If you thought the world wide web was the greatest internet revolution of this century, you better think again. Internet of Things, or commonly referred to as IoT, is the newest advancement in technology that will no doubt change the way businesses of all sizes operate. For you to fully take advantage of this newest revolution, it is important to first understand what it is.
What is IoT?
The Internet of Things is defined as a system of interconnected computing devices, digital and mechanical machines, animals, objects or people who are provided with unique identifiers that enable them to share and transfer data through a network without human-to computer or human-to-human interactions.
Impacts of IoT on Small Businesses
Businesses are the top adopters of any technological development. Business investment in IoT will grow to about $832 billion by the year 2020. However, the expenditure on IoT is expected to grow by more than $6 trillion among consumers, businesses, and governments within the same period.
Businesses that decide to embrace the IoT idea wholeheartedly will benefit immensely from this new trend. In sum, IoT can improve the bottom line of any business in three main ways: i) Increase productivity; ii) reduce operating cost; iii) develop new products or expand to new markets. Let us now look at cost reduction as a leading benefit of IoT to small businesses.
Cost reduction and IoT
IoT can help you reduce operating cost and improve the bottom line of your small business through:
iii. Creating potential revenue streams- If your business installs products to customers, you can offer to install a sensor to the product and monitor the product on behalf of the customer at a fee.
Examples of IoT platforms for Small Business
There are a number of IoT platforms that have come up and can be used by small businesses to achieve their cost-cutting goals and improve their bottom lines. Here are some examples of these IoT platforms:
iii. Smart fleet trackers can help small businesses to track shipped products, save money and time and reduce customer satisfaction.
A final thought:
As a small business owner, you have the choice to either embrace the new trend that is being powered by IoT or not. Smart business owners appreciate the need to embrace technology. If you desire to cut the cost of operating and improve your bottom line, IoT promises to help you to achieve these goals.
by: Dennis Hung
Tags: IoT, Small Business, technology
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