An article by Dave Jarvis, Business Development Executive at eTatvaSoft.
There is nothing new about the fierce competition going out there across the globe; the fear of staying behind compels each one of us to ride the growth in your business you have to adapt to market trends. But the question is what does it mean to adapt to market trends?
Over a span of years, disruptive technologies such as the Internet of Things (IoT), artificial intelligence, AR/VR seems to have created a huge impact on our lives. Everything seems changed right from the way we view, use, analyze and most important of all interact with these smart devices especially in the profit-spinning realm. Days have come where we are able to witness how internet-connected virtual assistants, appliances, security systems and more can all communicate and coordinate with each other, allowing business owners to automate as well as streamline mundane, time-consuming activities.
To many of you, especially small businesses, IoT may sound like complicated or expensive tech at first; some kind of a personal gadget which should only be inherited by big giants. This is completely a myth! The Internet of Things (IoT) is basically a network of connected devices and sensors. When being a new concept, it was being understood by academic and business researchers in terms of its potential. But now, things have completely changed.
Fast forward to the present, the world including large, small and medium-sized businesses have not just accepted but are seen fully embracing the tech in regard to digital assistants (Alexa & Google Home), connected doorbells, smart thermostats, smart appliances, wearable fitness trackers, remote security and monitoring systems, connected vehicles, driverless cars, etc.
Internet of Things (IoT) is the next big, How?
When trying to maximize value with IoT one should always remember that the paramount to any successful implementation begins with having an exact understanding of what you wish to achieve using the tech in particular. For example, when using IoT, one must consider what data its connected ‘thing’ will need to communicate. After this, you will be automatically able to determine the required level of connectivity as well as the device type. In the end, nothing can stop you from achieving desired data processing and communication functionalities.
Now before you hit upon choosing the level of connectivity required, one must ensure you are paying for what you actually require. After all, it’s not all about you and what you think you need! This is the time when you need to work closely with providers to achieve the best returns. In addition to this, don’t forget to pay attention to certain factors such as cost, location, international travel, the type of data to be collected and the frequency of which it is communicated are all integral to a business’ selection of a connectivity solution.
On and all, if your business can strategically combine and execute these elements in a way, success is inevitable for you.
Incorporating IoT in Your Small Business
#1 Virtual assistants at your service
I am sure you must be well acquainted with Google Assistant and other IoT assistants like Siri. But have you wondered these so-called “house helpers” when incorporated into teams can add productivity and efficiency to our workdays. Moreover, it saves time looking things up such as:
- Payroll question
- Scheduling meetings
- Changing appointments
- Reordering office supplies
Yes, you are getting it right! There is no better way to control inventory.
#2 Create an intelligently tailored network
With IoT being applied to a plethora of areas especially in businesses, there seems to be a severe need to design a smart network around. So what needs to be done? Enterprises irrespective of their size should look beyond the IoT’s myriad of functionalities, thinking very carefully about how, when and what data needs to be communicated. By doing this you will certainly be able to create an intelligent network for each business, allowing for scalability if required, without risk of over-implementation.
#3 Track time, productivity and collaboration
By linking computers and mobile devices, you will certainly find a way to understand exactly how much time people are spending on a project; of course on an individual basis as well as on a collaborative basis. This definitely helps in better understanding who and what is impacting the ability to achieve greater productivity. Also, having a real-time ability to see can exaggerate well on what is impacting project completion can speed up how these issues are addressed. In fact, it turns out helpful when working with remote staff who you cannot otherwise track in terms of their productivity.
#4 Road to business opportunities is opened
By incorporating disruptive technologies such as IoT, you are fortunate to encounter new business opportunities that aid you in regard to revenue streams developed by advanced business models and services. As a result, more and more IoT driven innovations enable you to build strong business cases, reduce time to market and increase return on investments. Also, the Internet of Things has the potential to transform the way consumers and businesses approach the world by leveraging the scope of the IoT beyond connectivity.
In contrast to your understanding of IoT, with enhanced asset utilization and productivity, entrepreneurs can save a huge amount on their expenditures. For example, predictive analytics and real-time diagnostics play a significant role when it comes to driving down the maintenance costs.
There is no debate about the fact that IoT has reached the pinnacle of inflated expectations of emerging technologies. Unlike earlier times, organizations are now able to overcome some significant challenges like data and information management issues, lack of interoperable technologies, security and privacy concerns, and the skills to manage IoT’s growing complexity.