Think IoT isn’t for you? Think again. Read our myth-busting guide and see this ground-breaking tech in a whole new light; it could transform the way you do business.
Running a small business isn’t an easy task. For many entrepreneurs, it’s a 24/7 job – as their commitment increases, the line between life and work blurs.
So, how can you gain control of your merging worlds and ensure the success of your business? The answer begins with technology. And right now, one stands out against the rest: The Internet of Things (IoT).
From security vulnerabilities to specific market audiences, there are many myths and outright scares surrounding IoT. But, don’t let this hold you back from adopting the tech that could be the difference between a business that merely exists and one that thrives.
The internet of what?
At its most basic level, IoT is a giant network of internet-connected “things”, which collect and send information/data. These “things” could be anything from a wearable device to a jet engine. IoT solutions can have a transformative influence on businesses, including their finance, security and management strategies.
What’s more, business size isn’t a barrier to implementing IoT technology. Arguably, SMEs are in a better position to do so than their larger competitors. They’re leaner, willing to try new things and have the ability to adjust to success (and even failures) quicker.
So, why are they so apprehensive to jump on board with IoT?
In this guide, we uncover IoT technology, dispel the myths associated with it and prove it could be your business’ success enabler.
Myth 1: “IoT will expose my business to security risks”
One myth holding SMEs back from adopting IoT technology is the idea that it’ll open their business up to security vulnerabilities. It’s understandable; as the number of connected devices in their workplace increases, so too does the amount of data they collect and the importance of maintaining and protecting this data against cybercrime. Check out our GDPR video for more info on this.
Digital isn’t going anywhere, so address these fears head on. Don’t let them dissuade you from implementing the technology that has the potential to revolutionise the way you run your business.
Only 7% of organisations with a large IoT program say security is their top concern and 73% of adopters say they have the adequate skills to manage it. With this in mind, IoT could be your means to step up your security training and make your workforce the most digitally-skilled and prepared they’ve ever been.
Myth 2: “IoT won’t benefit my business’ productivity”
Many small business owners question IoT technology’s impact on productivity. So, is it really worth all the effort?
IoT offers the opportunity to overcome traditional technological barriers and the potential to drastically reduce the time to complete key business tasks. Transportation company, Airporter, discovered this first hand.
As an airport transfer organisation, transporting more than 100,000 passengers each year, Airporter’s primary challenge was to provide real-time and accurate vehicle tracking. Thanks to an IoT fleet management system, it was not only able to overcome this hurdle, it was able to improve driver behaviour, increase passenger safety and reduce its environmental impact too.
“For us, [IoT] ties up the whole logistics management side of Airporter, and it’s great to have one single reporting system as opposed to the time-intensive system we had previously.”
Niall McKeever, owner and director at Airporter
Airporter is just one of the many examples that proves IoT’s ability to improve operational efficiencies, with immediate effect. So, yes. IoT is worth the effort and a whole lot more.
Myth 3: “IoT is only for the tech and retail industries”
Despite the general consensus, IoT is being used across a variety of sectors. IoT, as a driver of innovation, is benefiting businesses nearly everywhere, from manufacturing to agriculture.
Take Moocall, for instance. Using an IoT connectivity platform, their calving sensor can accurately predict when a cow is likely to give birth by measuring the cow’s tail movements during labour contractions. The sensor gathers over 600 pieces of data a second so, when the movements reach a certain level of intensity over a period of time, it sends an alert directly to the farmer’s mobile phone, roughly one hour prior to calving.
With Moocall, 15,000 worldwide farmers are able to attend more calvings, ensure more live births and, at the same time, secure their own livelihood. With IoT, the cow management company is able to manage their devices from a single platform and seamlessly grow their business globally.
Could IoT be your business’ key to unlocking a global network?
Turn thought into action
Myths are called myths for a reason – there’s little truth in them. So, don’t let those that surround IoT influence your reality. It’s time to realise the huge potential of this technology and translate this into action.
In a survey of SME decision makers:
• 70% said they’re using IoT to improve current products.
• 59% are developing their IoT solutions via collaboration to get to market faster.
• 55% see IoT as a means to compete more effectively.
So, what are you waiting for? Ensure you have the internal talent and digital skills to drive innovation, and make the Internet of Things your ‘thing’.
IoT is only just getting started, who knows what the future holds for it or how it’ll continue to benefit the world of business. But, one thing’s for sure, it’s going to be exciting.