT, and you need help with product management, then be sure to hire a team that has extensive experience in this area.
