What the ‘IoT’ Means For Small Business

The Internet changed the way we do business. Now, the Internet of Things is about to do the same. How small business responds could be a make-or-break proposition. We explain why.

Sourced through Scoop.it from: www.smallbusinesscomputing.com

Big Business, IoT, and the Risk to Small Business:  Small businesses should sit up and pay attention to the fact that big business is getting ready to adopt IoT in a big way. Companies like GE, major healthcare providers, and automotive giants have already taken strides in this direction. IoT makes it possible for them to remotely adjust equipment settings for better performance or to send a technician out to replace a failing component before the operator even notices a problem.  Another example is hospital rooms, which are filled with devices that track vital signs and alert the nursing station when something goes out of expected range. Transportation, too, is very much in the forefront of IoT. Cars with OnStar can report accidents, and they can be opened remotely. Similarly, truck systems monitor component health, maintenance schedules, and driver hours behind the wheel.   “Everything that GE builds, from a fridge to a jet engine, will be instrumented and dialing home to report their status,” said Paul Maritz, CEO of IoT software provider Pivotal Software.  These major corporations are investing billions to arm their equipment with sensors and erecting supporting systems that can analyze that information immediately and glean insight. The result: more efficient operation, lower fuel consumption, more responsiveness to changes, and more than likely, a lot of small businesses struggling to compete on an even playing field. In other words, David just came out onto the field and saw Goliath get a whole lot bigger, faster, and more intelligent.  Think for a moment about such items as package delivery, home improvement, and video rental. The giants like FedEx, UPS, Home Depot, and Blockbuster/Netflix used technology to kill off entire ecosystems of small businesses. The same could roll out again with IoT—unless small businesses stay informed, figure out how to use this knowledge to their advantage, and gain a foothold in the IoT game.

See on Scoop.itInternet of Things – Company and Research Focus

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