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How to Reduce Business Costs With the Internet of Things
- January 27, 2023
- 11:30 pm
Jared Seyl
CEO-DDHQ
The phrase "Internet of Things" (sometimes referred to as IOT) has likely been bandied about a lot lately.
Many entrepreneurs are fascinated by buzzwords like reactive technologies, retrofitted sensors, and predictive maintenance that are percolating through newsfeeds. However, is investing in the IOT a good business decision or is it just hype?
Tim Reid, a network systems engineer, and consultant for business and government predicts that the Internet of Things will have a significant impact on small businesses. Reid emphasizes that smaller businesses will be able to reduce expenses and improve their competitiveness as a result of the new technology, referring to the idea of billions of devices being connected to the Internet.
Although the Internet of Things is not a new idea, it is developing and becoming increasingly important to our daily lives and how small businesses succeed.
According to a study by Cisco and logistics service provider DHL, the IOT will save businesses $1.2 trillion in productivity expenses.
Are you prepared to operate one of such companies? Here are a few ways the IOT can boost the financial performance of your business:
Inventory Management
Even when expensive inventory is kept at a distant place, like a warehouse, it can still be monitored. Businesses may order more inventory when it becomes depleted by installing inventory sensors on small and large products.
Safety Compliance
There are numerous municipal, state, and federal rules, but Reid notes that small enterprises frequently lack the resources to hire internal compliance teams. IOT enables small firms to utilize sensors to track temperature, air quality, and other potentially regulated variables.
Potential Revenue System
The big thing about the Internet of Things, according to Reid, is that it can serve as a model for recurring income every month. For instance, a small business can “offer to monitor it for customers for a monthly fee” by installing sensors on a product.
Security
For many years, physical tape that could be removed or damaged was used for video monitoring. Videos may be seen remotely thanks to the IOT because they are connected to the Internet. “Using fingerprints and badges, business owners can monitor who enters their building. According to Reid, this is affordable and simple to execute. Many people decide to protect their small businesses with security systems like ADT. You’ll feel more secure knowing that you are actively safeguarding your company, whether it be with an alarm system or with fire, smoke, window, or door sensors.
Wages and labor savings
The Internet of Things (IOT) can be transformative for businesses that monitor or repair products for clients. Companies typically send out a person to fix a product or address a problem on the spot, which can be expensive. Data can be delivered straight from the product to the computer at your business via the IOT. Without leaving your office, you can troubleshoot, rule out issues, and make judgments.
Energy Management
The days of the maintenance workers visiting each room and each building to change the temperature are long gone. It is currently interconnected with remote-controllable sensors, according to Reid. Businesses can reduce their energy expenditures by turning off equipment while it’s not in use. No matter how far your business takes you, you can manage the popular smart device for energy efficiency called the Nest thermostat from your phone.
The Internet of Things might conceivably level the playing field for small businesses as they continue to seek out methods to cut costs and increase agility, according to Reid. “Small firms can outpace larger ones if you pay attention.”
Although the concept of the Internet of Things is not new, it is evolving and becoming more crucial to our everyday lives and the success of small businesses.
Research by Cisco and logistics service provider DHL estimates that the IOT will reduce productivity costs for enterprises by $1.2 trillion.
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